Insolvency Review Working Group
The Insolvency Review Working Group was a panel of experts set up in November 2015 to examine aspects of corporate insolvency law.
The Insolvency Review Working Group (Working Group) looked at:
- voluntary liquidations including phoenix companies
- voidable transactions including Ponzi schemes
- the regulation of insolvency practitioners.
It also had a mandate to examine other areas of potential reform in this area.
Working Group's 2 reports
The Working Group produced 2 reports which made recommendations on potential changes to New Zealand's insolvency law.
- Report No. 1: Insolvency practitioners regulation and voluntary liquidation [PDF, 940 KB]
- Report No. 2: Voidable transactions, Ponzi schemes and other corporate insolvency matters [PDF, 583 KB]
Consultation on Group's reports
In 2016, we consulted on the recommendations in the Group's first report. Submissions closed on 7 October 2016 and a total of 29 submissions were received.
In 2017, we consulted on the recommendations contained in the Group’s second report and on an outstanding recommendation from its first report ie, whether to introduce a director identification number. Submissions closed on 23 June 2017 and a total of 34 submissions were received.