Commerce and Consumer Affairs Minister Kris Faafoi has put licensing insolvency practitioners back on the legislative agenda with a view for it to be it up and running next year.
Last night the Insolvency Practitioners Bill, which was first introduced in 2010, was sent back to select committee to consider a supplementary order paper introducing a licensing regime for liquidators, administrators and receivers of failed companies. The changes pick up a working group’s recommendations and replace a registration regime, which was itself a step up from an initial proposal to exclude incompetent and dishonest practitioners via a negative licensing system.
“To protect the interests of those who may be owed money, and ensure th…
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