New Zealand insolvency – accrediting the professional bodies

Public consultation in New Zealand is now open on a discussion paper on the minimum standards and standard conditions for the accreditation of professional bodies[1] to conduct what will be a co-regulatory regime over corporate insolvency practitioners.[2] It is expected that RITANZ will apply to be a recognised body, ARITA’s NZ equivalent. ‘Carrying out the […]

Equitable fraud on creditors – bankruptcy composition set aside

Among several grounds for setting aside a composition between a bankrupt and his creditors under the Bankruptcy Act was ‘equitable fraud’. It had emerged in evidence that the bankrupt, Mr Zappia, ‘had made representations to a number of creditors that if and when he rehabilitated himself he would be aiming to repay the money he […]

Small businesses and their financial difficulties – the Ombudsman’s inquiry

A discussion paper[1] issued on 20 December from the Insolvency Practices Inquiry of the Australian Small Business and Family Enterprise Ombudsman examines the financial difficulties of small business and the impact of an insolvency administration on them. Feedback is sought on what would be a ‘best practice framework’ for both small businesses moving towards insolvency […]