Registration will be mandatory under the Insolvency Practitioners Bill as reported back to the House by the Commerce Committee. This is a radical and far-reaching change from the negative licensing regime initially proposed in the Bill.
This Brief Counsel summarises and comments on the Committee’s report.
It is not uncommon for a receiver, liquidator or competing creditor to be presented with a security agreement, the ink on which appears scarcely to be dry.
If that secured creditor registered on the Personal Property Securities Register (PPSR) months or years earlier, does that registration date determine priority between competing security interests? Or is that unfair to other creditors?
Between 2006 and 2010, 50 New Zealand finance companies either went into liquidation or receivership, or froze payments. The Securities Commission has now released information about its investigations into these finance companies.
The information released highlights the Commission's work to date, the companies being investigated, the status of the investigations and the behaviour or act that triggered the Commission's involvement. It also answers some common questions about the Commission's work in connection with the failures, including:
A liquidator may assign to a third party funder, among other things:
- the rights that are conferred on the liquidator under statute to bring a claim on behalf of the company. For example, rights accruing to the liquidator under the voidable transaction provisions of the Companies Act 1993
- a company's rights that exist at the time of liquidation.
A recent decision confirms that liquidators can require creditors and other persons with relevant knowledge about the affairs of the company in liquidation to provide information.
Case law on the new insolvent transactions regime is scarce, even though the changes were introduced three years ago. The High Court's recent decision in Blanchett v McEntee Hire Holdings Limited examines, for the first time in New Zealand, central principles in the new voidable transactions regime.
Sultani Decrees
Sultani Decree No. 43/2012
Amends some of the provisions of the Municipal Councils Law promulgated by SD 116/2011.
Promulgated on 8 August 2012 Effective on promulgation.
Ministerial Decisions and Financial Publications
Ministry of Agriculture and Fisheries
Decision No. 177/2012
Sultani Decrees
Sultani Decree No. 44/2012
Ratifies an Annex to the Agreement on the Avoidance of Double Taxation between the Government of the Sultanate of Oman and the Government of the Republic of France.
Promulgated on 27 August 2012 Effective on promulgation.
Sultani Decree No. 45/2012
Ministerial Decisions
Ministry of Manpower
Decision No. 611/2012
Dissolves the trade union of the employees of Sojex Oman due to its failure to appoint sufficient members for the General Assembly.
Promulgated on 10 November 2012 Effective on promulgation
Ministry of Manpower
Decision No. 612/2012
Dissolves the trade union of the employees of Gulf Air due to its liquidation.
Recent changes in Peruvian insolvency laws1 will now allow financial institutions and insurance company counterparties to close-out and net obligations under derivatives and repurchase agreements with Peruvian financial institutions or insurance companies which become subject to bankruptcy proceedings.