Corporate & Commercial
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For earlier editions of Financial Services Quarterly, please click here.
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Legislation/In Parliament
Voluntary administration
Significant developments have been made in corporate insolvency law in New Zealand with the introduction of the voluntary administration scheme on 1 November.
Property securities law changes
In January 2008, the Property Law Act 2007 comes into force. Financiers are advised to review their documentation and practices in light of the new laws.
New powers for trustees of finance companies
The law has been changed to strengthen the position of trustees of finance companies. The changes, which came into force in September, are intended to assist trustees in performing their supervisory roles in the interests of investors.
Reserve Bank to register all deposit-takers
All deposit-takers will have to be registered by the Reserve Bank and comply with minimum prudential requirements under a new regulatory framework.
Phoenix company laws tighten
The Companies Amendment Act 2006 introduced a number of provisions dealing with phoenix companies.
Amendments to the Companies Act
A summary of amendments made to the Companies Act in June and September.
Amendments to the Financial Reporting Act
A summary of amendments made to the Financial Reporting Act in June and August.
New Insolvency Act to come into force in December
The Insolvency Act 2006 will come into force on 3 December, replacing the Insolvency Act 1967.
Minority buy-out provisions for dissenting shareholders to be clarified
A new bill introduced by Commerce Minister Lianne Dalziel amends the Companies Act 1993 to clarify the minority buy-out provisions for dissenting shareholders in times of a special resolution.
Changes to the PPSA
The Personal Property Securities Amendment Act 2007 came into force on 19 September.
Securities Act class exemption review complete
The Securities Commission has completed its five-yearly review of class exemptions from the Securities Act.
Enquiries and information
For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.
Disclaimer
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.
