Recent developments

Insolvency
A summary of the latest news from the courts and legislators.

Companies Office releases online voluntary administration service
Administrators are able to notify the Registrar of Companies of their appointment and manage their portfolios using the administration, receivership and liquidation service online.

New Zealand's financial system resilient
The Reserve Bank has released its Financial Stability Report assessing the health of the New Zealand financial system

Finance companies report compliance
When asked to report to the Securities Commission in August, all but one of 67 finance companies reported that their current prospectuses complied with the law and were not false or misleading.

Code of Banking Practice revised
The Code of Banking Practice, which records good banking practices, including minimum standards that New Zealand member banks agree to preserve, has been revised.

Financial Reporting Programme - Cycle 5
The Securities Commission has reviewed financial reports prepared in accordance with NZ IFRS and under previous NZ GAAP.

Delay of mandatory adoption of IFRS
The Accounting Standards Review Board has resolved that companies that satisfy certain criteria are permitted to continue to apply the existing New Zealand Financial Reporting Standards until further notice.

No duplicate filing obligations for companies carrying on business in New Zealand and Australia
The New Zealand and Australian governments have enacted legislation to remove duplicate filing obligations for companies carrying on business in both New Zealand and Australia.

Liquidation not possible if company removed from register
A company will now have to be restored to the register before it can be put into liquidation.

New website to assist investors
The Securities Commission will soon launch a new website aimed at assisting people to make better investment decisions.

New business portal launched
A new government website designed to promote good business practices and to make it easier for New Zealand companies to do business has been launched.

Independent audit regulation and oversight in New Zealand
The Minister of Commerce agreed that a letter sent from the Securities Commission and the big four accounting firms asking for priority to be given to the discussion paper on audit regulation should be published.

New PPSR website
A new look Personal Property Securities Register website is scheduled for launch later this year.

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.