The New Zealand Institute of Chartered Accountants (NZICA) and INSOL New Zealand (INSOL) have appealed to their respective members to respond to their joint proposal to improve the regulatory regime related to insolvency specialists.
The two organisations consider that the Government’s ‘Insolvency Practitioners Bill’ as drafted will not go far enough to ensure that insolvency practitioners have the necessary experience, competence and integrity.
The proposal requires members wishing to accept insolvency engagements to be ‘fit and proper’, meet minimum practical experience and competency requirements, and undertake continuing specialised professional development.
These requirements would be implemented through the introduction of a new insolvency practitioner license issued by NZICA.
Pressing need
NZICA General Counsel Richard Moon said that NZICA and INSOL are keen to distinguish the quality of services provided by their members.
“The initiative would also assist in aligning New Zealand’s regulatory framework more closely with overseas models than ever before. Insolvency practice has become increasingly specialised. Practitioners are placed in a relationship of trust to manage the money and property of others. The public should have confidence that the person appointed to such a role will be experienced, competent and act with integrity,” he said in a statement.
NZICA is the membership body of choice for more than 33,000 accounting and business professionals in New Zealand and around the world. It focuses on championing the accounting profession and nurturing the next generation of business leaders. Its services, governed by a Council, Board and Executive Management team, are delivered by a skilled team of more than 150 persons through 16 offices located in New Zealand, Australia and UK.
INSOL New Zealand is a group whose members are also members of INSOL International, a global Federation of national associations for accountants and lawyers who specialise in turnaround and insolvency.
INSOL New Zealand is affiliated with NZICA.
Submissions should be made on or before July 31, 2013.
