Issues of Insolvency in New Zealand
Insolvency la
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Insolvency law in New Zealand is administered largely under two statutes, depending on whether the debtor is personal or corporate. Personal insolvencies are administered under the Insolvency Act 1967, which refers to the procedure for administering individual insolvency as ô bankruptcyö (Insolvency Law Review (ôInsolvency Lawö), 2002). Corporate insolvencies are administered under the Companies Act 1993, the Corporations (Investigations and Management) Act 1989, and the Receiverships Act 1993 (Insolvency Law Review (ôInsolvency Lawö), 2002). Under both personal and corporate procedures, the traditional policy behind the law has essentially been to liquidate all assets for the maximum benefit of creditors while, in the case of personal bankruptcies, allowing the debtor to begin anew (Insolvency Law Review (ôInsolvency Lawö), 2002). In corporate insolvencies, however, the liquidation of the companyÆs assets is not aimed at restoring the company after the proceeding.In August 2000, the Ministry of Economic Development (then called the Ministry of Commerce) requested that the Law Commission review several issues in New ZealandÆs insolvency laws to determine whether changes were needed to make insolvency practices in New Zealand more efficient. In essence, the Ministry sought to determine whether New Zealand needed to enact a business rehabilitation scheme (such as that practiced in Australia, for example) and what could be done to stre
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Approximate Word count = 895
Approximate Pages = 4 (250 words per page)
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