NZICA and INSOL propose enhancing regulation of insolvency specialists
Wednesday 12 June 2013, 10:05AM
By Joe Turnbull
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Media Release
12 June 2013
The New Zealand Institute of Chartered Accountants (NZICA) and INSOL New Zealand (INSOL) are asking members for feedback on a joint proposal to enhance the regulation of 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.
Both 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.
“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.” Commented Richard Moon, NZICA General Counsel
NZICA and INSOL are asking members to make submissions on the proposal by 31 July 2013.
ENDS
For further details or interviews please contact:
Sophi Rose
Director PR & Communications, NZICA
Mob: 027 241 2597
Email: sophi.rose@nzica.com
About NZICA
NZICA is the membership body of choice for over 33,000 accounting and business professionals, working around New Zealand and across the globe. We act in the public interest through regulating the profession and promoting quality, integrity and expertise. Our members hold one of three prestigious professional accountancy designations: Chartered Accountant (CA), Associate Chartered Accountant (ACA) or Accounting Technician (AT).
About INSOL
INSOL New Zealand is a group whose members are also members of INSOL International, a world-wide federation of national associations for accountants and lawyers who specialise in turnaround and insolvency. INSOL New Zealand is closely affiliated with the New Zealand Institute of Chartered Accountant.