Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698846317464.pdf (New Zealand)
Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Public Act 2019 No 29 Date of assent 17 June 2019 Commencement see section 2 Contents Title Commencement Part 1 Preliminary provisions Purpose Overview Interpretation Transitional, savings, and related provisions Act binds the Crown Part 2 Licences, accreditation, and role of Registrar Subpart 1—Licences Requirement to hold licence Insolvency practitioner must hold licence Issue of licence Issue of licence Page 5 5 6 6 7 9 9 10 10 Note The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.
Note 4 at the end of this version provides a list of the amendments included in it.

This Act is administered by the Ministry of Business, Innovation, and Employment.
1 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 Overseas practitioners deemed to have licence for 10 days from appointment Licence details to be sent to Registrar Accredited body must send licence details to Registrar Licence subject to conditions Conditions Duration of licence Duration of licence Ongoing competence requirements Ongoing competence requirements Unsatisfactory results of competence programme Cancellation and suspension of licences Meaning of relevant authority Cancellation of licences Suspension of licences Effect of suspension Procedure relating to exercise of cancellation or suspension powers Appeals in respect of licensing and related matters Appeals in respect of licensing and related matters Subpart 2—Registrar may prescribe licensing and other matters Registrar may prescribe licensing and other matters Minimum standards for licence Principles guiding prescribing of licensing and other matters Registrar must consult before making notices Other provisions relating to notices under section 22 [Repealed] Subpart 3—Register of licensed insolvency practitioners Register of licensed insolvency practitioners Operation of and access to register Purposes of register Contents of register Obligation to notify Registrar of prescribed changes Registrar must amend register in certain circumstances Search of register Subpart 4—Accreditation Registrar may grant accreditation Accreditation subject to conditions Rules of accredited bodies Accredited bodies must supply report and
 annual confirmation to Registrar Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 Registrar must publish plan relating to insolvency practitioner regulation and oversight Publication of policies Registrar must monitor regulatory systems Registrar
 must report on regulatory systems of each accredited body Registrar may give directions Requirements relating to directions Offence to contravene directions Registrar may suspend or cancel accreditation or censure accredited body in certain circumstances Requirements relating to orders Effect of suspension or cancellation on licences issued by accredited body or former accredited body Registrar must give opportunity to make submissions Appeals Provisions relating to disciplinary proceedings conducted by accredited bodies Subpart 5—Investigations by Registrar Registrar may start or take over investigation or investigate in conjunction with accredited body Relationship between Registrar’s investigation and other investigations or proceedings Accredited body must give reasonable assistance Accredited bodies required to provide information have privileges of witnesses in court Disciplinary powers of Registrar Miscellaneous matters relating to orders Subpart 6—Overseas practitioners, members of recognised bodies, and members of religious societies and orders Exemption from membership requirement for certain overseas practitioners, members of recognised bodies, and members of religious societies and orders Requirements for arrangement End of exemption from membership requirement Part 3 Provisions relating to insolvency practitioners Subpart 1—Duty to report serious problems Duty of insolvency practitioners to report serious problems Insolvency practitioner must provide
 further assistance after providing report Confidentiality of information and documents 26 26 26 27 27 28 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 36 36 37 37 3 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 Conditions relating to publication or disclosure of information or documents Protection of persons who report serious problems Subpart 2—Restrictions on insolvency practitioners Meaning of arm’s-length terms Restriction on
 purchase of assets Restriction on purchase of goods or services from person connected with insolvency practitioner Part 4 Solvent company liquidators, miscellaneous matters, and regulations Subpart 1—Solvent company liquidators Solvent company liquidators Power of Registrar to recognise professional body Subpart 2—Other miscellaneous matters Registrar’s functions Registrar’s power of inspection Registrar may act as accredited body Protection from liability for accredited bodies and others Sharing of information and documents between accredited bodies and Registrar Notice and service of documents False declarations and representations Registrar may refuse to take step before fee, charge, or cost paid Registrar may refuse to accept document Power of Registrar to delegate Subpart 3—Regulations and levy provisions Regulations Validation of fees 80A 81 82 83 Validation of fees used to recover costs of other Companies Office registers, etc Levy of persons registered or incorporated under certain Acts Minister must consult about levy regulations Consequential amendments Schedule 1 Transitional, savings, and related provisions Schedule 2 Consequential amendments 38 39 39 39 40 41 41 42 42 44 44 44 45 45 46 46 46 47 48 51 52 52 53 57 4 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 s 2 The Parliament of New Zealand enacts as follows: 1 Title This Act is the Insolvency Practitioners Regulation Act 2019.
2 (1) Commencement The following sections come into force on the day after the date of Royal assent: (a) (b) (c) (d) (e) sections 3 to 7 (which are preliminary provisions relating to this Act): sections 22 to 26 (which enable the Registrar to prescribe licensing and other matters): sections 34 to 36 (which relate to the accreditation of bodies): sections 39 and 42 to 49 (which relate to policies, directions, and other matters relating to accredited bodies): sections 57 to 59 (which provide an exemption from membership of an accredited body for certain overseas practitioners, members of recog‐ nised bodies, and members of religious societies and orders): (f) sections 69 to 82 (which relate to miscellaneous matters).
(2) The rest of this Act comes into force on a date appointed by the Governor- General by Order in Council, and 1 or more Orders in Council may be made bringing different provisions into force on different dates.

(3) Any provision that is not earlier brought into force under subsection (2) comes into force on 1 June 2021.

(4) An order under this section is secondary legislation (see Part 3 of the Legis‐ lation Act 2019 for publication requirements).
Legislation Act 2019 requirements for secondary legislation made under this section LA19 s 69(1)(c) PCO must publish it on the legislation website and notify Publication it in the Gazette The Minister must present it to the House of Representatives It may be disallowed by the House of Representatives LA19 s 114, Sch 1 cl 32(1)(a) LA19 ss 115, 116 Presentation Disallowance This note is not part of the Act.
Section 2(2): the rest of this Act brought into force, on 1 September 2020, by clause 2 of the Insol‐ vency Practitioners Regulation Act Commencement Order 2020 (LI 2020/144).

Section 2(3): amended, on 16 May 2020, by section 3 of the COVID-19 Response (Further Manage‐ ment Measures) Legislation Act 2020 (2020 No 13).

Section 2(4): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
5 Part 1 s 3 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 Part 1 Preliminary provisions 3 Purpose The purpose of this Act is to regulate insolvency practitioners and to establish an independent oversight system in order to promote— (a) quality, expertise, and integrity in the profession of insolvency practi‐ tioners; and (b) compliance with the statutory duties of insolvency practitioners.
Compare: 2011 No 21 s 3 4 (1) Overview In this Act,— (a) this Part contains preliminary provisions, including purpose and inter‐ pretation provisions: (b) Part 2 relates to the licensing of insolvency practitioners as follows: (i) (ii) (iii) (iv) (v) (vi) subpart 1 requires a person who acts as an insolvency practitioner to hold a licence, and contains provisions relating to licences: subpart 2 relates to the Registrar prescribing licensing and other matters: subpart 3 relates to the register of licensed insolvency practition‐ ers: subpart 4 relates to accredited bodies: subpart 5 relates to investigations by the Registrar: subpart 6 relates to overseas practitioners, members of recognised bodies, and members of religious societies and orders: (c) Part 3 imposes duties and restrictions on licensed insolvency practition‐ ers: (d) Part 4 contains the following provisions: (i) (ii) subpart 1 relates to solvent company liquidators, and requires a person who acts as a solvent company liquidator to be a licensed insolvency practitioner, a lawyer, a chartered accountant, or a member of a recognised professional body: subpart 2 contains miscellaneous provisions, including a power for the Registrar to act as an accredited body and an offence pro‐ vision related to false declarations and representations: (iii) subpart 3 contains regulation-making powers.
(2) This section is intended only as a guide to the general scheme and effect of this Act.
6 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 1 s 5 5 (1) Interpretation In this Act, unless the context otherwise requires,— accredited body means a person that is, or 2 or more persons acting jointly together that are, granted accreditation under subpart 4 of Part 2 company has the meaning given to it by section 240(1A) of the Companies Act 1993 court means the High Court disciplinary body means, in relation to an accredited body, the tribunal, com‐ mittee, or other body that has been— (a) set up to take disciplinary action in respect of the members of the accredited body; and (b) approved by the Registrar to act as the disciplinary body firm, in relation to an insolvency practitioner, means a partnership or body cor‐ porate— (a) (b) of which the insolvency practitioner is a partner, a director, or an employee; and that carries on the business of providing insolvency services (whether or not it provides other services) insolvency engagement includes any work or function that is part of acting as an insolvency practitioner insolvency practitioner means any of the following: (a) (b) (c) (d) an administrator or a deed administrator (as those terms are defined in section 239B of the Companies Act 1993): an insolvent company liquidator: a receiver (as defined in section 2(1) of the Receiverships Act 1993): a trustee or provisional trustee appointed under subpart 2 of Part 5 of the Insolvency Act 2006 insolvent company liquidator— (a) means a liquidator acting in respect of a
 company; but (b) does not include a liquidator acting in respect of a solvent company lawyer has the meaning given to it by section 6 of the Lawyers and Convey‐ ancers Act 2006 licence means a licence issued by an accredited body under subpart 1 of Part 2 licensed insolvency practitioner means a person who holds a licence (and includes an overseas insolvency practitioner to whom section 10(1) applies) member, in relation to an accredited body, includes a person to whom section 57 applies 7 Part 1 s 5 Insolvency
 Practitioners Regulation Act 2019 Version as at 25 May 2022 Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act overseas insolvency practitioner means a person who is entitled to carry out insolvency work in— (a) (b) Australia; or a recognised jurisdiction prescribed minimum standards means the minimum standards for the issue of a licence prescribed under subpart 2 of Part 2 qualified statutory accountant has the meaning given to it by section 5(1) of the Financial Reporting Act 2013 recognised jurisdiction means a jurisdiction that is recognised, by notice, by the Registrar in accordance with subsection (3) for the purposes of this Act register means the register kept under subpart 3 of Part 2 Registrar means the Registrar of Companies appointed in accordance with section 357(1) of the Companies Act 1993 regulations means any regulations made under this Act regulatory function includes any of the following functions that are performed by an accredited body or a disciplinary body of an accredited body (to the extent that those functions relate to, or are in connection with, persons who apply for, hold, or have held a licence): (a) considering applications for licences, issuing licences, and setting condi‐ tions of licences: (b) adopting, implementing, and monitoring codes of conduct or ethics: (c) monitoring compliance with any relevant standards relating to insol‐ vency engagements: (d) (e) (f) (g) promoting, monitoring, and reviewing the ongoing competence of mem‐ bers: inquiring into the conduct of members: investigating complaints against members and former members: hearing complaints about, and taking disciplinary action against, mem‐ bers and former members: (h) dealing with appeals against decisions of the disciplinary body regulatory systems means, in relation to an accredited body or a disciplinary body of an
 accredited body, the relevant body’s systems and processes for per‐ forming its regulatory functions relevant authority has the meaning given to it by section 16(1) 8 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 1 s 7 solvent company means a company to which section 243A of the Companies Act 1993 applies solvent company liquidator means a liquidator appointed in respect of a sol‐ vent company.
(2) In this Act, unless the context otherwise requires, regulatory systems are adequate and effective if they are designed and operate in a manner that pro‐ motes— (a) quality, expertise, and integrity in the profession of insolvency practi‐ tioners; and (b) compliance with the statutory duties of insolvency practitioners.
(3) The Registrar may recognise a jurisdiction for the purposes of this Act only if the Registrar is satisfied that the law or other regulatory requirements of the jurisdiction for the regulation of persons carrying out insolvency work are sub‐ stantially the same as the requirements set out in this Act or sufficiently equiva‐ lent to the requirements set out in this Act.
(4) A notice recognising a jurisdiction made in accordance with subsection (3) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).
Legislation Act 2019 requirements for secondary legislation made under this section Publication The maker must publish it in the Gazette Presentation It is not required to be presented to the House of Representatives because a transitional exemption applies under Schedule 1 of the Legislation Act 2019 It may be disallowed by the House of Representatives Disallowance This note is not part of the Act.
LA19 ss 73, 74(1)(a), Sch 1 cl 14 LA19 s 114, Sch 1 cl 32(1)(a) LA19 ss 115, 116 Section 5(1) recognised jurisdiction: amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Section 5(4): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Transitional, savings, and related provisions The transitional, savings, and related provisions set out in Schedule 1 have effect according to their terms.
Act binds the Crown This Act binds the Crown.
6 7 9 Part 2 s 8 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 Part 2 Licences, accreditation, and role of Registrar Subpart 1—Licences Requirement to hold licence 8 Insolvency practitioner must hold licence (1) A person who acts as an insolvency practitioner must be a licensed insolvency practitioner whose licence— (a) authorises the person to act as an insolvency practitioner in respect of the insolvency engagement being carried out; and (b) is recorded in the register.
(2) A person who acts as an insolvency practitioner in breach of this section com‐ mits an offence and is liable on conviction to a fine not exceeding $75,000.

(3) This section does not apply to an Official Assignee.

Compare: 2011 No 21 s 8 Issue of licence 9 Issue of licence (1) A natural person may apply to an accredited body to be issued with a licence in the manner that is specified by the Registrar.
(2) The accredited body must issue a licence to the person if— (a) the accredited body is satisfied that the person— (i) (ii) meets the prescribed minimum standards; and is otherwise a fit and proper person to hold a licence; and (b) the application is accompanied by payment of the prescribed registration fee; and (c) either— (i) (ii) the person is a member of the accredited body; or section 57 applies in respect of the person.
(3) The accredited body must,— (a) (b) if the licence is issued, send the prescribed registration fee to the Registrar; or if the licence is not issued, refund the prescribed registration fee to the applicant.
(4) The accredited body may require the applicant to pay the accredited body’s reasonable costs in processing the application and, if it does,— 10 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 10 (a) (b) the issue of the licence is not subject to payment of the accredited body’s costs; and if the licence is not issued, the accredited body’s costs are not refundable merely because the licence is not issued.
Compare: 2011 No 21 s 11 10 Overseas practitioners deemed to have licence for 10 days from appointment (1) Despite section 8(1), a person who is an overseas insolvency practitioner may be appointed to act in respect of an insolvency engagement as if they were a licensed insolvency practitioner who, under this Act, is authorised to carry out the type of insolvency engagements that corresponds with the type of insol‐ vency work that the person is entitled to carry out in the person’s home juris‐ diction.
(2) This Act, and any other enactment that relates to the carrying out of insolvency engagements, applies to the person— (a) as if the person were a licensed insolvency practitioner— (i) whose licence is recorded in the register; and (ii) who is authorised to act in respect of the type of insolvency engagements that correspond to the type of insolvency work that the person is entitled to carry out in the person’s home jurisdic‐ tion; and (b) as if the person were, from the date and time when they were appointed to act, a member of the accredited body to which the person applies for a licence; and (c) with any other necessary modifications.
(3) Subsections (1) and (2) cease to apply if,— (a) 10 days after the person is appointed, the person has not applied for a licence under section 9; or (b) the person’s application is declined.

(4) If subsections (1) and (2) cease to apply, the person must be treated as having resigned from the insolvency engagement and section 283 of the Companies Act 1993 applies accordingly.
(5) An accredited body that receives an application from an overseas insolvency practitioner must, as soon as practicable after receiving the application, send to the Registrar notification of the application together with any other prescribed information.
(6) In this section, home jurisdiction, in relation to an overseas insolvency practi‐ tioner, means a jurisdiction— (a) that is Australia or a recognised jurisdiction; and 11 Part 2 s 11 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (b) in which the practitioner is entitled to carry out insolvency work.
Compare: 2011 No 21 s 12 Licence details to be sent to Registrar 11 Accredited body must send licence details to Registrar An accredited body must send to the Registrar notification of the issue of a licence, within 5 working days after issuing the licence, together with— (a) (b) the relevant information described in section 30; and any other prescribed information.
Compare: 2011 No 21 s 14 Conditions 12 Licence subject to conditions (1) A licence issued to a person by an accredited body— (a) is subject to any conditions of the kinds prescribed under section 22(1)(b)(i); and (b) may be subject to any conditions of the kinds prescribed under section 22(1)(b)(ii) that the accredited body thinks fit; and (c) must specify a condition relating to the types of insolvency engagements in respect of which the person is authorised to act under the licence.
(2) (3) The condition under subsection (1)(c) may specify that the person is authorised to act in respect of all types of insolvency engagements.

The accredited body or the Registrar may, at any time after the licence is issued,— (a) (b) add to any conditions of the licence: vary, remove, or substitute any conditions of the licence (other than the conditions referred to in subsection (1)(a)).
(4) The accredited body or the Registrar may exercise a power under subsection (3) only if— (a) the accredited body or the Registrar gives the person at least 10 working days’ written notice of the following matters before exercising the power: (i) (ii) that the accredited body or the Registrar may exercise a power under subsection (3); and the reasons why the accredited body or the Registrar is consider‐ ing exercising that power; and 12 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 14 (b) the accredited body or the Registrar gives the person or the person’s rep‐ resentative an opportunity to make written submissions on the matter within that notice period.
Compare: 2011 No 21 s 15 Duration of licence 13 Duration of licence (1) A licence must specify an issue date and an expiry date.

(2) The expiry date must not be later than 5 years after the issue date.

(3) A licence continues in force until the close of the expiry date unless sooner sus‐ pended or cancelled under this Act.
(4) If a licensed insolvency practitioner applies for a new licence before the expiry date of an existing licence that the new licence is intended to replace, and the application is not resolved before the expiry date, the existing licence continues in force until the application is resolved.
Compare: 2011 No 21 s 17 Ongoing competence requirements 14 Ongoing competence requirements (1) An accredited body must, in accordance with any requirements prescribed under section 22(1)(c),— (a) (b) require its members who are licensed insolvency practitioners to com‐ plete competence programmes to maintain their ongoing competence; and otherwise promote, monitor, and review the ongoing competence of its members who are licensed insolvency practitioners.
(2) A member who is a licensed insolvency practitioner must comply with the requirements under subsection (1)(a).
(3) A competence programme may require a member who is a licensed insolvency practitioner to do 1 or more of the following, within the period, or at the inter‐ vals, prescribed in the programme: (a) (b) (c) (d) (e) pass an examination or assessment (or both): complete a period of practical training: complete a period of practical experience: undertake a course of studies: anything else that the accredited body considers appropriate.
Compare: 2011 No 21 s 18 13 Part 2 s 15 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 15 (1) Unsatisfactory results of competence programme If a member who is required to complete a competence programme does not satisfy the requirements of the programme, the accredited body may— (a) (b) (c) vary, remove, add to, or substitute any conditions of the member’s licence under section 12; or cancel the member’s licence under section 17; or suspend the member’s licence under section 18.
(2) This section does not limit sections 12, 17, 18, and 19.

Compare: 2011 No 21 s 19 Cancellation and suspension of licences 16 Meaning of relevant authority (1) In sections 17 to 20, relevant authority means either or both of the following: (a) (b) the accredited body that issued the licence: a disciplinary body in accordance with subsection (2).
(2) The rules of an accredited body may authorise a disciplinary body to act under sections 17 to 20 and provide for any other reasonable matters, not inconsistent with this Act, in respect of the exercise of that power to act.
17 Cancellation of licences (1) A relevant authority may cancel a licence issued to a person— (a) if the person, by written notice, requests that the relevant authority do so; or (b) if the relevant authority is satisfied on reasonable grounds that— (i) (ii) (iii) (iv) (v) the person has died; or the person obtained the licence by making a false or misleading representation or declaration (whether oral or written); or the person does not satisfy, or no longer satisfies, the prescribed minimum standards; or the person has failed to comply with a condition of the licence; or the person is otherwise not a fit and proper person to hold a licence; or (c) if the relevant authority is satisfied on reasonable grounds that 1 or more insolvency engagements carried out by the person are not being, or have not been, carried out— (i) in accordance with this Act or any other enactment that relates to the carrying out of insolvency engagements; or 14 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 19 (ii) in accordance with any relevant standards relating to insolvency engagements; or (iii) with reasonable care, diligence, and skill.
(2) A licence may also be— (a) (b) treated as cancelled under section 47; or cancelled by the Registrar under subpart 5.
Compare: 2011 No 21 s 20 18 Suspension of licences (1) A relevant authority may suspend a licence issued to a person if the relevant authority is satisfied on reasonable grounds— (a) that the person— (i) (ii) has failed to comply with a condition of the licence; or has not satisfied the requirements of a competence programme that the person is required to complete; or (b) that 1 or more insolvency engagements carried out by the person are not being, or have not been, carried out— (i) (ii) in accordance with this Act or any other enactment that relates to the carrying out of insolvency engagements; or in accordance with any relevant standards relating to insolvency engagements; or (iii) with reasonable care, diligence, and skill.
(2) A suspension is for the period that the relevant authority thinks fit or until the person satisfies any requirements specified by the relevant authority.

(3) A licence may also be— (a) (b) treated as suspended under section 47; or suspended by the Registrar under subpart 5.
19 (1) Compare: 2011 No 21 s 21 Effect of suspension If a person’s licence is suspended, the person is not a licensed insolvency prac‐ titioner during the period for which the licence is suspended (but this does not prevent the Registrar from including information in the register in relation to the person).
(2) However, the relevant authority may, on the conditions that the relevant author‐ ity thinks fit, permit a person whose licence is suspended under this section to continue with 1 or more specified insolvency engagements despite the suspen‐ sion and, in relation to the specified insolvency engagement or engagements only, the person’s licence is treated as not suspended.
15 Part 2 s 20 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (3) At the end of the period of suspension, the person’s licence is immediately restored (unless there is some other ground on which to suspend or cancel the licence).
20 Procedure relating to exercise of cancellation or suspension powers (1) A relevant authority may cancel a licence under section 17 or suspend a licence under section 18 only if— (a) (b) the relevant authority gives the licensed insolvency practitioner at least 10 working days’ written notice of the following matters before it exer‐ cises the power: (i) (ii) that the relevant authority may suspend or cancel the licence: the reasons why it is considering exercising that power; and the relevant authority gives the licensed insolvency practitioner or the licensed insolvency practitioner’s representative an opportunity to make written submissions and to be heard on the matters within that notice period.
(2) (3) The relevant authority must, within 5 working days after the cancellation or suspension, give notice of the cancellation or suspension to the licensed insol‐ vency practitioner and the Registrar.

The notice given to the licensed insolvency practitioner must include a state‐ ment of the grounds for the cancellation or suspension.

(4) A relevant authority that fails to comply with subsection (2) commits an offence and is liable on conviction to a fine not exceeding $30,000.
Compare: 2011 No 21 s 22 Appeals in respect of licensing and related matters 21 Appeals in respect of licensing and related matters (1) A person may appeal to the court against any decision of an accredited body or the Registrar to— (a) (b) decline to issue a licence to the person; or include conditions under section 12(1)(b) or (c) on the person’s licence or proposed licence (or to act under section 12(3)); or (c) suspend or cancel the person’s licence; or (d) make any other order under subpart 5 in respect of the person.
(2) A person may appeal to the court against any decision of a disciplinary body to suspend or cancel the person’s licence unless the rules of the accredited body provide for an appeal against the decision to a body established to hear appeals against the disciplinary body’s decisions.
(3) An appeal to the court under this section must be brought— (a) in accordance with the rules of court; and 16 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 22 (b) within 20 working days after notice of the decision is communicated to the appellant, or within any further time the court allows on application made before or after the period expires.
Compare: 2011 No 21 s 24 Subpart 2—Registrar may prescribe licensing and other matters 22 (1) Registrar may prescribe licensing and other matters The Registrar may, by notice, prescribe— (a) the minimum standards for licensing (including standards relating to required competence, qualifications, and experience) that a person must meet in order to be issued with a licence by an accredited body; and (b) conditions, or the kinds of conditions, to which licences— (i) must be subject; and (c) (d) (e) (f) (ii) may be subject if the accredited body thinks fit; and requirements for ongoing competence that must be complied with by persons who are issued with a licence; and the minimum standards for accreditation (including standards relating to the adequacy and effectiveness of regulatory systems) that an applicant must meet in order to be granted accreditation by the Registrar; and the procedure that accredited bodies and disciplinary bodies of accredited bodies must follow when performing regulatory functions; and transitional requirements for the purposes of transitional licences under Schedule 1 (including requirements relating to required competence, qualifications, and experience).
(2) Matters prescribed may— (a) (b) have general or specific application; and differ according to differences in time or circumstance.

(3) Conditions prescribed under subsection (1)(b)(ii) may relate to a licensed insol‐ vency practitioner carrying out solvent company liquidations.

(4) A notice under this section is secondary legislation (see Part 3 of the Legis‐ lation Act 2019 for publication requirements).
Compare: 2011 No 21 s 32 Legislation Act 2019 requirements for secondary legislation made under this section Publication LA19 ss 73, 74(1)(a), Sch 1 cl 14 The maker must: • publish it in the Gazette • ensure that an up-to-date version of it is available at all reasonable times on a website maintained by or on behalf of the maker 17 Part 2 s 23 Insolvency Practitioners Regulation Act 2019 Presentation The Minister must present it to the House of Representatives It may be disallowed by the House of Representatives Disallowance This note is not part of the Act.
Version as at 25 May 2022 LA19 s 114, Sch 1 cl 32(1)(a) LA19 ss 115, 116 Section 22(1): amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Section 22(4): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
23 Minimum standards for licence A notice under section 22(1)(a) may prescribe minimum standards for licensing in any way that the Registrar thinks fit, including in 1 or more of the following ways: (a) (b) (c) (d) (e) (f) (g) (h) by requiring a degree or diploma or certificate of a stated kind recog‐ nised by the Registrar: by requiring the successful completion of a degree, course of studies, or programme recognised by the Registrar: by requiring a pass in a specified examination or any other assessment: by reference to registration with, a licence issued by, or other authorisa‐ tion from an overseas organisation: by requiring experience in the provision of services of a particular kind: by requiring a certain level of competence: by requiring compliance with conditions related to insurance: by requiring compliance with any relevant standard relating to insol‐ vency engagements: (i) by requiring compliance with any relevant code of conduct or ethics.
Compare: 2011 No 21 s 33 24 Principles guiding prescribing of licensing and other matters In prescribing matters under this subpart, the Registrar must be guided by the following principles: (a) the matters must be necessary or desirable to— (i) (ii) (iii) promote quality, expertise, and integrity in the profession of insol‐ vency practitioners; or promote compliance with the statutory duties of insolvency practi‐ tioners; or carry out, give effect to, or provide for a matter that is incidental to, or consequential on, the matters relating to subparagraph (i) or (ii); and (b) the matters should not unnecessarily restrict the licensing of insolvency practitioners; and 18 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 28 25 (1) (c) the matters should not impose undue costs on insolvency practitioners or on creditors.
Compare: 2011 No 21 s 35 Registrar must consult before making notices The Registrar must, before making a notice under section 22, consult— (a) persons who the Registrar considers are able to represent the views of insolvency practitioners; and (b) organisations— (i) that the Registrar considers will be substantially affected by the proposal; or (ii) whose members the Registrar considers will be substantially affected by the proposal.
(2) A failure to comply with subsection (1) does not affect the validity of any notice under section 22.

Compare: 2011 No 21 s 36 Section 25 heading: amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Section 25(1): amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
26 Other provisions relating to notices under section 22 [Repealed] Section 26: repealed, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Subpart 3—Register of licensed insolvency practitioners 27 Register of licensed insolvency practitioners The Registrar must establish and maintain a register of licensed insolvency practitioners.
28 (1) Compare: 2011 No 21 s 38 Operation of and access to register The Registrar must ensure that an up-to-date version of the register is available at all reasonable times— (a) (b) on an Internet site maintained by or on behalf of the Registrar; and for access and searching by members of the public.
(2) However, the Registrar may refuse access to the register or otherwise suspend the operation of the register, in whole or in part, if the Registrar considers that it is not practicable to provide access to the register.
Compare: 2011 No 21 s 39 19 Part 2 s 29 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 29 Purposes of register The purposes of the register are— (a) to enable any person to— 30 (1) (i) (ii) (iii) determine whether a person is a licensed insolvency practitioner and, if so, the status and relevant history of the person’s licence: choose a suitable person to carry out an insolvency engagement: know which licensed insolvency practitioners have been discip‐ lined within the preceding 7 years: (b) to assist any person in the exercise of the person’s powers or the per‐ formance of the person’s functions under this Act or any other enact‐ ment.
Compare: 2011 No 21 s 40 Contents of register The register must contain the following information about each licensed insol‐ vency practitioner (to the extent that the information is relevant): (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) the full name and business address of the insolvency practitioner: the name of the accredited body that has issued a licence to the insol‐ vency practitioner: the date of each licence that has been issued to the insolvency practi‐ tioner: the date on which each licence was recorded in the register: the expiry date of each licence that is currently in force (and whether the licence continues in force under section 13(4)): the types of insolvency engagements in respect of which the insolvency practitioner is authorised to act under each licence: the conditions placed on each licence that is currently in force: details of any suspension or cancellation of a licence that has been issued to the insolvency practitioner or any other action that has been taken on a disciplinary matter against the insolvency practitioner under this Act by an accredited body, a disciplinary body, or the Registrar in the pre‐ ceding 7 years: details of any prohibition order made in relation to the insolvency practi‐ tioner under section 239ADV or 286 of the Companies Act 1993 or sec‐ tion 37 of the Receiverships Act 1993: the insolvency practitioner’s firm (if any): any other prescribed information.
(2) The register may also contain— (a) information about former licensed insolvency practitioners; and 20 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 32 (b) (c) information about licences that have been cancelled or suspended or have otherwise expired in the last 7 years; and any other information or documentation that the Registrar considers necessary or desirable for the purposes of the register.
(3) The Registrar must remove from the register information about a former licensed insolvency practitioner contained in the register under subsection (2)(a) if the last licence held by the person was cancelled or expired more than 7 years ago.
(4) The Registrar may, despite subsection (1), omit or remove any information about an insolvency practitioner from the publicly available register if— (a) (b) the person requests the Registrar to do so on the basis that the informa‐ tion is personal information; and the Registrar considers that the disclosure of the information on the pub‐ licly available register would be likely to prejudice the privacy or per‐ sonal safety of any person.
Compare: 2011 No 21 s 41 31 Obligation to notify Registrar of prescribed changes (1) An accredited body must give written notice to the Registrar of any prescribed changes within 10 working days after the accredited body first becomes aware of the changes.

(2) In subsection (1), prescribed changes means changes to the information inclu‐ ded in the register that are of a kind that is prescribed for the purposes of this section.
(3) An accredited body that fails to comply with this section commits an offence and is liable on conviction to a fine not exceeding $30,000.
Compare: 2011 No 21 s 42 32 Registrar must amend register in certain circumstances The Registrar must amend the register if— (a) (b) (c) an accredited body informs the Registrar of information that is different from the information entered on the register; or an annual confirmation contains information that is different from the information entered on the register; or the Registrar is satisfied at any time that the register contains a typo‐ graphical error or a mistake, or omits information supplied to the Registrar; or (d) regulations otherwise require the register to be amended.
Compare: 2011 No 21 s 44 21 Part 2 s 33 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 33 Search of register (1) A person may search the register in accordance with this Act or regulations.
(2) The register may be searched only by reference to the following criteria: (a) (b) (c) (d) (e) (f) the name, or any part of the name, of a person: the business address of a person: the name of a firm: the name of an accredited body: any other prescribed criteria: any combination of the criteria in paragraphs (a) to (e).
(3) The register may be searched by— (a) an individual, or a person with the consent of the individual, for the pur‐ pose of searching for information about that individual in accordance with the Privacy Act 2020; or (b) a person for a purpose referred to in section 29.
(4) A person who searches the register for personal information in breach of this section must be treated, for the purposes of Parts 5 and 6 of the Privacy Act 2020, as having breached an information privacy principle under section 69(2)(a)(i) of that Act.

Compare: 2011 No 21 s 46 Section 33(3)(a): amended, on 1 December 2020, by section 217 of the Privacy Act 2020 (2020 No 31).

Section 33(4): amended, on 1 December 2020, by section 217 of the Privacy Act 2020 (2020 No 31).
Subpart 4—Accreditation 34 (1) Registrar may grant accreditation The following may apply to the Registrar to become an accredited body: (a) (b) a person: 2 or more persons acting jointly together.

(2) An application must be made in the manner that is specified by the Registrar and be accompanied by payment of the prescribed fee for the application (if any).
(3) The Registrar must grant accreditation to the applicant if the Registrar is satis‐ fied that— (a) (b) the applicant will implement and maintain regulatory systems that are adequate and effective; and the applicant meets the minimum standards prescribed under section 22(1)(d); and 22 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 35 (c) (d) if the applicant is a person, the person is a fit and proper person to per‐ form regulatory functions for the purposes of this Act; and if the applicant is 2 or more persons acting jointly together, each person is a fit and proper person to perform regulatory functions for the pur‐ poses of this Act.
(4) An applicant must provide to the Registrar any information that is required by the Registrar to assist the Registrar in determining the application.

35 (1) Compare: 2011 No 21 s 48 Accreditation subject to conditions The following may be accredited as an accredited body subject to any condi‐ tions that the Registrar thinks fit: (a) (b) a person: 2 or more persons acting jointly together.
(2) The conditions may include— (a) (b) (c) (d) conditions relating to the procedure that an accredited body must follow when performing regulatory functions: conditions to ensure that the accredited body’s regulatory systems are adequate and effective: conditions requiring the accredited body to seek consent from the Registrar before making any material changes to the rules of the body in relation to the licensing of insolvency practitioners: any other prescribed conditions, or conditions that relate to prescribed matters.
(3) If 2 or more persons acting jointly together are accredited as an accredited body,— (a) (b) each of the persons is liable for ensuring compliance with every obliga‐ tion of the accredited body imposed by or under this Act: if a court is satisfied that one of the persons has contravened a provision of, or committed an offence under, this Act, each of the other persons must be treated as having contravened the provision or committed the offence (regardless of each of the other persons’ conduct or state of mind): (c) a suspension or cancellation of the accreditation under section 45 applies in relation to all of the persons: (d) the provisions of this Act apply with all necessary modifications.
(4) The Registrar may, at any time after accreditation is granted or treated as hav‐ ing been granted, by written notice to any accredited body, vary, remove, add to, or substitute any conditions of accreditation.
Compare: 2011 No 21 s 49 23 Part 2 s 36 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 36 Rules of accredited bodies (1) An accredited body must have rules that provide for— (a) (b) (c) (d) (e) (f) (g) the investigation of complaints against a member or former member of the accredited body: the hearing of complaints and other matters by a disciplinary body: appeals against decisions of a disciplinary body: the kinds of conduct for which a member or former member of the accredited body may be disciplined: the actions that may be taken in respect of, and the penalties that may be imposed on, a member or former member of the accredited body for such conduct: eligibility to carry out insolvency engagements: the code of conduct or ethics that governs the professional conduct of the members of the accredited body.
(2) (3) (4) (5) The rules may contain any other provisions that are not inconsistent with this Act or any other Act or any rule of law.

The accredited body must, not later than 5 working days after amending or replacing its rules, provide a copy of the new or amended rules to the Registrar for registration.

The rules of an accredited body that relate to the matters referred to in subsec‐ tion (1) are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).
If the New Zealand Institute of Chartered Accountants is accredited as an accredited body, subsections (1) to (4) do not apply to rules described under section 6(1)(c), (e), or (jb) of the New Zealand Institute of Chartered Account‐ ants Act 1996.
Legislation Act 2019 requirements for secondary legislation made under this section Publication Presentation It is not required to be published The Minister must present it to the House of Representatives It may be disallowed by the House of Representatives LA19 s 73(2) LA19 s 114, Sch 1 cl 32(1)(a) LA19 ss 115, 116 Disallowance This note is not part of the Act.

Section 36(4): replaced, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
Section 36(5): replaced, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

37 Accredited bodies must supply report and annual confirmation to Registrar (1) An accredited body must supply a report and an annual confirmation to the Registrar as specified by the Registrar in a direction under subsection (4).
24 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 37 (2) The report must— (a) be supplied in the manner and form specified by the Registrar in a direc‐ tion under subsection (4); and (b) contain— (i) (ii) information relating to the accredited body’s performance in carrying out regulatory functions for the purposes of this Act; and information relating to any material changes to the accredited body’s regulatory systems that it has implemented, is in the process of implementing, or proposes to implement (including stating what it has done in response to any direction issued under section 42); and (iii) any other prescribed information.
(3) The annual confirmation must— (a) be supplied in the form (if any) specified by the Registrar in a direction under subsection (4) and be accompanied by the prescribed fee (if any); and (b) either— (i) (ii) confirm that, as at the date of the confirmation, the information supplied to the Registrar in respect of the licences issued by the accredited body is correct to the best of the accredited body’s knowledge; or contain updated information to ensure that, as at the date of the confirmation, the information referred to in subparagraph (i) is correct to the best of the accredited body’s knowledge; and (c) contain, or be accompanied by, any other prescribed information or documents.
(4) The Registrar must— (a) prepare a direction that specifies the following: (i) (ii) (iii) when reports and annual confirmations must be supplied: the manner and form in which reports must be supplied: the form (if any) in which annual confirmations must be supplied; and (b) (c) send a copy of the direction to each accredited body; and publish the direction on an Internet site maintained by or on behalf of the Registrar.
(5) The direction must provide for each report (other than the first report supplied by an accredited body) to be supplied not more than 4 years after the last report was supplied (but may provide for reports to be supplied more frequently).
25 Part 2 s 38 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (6) An accredited body that fails to supply a report and an annual confirmation in accordance with this section commits an offence and is liable on conviction to a fine not exceeding $50,000.
Compare: 2011 No 21 ss 43, 51 38 (1) (2) (3) Registrar must publish plan relating to insolvency practitioner regulation and oversight The Registrar must, at intervals of not more than 4 years, publish on an Internet site maintained by or on behalf of the Registrar a plan relating to its intentions in relation to insolvency practitioner regulation and oversight under this Act.

The plan must relate to the next financial year and 3 or more further financial years.
The plan must describe, in relation to insolvency practitioner regulation and oversight,— (a) (b) (c) the specific effects, outcomes, or objectives that the Registrar seeks to achieve or contribute to; and the ways in which the Registrar expects accredited bodies to contribute to those effects, outcomes, or objectives; and how the Registrar proposes to monitor accredited bodies under section 40.
(4) In this section and section 41, financial year means a period of 12 months starting on 1 July and ending on the close of 30 June.

Compare: 2011 No 21 s 52 39 Publication of policies The Registrar must publish, on an Internet site maintained by or on behalf of the Registrar, policies in relation to how the Registrar acts, or proposes to act,— (a) (b) in determining applications for accreditation; and in imposing, varying, removing, or adding to conditions of accreditation.
Compare: 2011 No 21 s 53 Registrar must monitor regulatory systems The Registrar must monitor the regulatory systems of each accredited body in order to determine the extent to which those systems are adequate and effect‐ ive.

40 (1) (2) An accredited body must give all reasonable assistance to the Registrar to enable the Registrar to act under subsection (1).
(3) An accredited body commits an offence if the accredited body— (a) fails to comply with subsection (2); or 26 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 42 (b) otherwise hinders, obstructs, or delays the Registrar in acting under sub‐ section (1).

(4) An accredited body that commits an offence under subsection (3) is liable on conviction to a fine not exceeding $30,000.
Compare: 2011 No 21 s 54 41 (1) Registrar must report on regulatory systems of each accredited body The Registrar must, at intervals of not more than 4 years, prepare a report on the extent to which the regulatory systems of each accredited body are adequate and effective.

(2) However, the Registrar does not need to prepare a report in respect of an accredited body if the Registrar has, in the preceding financial year, been moni‐ toring the accredited body under section 40 for less than 6 months.
(3) If, in the period since the latest report under subsection (1) was published, the Registrar has issued a notice or direction to an accredited body under this Act, the report under subsection (1) must describe the extent to which the accredited body has complied with the notice or direction.
(4) The Registrar must, not later than 1 month after preparing a report, publish a notice in the Gazette that— (a) (b) (c) states that the Registrar has published a report on the adequacy and effectiveness of the regulatory systems of 1 or more accredited bodies; and names the accredited bodies covered by the report; and summarises any directions given under section 42 in the preceding finan‐ cial year (but not the reasons); and (d) specifies where a copy of the report may be inspected or obtained.
The Registrar must, after publishing a notice in the Gazette, publish a copy of the report on an Internet site maintained by or on behalf of the Registrar.

This section does not prevent the Registrar from preparing and publishing at any time any other reports about the extent to which the regulatory systems of an accredited body are adequate and effective.
Compare: 2011 No 21 s 55 Registrar may give directions The Registrar may give a direction under this section to an accredited body if the Registrar is satisfied on reasonable grounds that— (a) (b) (c) the body’s regulatory systems are not adequate and effective; or the adequacy or effectiveness of its regulatory systems can be improved in order to better meet the purposes of this Act; or its regulatory systems are inconsistent in a material respect with the Reg‐ istrar’s plan under section 38.
(5) (6) 42 (1) 27 Part 2 s 43 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (2) The direction may require the accredited body, within the time and in the man‐ ner specified by the Registrar in the direction, to amend its regulatory systems to effectively address the matters that caused the Registrar to give the direc‐ tions.
Compare: 2011 No 21 s 56 43 Requirements relating to directions A direction given under section 42 must be in writing and state the grounds on which it is given.

Compare: 2011 No 21 s 57 44 Offence to contravene directions An accredited body that fails to comply with a direction under section 42 com‐ mits an offence and is liable on conviction to a fine not exceeding $50,000.
Compare: 2011 No 21 s 58 45 (1) Registrar may suspend or cancel accreditation or censure accredited body in certain circumstances Subsections (2) and (3) apply if the Registrar is satisfied on reasonable grounds that— (a) an accredited body has failed to— (i) (ii) (iii) (iv) comply with a condition of its accreditation; or supply a report or an annual confirmation in accordance with sec‐ tion 37; or comply with a direction under section 42; or comply with section 11, 14, 31, 40(2), or 53; or (b) the regulatory systems of an accredited body are not adequate and effect‐ ive.
(2) The Registrar may make an order that does 1 or more of the following: (a) suspends the accreditation of the accredited body— (i) (ii) for any period that the Registrar thinks fit; or until the body does the things specified by the Registrar in order to demonstrate that accreditation should be reinstated: cancels, with effect from a specified date, the accreditation of the accredited body: provides that a body whose accreditation has been cancelled may not apply to be re-accredited before the expiry of a specified period: censures the accredited body: requires the accredited body to pay to the Registrar any sum that the Registrar considers just and reasonable towards the costs and expenses (b) (c) (d) (e) 28 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 47 of, and incidental to, the Registrar’s consideration of whether to take any action under this section: (f) does anything that can be done by an order under section 47.
(3) However, the Registrar may suspend or cancel the accreditation of an accredited body only if the Registrar is satisfied on reasonable grounds that,— (a) (b) in the case of subsection (1)(a), the failure or failures (as the case may be) are serious or persistent; or in the case of subsection (1)(b), the regulatory systems of the accredited body are seriously inadequate or ineffective.
(4) The Registrar must cancel the accreditation of an accredited body if the accredited body surrenders its accreditation.

Compare: 2011 No 21 s 59 46 Requirements relating to orders An order made under section 45 must be in writing and state the grounds on which it is made.
Compare: 2011 No 21 s 60 47 Effect of suspension or cancellation on licences issued by accredited body or former accredited body (1) If the accreditation of an accredited body (B) is— (a) (b) suspended under section 45, each licence issued by B is treated as sus‐ pended during the period in which B’s accreditation is suspended: cancelled under section 45, each licence issued by B is treated as cancel‐ led.
(2) The Registrar may order, on the conditions that the Registrar thinks fit, that subsection (1) does not apply to 1 or more licences, 1 or more classes of licence, or all licences issued by B.

(3) An order under subsection (2) may, in relation to a licence, a class of licences, or all licences issued by B, be made in respect of 1 or more insolvency engage‐ ments, 1 or more classes of insolvency engagement, or all insolvency engage‐ ments.
(4) If any licences issued by B continue in force as a result of an order under sub‐ section (2), the Registrar may order, on the conditions that the Registrar thinks fit, that another accredited body may perform regulatory functions in respect of those licences as if the other accredited body issued those licences (and that other accredited body may be the Registrar acting under section 72).
Compare: 2011 No 21 s 61 29 Part 2 s 48 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 48 Registrar must give opportunity to make submissions The Registrar may exercise a power referred to in section 35(4), 42, or 45 only if— (a) the Registrar gives the accredited body at least 10 working days’ written notice of the following matters before exercising the power: (i) (ii) that the Registrar may exercise a power under section 35(4), 42, or 45 (as the case may be); and the reasons why the Registrar is considering exercising that power; and (b) the Registrar gives the accredited body or its representative an opportun‐ ity to make written submissions and to be heard on the matter within that notice period.
Compare: 2011 No 21 s 62 49 Appeals (1) A person may appeal to the court against any decision of the Registrar— (a) (b) (c) (d) (e) to decline to grant accreditation to the person under this subpart; or to include conditions under section 35 on the person’s accreditation or proposed accreditation; or to give a direction under section 42 in respect of the person’s accredit‐ ation; or to make an order under section 45 in respect of the person’s accredit‐ ation; or to decline to make an order under section 47(2) in respect of the person’s licence.
(2) An appeal must be brought— (a) in accordance with the rules of court; and (b) within 20 working days after notice of the decision is communicated to the appellant, or within any further time the court allows on an applica‐ tion made before or after the period expires.

The court may make an order, or otherwise exercise a power, on an appeal under subsection (1)(e) only in respect of 1 or more of the parties to the pro‐ ceedings.
In subsection (1)(a) to (d), references to a person may include 2 or more per‐ sons acting jointly together that have applied to become an accredited body.
Compare: 2011 No 21 s 63 (3) (4) 30 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 51 50 (1) Provisions relating to disciplinary proceedings conducted by accredited bodies Sections 9 to 13 and 16 of the New Zealand Institute of Chartered Accountants Act 1996 apply (with any necessary modifications) to an accredited body in relation to persons to whom it has issued a licence as if references to— (a) (b) (c) (d) the Professional Conduct Committee were references to the committee or other authority of the accredited body that has the function of investi‐ gating complaints against members and former members of the accredited body; and a disciplinary body were references to a disciplinary body of the accredited body; and the Institute were references to the accredited body; and the rules were references to the rules of the accredited body published under section 36.
(2) Subsection (1) does not apply if the accredited body is the New Zealand Insti‐ tute of Chartered Accountants.
Compare: 2011 No 21 s 64 Subpart 5—Investigations by Registrar 51 (1) Registrar may start or take over investigation or investigate in conjunction with accredited body The Registrar may, if satisfied on reasonable grounds that it is in the public interest to do so,— (a) (b) (c) start an investigation; or take over an investigation started by an accredited body; or conduct an investigation in conjunction with an accredited body.
(2) However, the Registrar must not investigate, under this subpart, the conduct of a member of an accredited body in respect of an insolvency engagement unless— (a) the Registrar is satisfied on reasonable grounds that— (i) (ii) the accredited body has decided not to investigate the matter; or the matter is not being investigated promptly or otherwise in a reasonable manner by, or on behalf of, the accredited body; or (b) the accredited body has asked the Registrar to act under this subpart in respect of the matter.
(3) In this subpart, an investigation is an investigation into the conduct of a licensed insolvency practitioner in respect of 1 or more insolvency engage‐ ments.

31 Part 2 s 52 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (4) 52 (1) This subpart does not limit any other powers of the Registrar, under any other enactment, to investigate or inquire into any matter.
Compare: 2011 No 21 s 75 Relationship between Registrar’s investigation and other investigations or proceedings If the Registrar starts, or takes over, an investigation under this subpart in respect of a member of an accredited body, the accredited body may do the fol‐ lowing only with the Registrar’s written approval: (a) (b) start or continue another investigation into the same matter: take any disciplinary or other action against the licensed insolvency practitioner in respect of the same matter.
(2) However, the Registrar may not act under this subpart in respect of the conduct of a licensed insolvency practitioner if the conduct is, or has been, the subject of proceedings before a disciplinary body.

Compare: 2011 No 21 s 76 53 Accredited body must give reasonable assistance (1) An accredited body must give all reasonable assistance to the Registrar to enable an investigation by the Registrar involving a member of the accredited body to be carried out.
(2) Without limiting subsection (1), the Registrar may, by written notice, require an accredited body to do 1 or more of the following: (a) (b) (c) (d) supply to the Registrar, within the time and in the manner specified in the notice, any information or class of information specified in the notice: produce to the Registrar, or to a person specified in the notice acting on the Registrar’s behalf in accordance with the notice, any document or class of documents specified in the notice (within the time and in the manner specified in the notice): reproduce, or assist in reproducing, in usable form, information recorded or stored in any document or class of documents specified in the notice (within the time and in the manner specified in the notice): appear before the Registrar, at a time and place specified in the notice, to give evidence, either orally or in writing, and produce any document or class of documents specified in the notice.
(3) If a document is produced in response to a notice under subsection (2), the Registrar, or the person to whom the document is produced, may— (a) (b) inspect and make records of that document; and take copies of the document or extracts from the document.
(4) An accredited body commits an offence if the accredited body— 32 Version as at 25 May 2022 (a) (b) Insolvency Practitioners Regulation Act 2019 Part 2 s 55 fails to comply with subsection (1) or a notice under subsection (2); or otherwise hinders, obstructs, or delays the Registrar in carrying out an investigation.

(5) An accredited body that commits an offence under subsection (4) is liable on conviction to a fine not exceeding $30,000.
Compare: 2011 No 21 s 77 54 Accredited bodies required to provide information have privileges of witnesses in court Every person required to provide information and documents to the Registrar under section 53 has the same privileges as witnesses in proceedings before a court.
55 (1) Disciplinary powers of Registrar The Registrar may, after acting under section 51, make 1 or more of the orders specified in subsection (2) if satisfied on reasonable grounds that 1 or more insolvency engagements carried out by a licensed insolvency practitioner (P) are not being, or have not been, carried out— (a) in accordance with— (i) the requirements imposed by or under this Act or any other enact‐ ments that relate to the carrying out of insolvency engagements; or (ii) any relevant standards relating to insolvency engagements; or (b) with reasonable care, diligence, and skill.
(2) The orders are— (a) (b) (c) (d) (e) an order that P’s licence be cancelled: an order that P may not apply to be relicensed, whether with the same or a different accredited body, before the expiry of a specified period: an order that P’s licence be suspended for the period that the Registrar thinks fit: an order prohibiting P from acting in respect of a specified insolvency engagement or a specified class or specified classes of insolvency engagement, or as a solvent company liquidator,— (i) (ii) permanently; or for any period that the Registrar thinks fit: an order that P pay to the Registrar any sum that the Registrar considers just and reasonable towards the costs and expenses of, and incidental to, the Registrar’s investigation and the proceedings: 33 Part 2 s 56 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (f) (g) (h) an order that P complete a specified competence programme, and section 14(3) applies, with any necessary modifications, in relation to a compe‐ tence programme: an order prohibiting P from acting in respect of a specified insolvency engagement or a specified class or specified classes of insolvency engagement, or as a solvent company liquidator, except under the super‐ vision of another licensed insolvency practitioner: an order that P comply with any specified requirement that the Registrar considers appropriate in connection with the grounds referred to in sub‐ section (1).
(3) The Registrar may exercise a power referred to in this section in relation to P only if— (a) the Registrar gives P at least 10 working days’ written notice of the fol‐ lowing matters before exercising the power: (i) (ii) that the Registrar may exercise a power under this section; and the reasons why the Registrar is considering exercising that power; and (b) the Registrar gives P or P’s representative an opportunity to make writ‐ ten submissions and to be heard on the matter within that notice period.
(4) An order under this section may take effect immediately or at a later date speci‐ fied in the order.

Compare: 2011 No 21 s 78 56 Miscellaneous matters relating to orders (1) An order made under section 55 must be in writing and state the grounds on which it is made.

(2) The Registrar must give a copy of the order to— (a) (b) the licensed insolvency practitioner against whom the order is made; and the accredited body that issued the licence to that licensed insolvency practitioner.
Compare: 2011 No 21 s 79 Subpart 6—Overseas practitioners, members of recognised bodies, and members of religious societies and orders 57 Exemption from membership requirement for certain overseas practitioners, members of recognised bodies, and members of religious societies and orders (1) This section applies in respect of a person (P) if— (a) the accredited body is satisfied that P is— 34 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 2 s 58 (i) (ii) (iii) an overseas insolvency practitioner; or a member of a recognised body; or a practising member of a religious society or order whose doc‐ trines or beliefs preclude membership of any organisation or body other than the religious society or order of which P is a member; and (b) the accredited body has entered into a written arrangement with P that complies with section 58; and (c) the accredited body is satisfied that P— (i) (ii) has satisfactory competence, qualifications, and experience to act as an insolvency practitioner; and is otherwise a fit and proper person to be an insolvency practi‐ tioner.
(2) In this section, a recognised body is a person (for example, an incorporated professional body or industry group) that is recognised, by notice, by the Registrar for the purposes of this section.

(3) A notice under this section is secondary legislation (see Part 3 of the Legis‐ lation Act 2019 for publication requirements).
Compare: 2013 No 101 ss 36R, 36S Legislation Act 2019 requirements for secondary legislation made under this section Publication The maker must publish it in the Gazette Presentation It is not required to be presented to the House of Representatives because a transitional exemption applies under Schedule 1 of the Legislation Act 2019 It may be disallowed by the House of Representatives Disallowance This note is not part of the Act.
LA19 ss 73, 74(1)(a), Sch 1 cl 14 LA19 s 114, Sch 1 cl 32(1)(a) LA19 ss 115, 116 Section 57(2): amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Section 57(3): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
58 (1) Requirements for arrangement For the purposes of section 57, the arrangement must— (a) (b) state that the arrangement is entered into for the purposes of this section; and include a binding agreement by P to be subject to the rules of the accredited body that are described in section 36(1).
(2) The arrangement may provide for any other matters that the accredited body thinks fit, including matters relating to— (a) ongoing competence requirements: 35 Part 2 s 59 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (b) (c) (d) (e) (f) (g) reports and access to information: the promotion of compliance with the requirements imposed by or under any enactment that relate to the carrying out of insolvency engagements: the promotion of compliance with any relevant standards relating to insolvency engagements: the promotion of reasonable care, diligence, and skill in the carrying out of insolvency engagements: the payment of fees: the term of the arrangement.
(3) Without limiting the means of enforcing the arrangement, the arrangement is binding on P as if P were a member of the accredited body.
Compare: 2013 No 101 s 36T 59 End of exemption from membership requirement Section 57 ceases to apply in respect of a person (P) and the accredited body must revoke any licence issued to P in reliance on section 57 if— (a) (b) (c) the accredited body ceases to be satisfied as referred to in section 57(1)(a) and gives written notice of that fact to P; or the written arrangement is terminated or otherwise comes to an end (unless a subsequent arrangement that complies with section 58 is entered into); or the accredited body is satisfied that P failed to comply with the written arrangement in any material respect.
Compare: 2013 No 101 s 36R(2) Part 3 Provisions relating to insolvency practitioners Subpart 1—Duty to report serious problems 60 Duty of insolvency practitioners to report serious problems (1) A person must take the steps set out in subsections (3) and (4) if the person has reasonable grounds to believe that a serious problem has arisen in relation to a company in respect of which the person acts as an insolvency practitioner.
(2) In this section, a serious problem means any of the following circumstances: (a) (b) the company, or a past or present director, officer, or shareholder of the company, has committed an offence: a person who has taken part in the formation, administration, manage‐ ment, liquidation, or receivership of the company— 36 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 3 s 62 (i) (ii) has misapplied or retained or become liable or accountable for the company’s money or property (whether in New Zealand or else‐ where); or is guilty of negligence, default, or breach of duty or trust in rela‐ tion to the company: (c) (d) a past or present director of the company has breached a director’s duty in a material respect: the company has been managed in a way that has materially contributed to the company being a company described in section 385(1) of the Companies Act 1993.
(3) As soon as practicable after identifying the serious problem, the person must report it to— (a) (b) (c) the Registrar; and if the company is a licensed insurer (within the meaning of section 6(1) of the Insurance (Prudential Supervision) Act 2010), the Reserve Bank of New Zealand; and if the serious problem concerns the possible commission of an offence, one or both of the following: (i) (ii) the New Zealand Police: the body responsible for investigating or prosecuting the offence.
(4) The report must identify each person to whom the report is provided.

(5) A person who fails to comply with subsection (1) commits an offence and is liable on conviction to a fine not exceeding $10,000.

(6) Nothing in this section requires an insolvency practitioner to take any steps to investigate whether a serious problem has arisen.
61 (1) Insolvency practitioner must provide further assistance after providing report If a person makes a report under section 60, the person must give the persons to whom the report was provided any assistance that they may reasonably require by way of— (a) (b) (c) information; and access to documents; and facilities for inspecting and copying documents.

(2) A person who fails to comply with subsection (1) commits an offence and is liable on conviction to a fine not exceeding $10,000.
62 (1) Confidentiality of information and documents This section applies to the following information and documents: 37 Part 3 s 63 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (a) (b) information and documents supplied or disclosed to, or obtained by, the Registrar under section 60 or 61: information derived from information and documents referred to in para‐ graph (a).
(2) The Registrar must not publish or disclose any information or document to which this section applies unless— (a) (b) (c) (d) (e) (f) the information or document is available to the public under any enact‐ ment or is otherwise publicly available; or the information is in a statistical or summary form; or the publication or disclosure of the information or document is for the purposes of, or in connection with, the performance or exercise of any function, power, or duty conferred or imposed on the Registrar by this Act or any other enactment; or the publication or disclosure of the information or document is made to a law enforcement or regulatory agency for the purposes of, or in connec‐ tion with, the performance or exercise of any function, power, or duty conferred or imposed on the law enforcement or regulatory agency by any enactment; or the publication or disclosure of the information or document is to a per‐ son who the Registrar is satisfied has a proper interest in receiving the information or document; or the publication or disclosure of the information or document is with the consent of the person to whom the information or document relates or of the person to whom the information or document is confidential.
(3) In relation to personal information, this section applies subject to the Privacy Act 2020.

Compare: 2011 No 5 s 59 Section 62(3): amended, on 1 December 2020, by section 217 of the Privacy Act 2020 (2020 No 31).
Conditions relating to publication or disclosure of information or documents The Registrar may, by written notice to a person to whom any information or document is published or disclosed under section 62(2)(c) to (f), impose any conditions in relation to the publication, disclosure, or use of the information or document by the person.

The Registrar must, in considering what conditions to impose, have regard to whether conditions are necessary or desirable in order to protect the privacy of an individual.
Conditions imposed under subsection (1) may include, without limitation, con‐ ditions relating to— 63 (1) (2) (3) 38 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 3 s 66 (a) maintaining the confidentiality of anything provided (in particular, infor‐ mation that is personal information within the meaning of the Privacy Act 2020): (b) (c) the storing of, the use of, or access to anything provided: the copying, returning, or disposing of copies of documents provided.
(4) A person who refuses or fails, without reasonable excuse, to comply with a condition commits an offence and is liable on conviction to a fine not exceed‐ ing $75,000.

Compare: 2011 No 5 s 60 Section 63(3)(a): amended, on 1 December 2020, by section 217 of the Privacy Act 2020 (2020 No 31).

64 (1) Protection of persons who report serious problems Civil, criminal, or disciplinary proceedings must not be brought against a per‐ son because the person made a protected disclosure.
(2) A person must not terminate the appointment of another person because the other person made a protected disclosure.

(3) A tribunal, a body, or an authority that has jurisdiction in respect of the profes‐ sional conduct of a person must not make an order against, or do any act in relation to, the person because that person made a protected disclosure.

(4) In this section, protected disclosure means a disclosure of information made in accordance with section 60 or 61.
Subpart 2—Restrictions on insolvency practitioners 65 Meaning of arm’s-length terms A purchase or transaction described in section 66 or 67 is on arm’s-length terms if it is on terms that— (a) would be reasonable in the circumstances if the parties were connected or related only by the transaction in question, each acting independently, and each acting in its own best interests; or (b) are less favourable than the terms referred to in paragraph (a) for— (i) (ii) a person described in section 66(1), in the case of section 66; or a person defined as P, in the case of section 67.
66 (1) Restriction on purchase of assets This section applies— (a) to a person acting as the insolvency practitioner in respect of a company in administration or under a deed of company arrangement, or a com‐ pany in liquidation, or in respect of the receivership of any property of a company: 39 Part 3 s 67 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (b) if the insolvency practitioner described in paragraph (a) is a director, an officer, or an employee of a body corporate,— (i) (ii) to the body corporate: to any other director, officer, or employee of the body corporate: (c) if the insolvency practitioner described in paragraph (a) is a partner, an officer, or an employee of a partnership or limited partnership,— (i) (ii) to the partnership or limited partnership: to any other partner, officer, or employee of the partnership or limited partnership: (d) (e) (f) to a member of the creditors’ committee of a company in administration or under a deed of company arrangement: to a member of the liquidation committee of a company in liquidation: if a person described in any of paragraphs (a) to (e) is a beneficiary or settlor of a trust, to any trustee of the trust.
(2) A person to whom this section applies must not, without the leave of the court, purchase any part of the assets of the company unless the purchase is on arm’s- length terms.

(3) A person who fails to comply with subsection (2) commits an offence and is liable on conviction to a fine not exceeding $75,000.

(4) (5) 67 (1) The court may give leave for the purpose of subsection (2) on the terms and conditions that it thinks fit.
The court may set aside a purchase that does not comply with subsection (2) and grant the consequential relief that it thinks fit.

Restriction on purchase of goods or services from person connected with insolvency practitioner This section applies to an insolvency practitioner who is acting as an adminis‐ trator, a deed administrator, a liquidator, or a receiver of a company.
(2) An insolvency practitioner must not, without the leave of the court, purchase for the company any goods or services from a person (P) if the insolvency practitioner knows, or ought to know, that the insolvency practitioner’s connec‐ tion with P would result in the insolvency practitioner directly or indirectly obtaining a portion of any benefit arising out of the transaction.
(3) However, subsection (2) does not apply to— (a) a transaction that is, for commercial purposes, an integral part of a con‐ tinuing business relationship (for example, a running account) between,— (i) in the case of a company in administration, in liquidation, or under a deed of company arrangement, the company and P; and 40 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 4 s 69 (ii) in the case of the receivership of property of a company, the com‐ pany and P; or (b) (c) a transaction that is conducted on arm’s-length terms; or a transaction that is conducted with the leave of the court.
(4) A person who fails to comply with subsection (2) commits an offence and is liable on conviction to a fine not exceeding $75,000.

(5) (6) The court may give leave for the purpose of subsection (2) on the terms and conditions that it thinks fit.

The court may disallow or order the recovery of any benefit made contrary to subsection (2).
Part 4 Solvent company liquidators, miscellaneous matters, and regulations Subpart 1—Solvent company liquidators 68 Solvent company liquidators (1) A person who acts as a solvent company liquidator must be one of the follow‐ ing: (a) (b) (c) (d) a licensed insolvency practitioner: a lawyer: a qualified statutory accountant: a member of a professional body recognised under section 69.
(2) A person who acts as a solvent company liquidator in breach of this section commits an offence and is liable on conviction to a fine not exceeding $75,000.
69 (1) Power of Registrar to recognise professional body The Registrar may, after receiving an application or at the Registrar’s discre‐ tion, recognise a professional body for the purposes of section 68(1)(d) if, after taking into account the prescribed matters (if any), the Registrar is satisfied that— (a) (b) (c) the body satisfies the requirements that are prescribed for the purposes of this section; and the members or a class of members of the body have the required skills to carry out solvent company liquidations; and the body’s rules contain effective disciplinary processes and systems, including in relation to failures by members to comply with their ethical obligations.
(2) The Registrar may, by written notice,— (a) revoke or suspend recognition of a body if— 41 Part 4 s 70 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (i) the Registrar ceases to be satisfied of the matters in subsection (1); or (ii) any conditions referred to in paragraph (b) or (c) are not met; or (b) (c) impose any conditions that the Registrar thinks fit on the recognition of that body; or vary, revoke, add to, or substitute the conditions referred to in paragraph (b).
(3) (4) If the Registrar revokes or suspends recognition of a recognised body (B), every member of B ceases to be a person who is permitted to act as a liquidator of a solvent company.

The Registrar may order, on the conditions that the Registrar thinks fit, that subsection (3) does not apply to 1 or more members of B or in respect of 1 or more solvent liquidations, 1 or more classes of solvent liquidation, or all sol‐ vent liquidations.
Subpart 2—Other miscellaneous matters 70 Registrar’s functions The Registrar has the following functions under this Act: (a) (b) (c) (d) (e) (f) to prescribe licensing and other matters under subpart 2 of Part 2: to establish and maintain a register of licensed insolvency practitioners under subpart 3 of Part 2: to grant accreditation under subpart 4 of Part 2: to monitor the regulatory systems of accredited bodies, report on the adequacy and effectiveness of those systems, and take action in respect of those systems that are inadequate or ineffective: to conduct investigations under subpart 5 of Part 2: to perform or exercise any other functions, powers, and duties conferred or imposed on the Registrar by or under this Act.
Compare: 2011 No 21 s 5 Registrar’s power of inspection The Registrar may exercise a power described in subsection (2)— (a) (b) if, in the Registrar’s opinion, it is in the public interest to do so; and for any of the following purposes: (i) (ii) ascertaining whether information provided to the Registrar is cor‐ rect: ascertaining whether a licensed insolvency practitioner, or any other person acting in connection with an insolvency engagement, is complying, or has complied, with this Act: 71 (1) 42 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 4 s 71 (iii) (iv) ascertaining whether the Registrar should exercise any of the Reg‐ istrar’s rights or powers under this Act: detecting offences against this Act, the Companies Act 1993, and the Receiverships Act 1993.
(2) The Registrar may— (a) require a person, in relation to information provided to the Registrar, to— (i) (ii) confirm that the information is correct; or correct the information; or (b) (c) (d) (e) require a person to produce for inspection relevant documents within the person’s possession or control; or inspect and take copies of relevant documents; or take possession of relevant documents and remove them from the place where they are kept, and retain them for a reasonable time, for the pur‐ pose of taking copies; or retain relevant documents for a period that is, in all the circumstances, reasonable, if there are reasonable grounds for believing that they are evidence of the commission of an offence.
(3) When exercising the powers described in subsection (2)(a) or (b), the Registrar may specify— (a) (b) (c) a particular form in which the confirmation or correction must be provi‐ ded; and a date by which the confirmation or correction must be provided; and whether the confirmation or correction must be verified by the produc‐ tion of original documents or certified copies of original documents or by a statutory declaration.
(4) A person must not obstruct or hinder the Registrar or a person authorised by the Registrar while the Registrar or authorised person is exercising a power conferred by subsection (2).

(5) Any person who fails to comply with a requirement under subsection (2)(a) or (b) or who acts in contravention of subsection (4) commits an offence and is liable on conviction to a fine not exceeding $30,000.
(6) In this section, relevant document, in relation to a company, means a docu‐ ment that contains information relating to— (a) the company; or (b) money or other property that is, or has been, managed, supervised, con‐ trolled, or held in trust by or for the company; or (c) the insolvency engagement.
Compare: 1993 No 105 s 365 43 Part 4 s 72 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 72 (1) (2) Registrar may act as accredited body The Registrar may act as an accredited body if the Registrar— (a) (b) suspends or cancels the accreditation of a body under section 45; and considers that it is in the public interest for the Registrar to act as an accredited body having regard to the purpose of this Act.
If the Registrar decides to act under subsection (1), the Registrar must be treated as being an accredited body (except for the purposes of subpart 4 of Part 2).
Compare: 2011 No 21 s 91 73 Protection from liability for accredited bodies and others (1) An accredited body is not liable for anything it may do or fail to do in the course of the performance or exercise, or intended performance or exercise, of its functions, powers, or duties under this Act, unless it is shown that it acted in bad faith or without reasonable care.
(2) An officer, an employee, or a person (an agent) acting on behalf of an accredited body is not liable for anything the agent does or says, or fails to do or say, in the course of the performance or exercise, or intended performance or exercise, of the accredited body’s functions, powers, or duties under this Act, unless it is shown that the agent acted in bad faith.
(3) Despite subsections (1) and (2), this section does not affect or limit any per‐ son’s liability for an offence under this Act or any other enactment.
Compare: 2011 No 21 s 93 74 Sharing of information and documents between accredited bodies and Registrar (1) An accredited body may provide to the Registrar any information, or a copy of any document, that the accredited body— (a) (b) holds in relation to the performance or exercise of the accredited body’s functions, powers, or duties under the rules of the accredited body or under any enactment; and considers may assist the Registrar in the performance or exercise of the Registrar’s functions, powers, or duties under this Act or any other enactment.
(2) An accredited body may, subject to any conditions imposed by the Registrar, use any information, or a copy of any document, provided to it by the Registrar under any enactment in the accredited body’s performance or exercise of its functions, powers, or duties under the rules of the accredited body or under any enactment.
44 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 4 s 76 (3) This section applies despite anything to the contrary in any enactment, con‐ tract, deed, or document.
Compare: 2011 No 21 s 94 75 Notice and service of documents (1) Unless this Act provides otherwise, if a provision of this Act requires or authorises any notice or other document, or any notification, to be given or pro‐ vided to a person, the notice, document, or notification must be given in writ‐ ing to the person— (a) (b) (c) by delivering it personally or by an agent (such as a courier) to the per‐ son; or by sending it by post addressed to the person at the person’s usual or last known place of residence or business; or by sending it by email to the person at an email address that is used by the person; or (d) in any other manner that the court directs.
(2) (3) In the absence of proof to the contrary, a notice, document, or notification sent to a person in accordance with subsection (1)(b) must be treated as having been given or provided to the person when it would have been delivered in the ordinary course of the post, and, in proving the delivery, it is sufficient to prove that the letter was properly addressed and posted.
In the absence of proof to the contrary, a notice, document, or notification sent to a person in accordance with subsection (1)(c) must be treated as having been given or provided to the person on the next working day after the date on which it is emailed, and, in proving that the notice was emailed, it is sufficient to prove that it was properly addressed and sent to the email address.
(4) If a person has died, the notice, document, or notification may be given, in accordance with subsection (1), to the person’s personal representative.
Compare: 2011 No 21 s 95 76 False declarations and representations (1) A person commits an offence if the person, for the purpose of obtaining any licence or accreditation under this Act or for any other purpose relating to this Act, either on the person’s own behalf or on behalf of any other person,— (a) (b) either orally or in writing, makes any declaration or representation to a specified body that, to the person’s knowledge, is false or misleading in any material particular; or provides to a specified body any document knowing that the docu‐ ment— (i) contains any declaration or representation that is false or mislead‐ ing in any material particular; or 45 Part 4 s 77 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (ii) is not genuine; or (c) makes use of any document knowing that the document— (i) contains any declaration or representation that is false or mislead‐ ing in any material particular; or (ii) is not genuine.
(2) In subsection (1), specified body means an accredited body or the Registrar.

(3) A person who is convicted of an offence under subsection (1) is liable on con‐ viction to a fine not exceeding $50,000.

Compare: 2011 No 21 s 96 77 Registrar may refuse to take step before fee, charge, or cost paid The Registrar may refuse to perform a function or exercise a power under this Act in respect of which a fee, charge, or cost is payable unless the fee, charge, or cost is first paid in accordance with this Act.
78 Registrar may refuse to accept document The Registrar may refuse to accept a document under this Act if that docu‐ ment— (a) (b) is not in the required form (if any); or does not comply with prescribed requirements (if any).

79 (1) Compare: 2011 No 21 s 45 Power of Registrar to delegate The Registrar may delegate to any person, either generally or particularly, any of the Registrar’s functions, duties, and powers under this Act except the power of delegation.
(2) A delegation— (a) must be in writing; and (b) may be made subject to any restrictions and conditions that the Registrar thinks fit; and (c) may be revoked, in writing, at any time; and (d) does not prevent the performance or exercise of a function, duty, or power by the Registrar.

(3) A person to whom any functions, duties, or powers are delegated may perform and exercise them in the same manner and with the same effect as if they had been conferred directly by this Act and not by delegation.
(4) A person who appears to act under a delegation is presumed to be acting in accordance with its terms in the absence of evidence to the contrary.
Compare: 2011 No 21 s 47 46 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 4 s 80 Subpart 3—Regulations and levy provisions 80 (1) Regulations The Governor-General may, by Order in Council, make regulations for all or any of the following purposes: (a) (b) (c) prescribing changes for the purposes of section 31: prescribing information or documents for the purposes of sections 11 and 37: prescribing conditions or matters that conditions may relate to for the purposes of section 35(2)(d): (d) prescribing, or authorising the Registrar to specify,— (i) (ii) (iii) information to be supplied or made available for the purposes of this Act: the format and medium for supplying information or making information available for the purposes of this Act: requirements with which information supplied or made available for the purposes of this Act must comply (for example, that a document be signed by a specified person): (iv) requirements with which information or documents sent or deliv‐ ered for registration must comply: authorising the Registrar to require payment of any costs incurred by the Registrar: prescribing procedures, requirements, and other matters, not inconsistent with this Act, for the register, including matters that relate to— (i) (ii) (iii) (iv) (v) (vi) the operation of the register: the form of the register: the information to be contained in the register: access to the register: the location of, and hours of access to, the register: search criteria for the register: prescribing fees and charges that the Registrar may require to be paid to the Registrar (or the rate at which, or the method by which, fees and charges are to be calculated) in connection with the exercise or perform‐ ance by the Registrar of any function, power, or duty conferred by or under this Act: (e) (f) (g) (h) providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.
(2) Regulations made under subsection (1)(e) or (g) may— 47 Part 4 s 80A Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (a) (b) prescribe the method of payment of a fee, charge, or cost; and authorise the Registrar to refund or waive, in whole or in part and on any prescribed conditions, payment of a fee, charge, or cost in relation to any person or class of persons.
(3) Any fee, charge, cost, or other amount payable to the Registrar by or under this Act is recoverable by the Registrar in any court of competent jurisdiction as a debt due to the Registrar.

(4) (5) Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).
If the regulations authorise the Registrar to refund or waive a payment under subsection (2)(b),— (a) the instrument refunding or waiving the payment is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements), unless it applies only to 1 or more named persons; and (b) the regulations must contain a statement to that effect.
Compare: 2011 No 21 s 84 Legislation Act 2019 requirements for secondary legislation referred to in subsection (4) Publication LA19 s 69(1)(c) PCO must publish it on the legislation website and notify it in the Gazette The Minister must present it to the House of Representatives It may be disallowed by the House of Representatives LA19 s 114, Sch 1 cl 32(1)(a) LA19 ss 115, 116 Presentation Disallowance This note is not part of the Act.
Legislation Act 2019 requirements for secondary legislation referred to in subsection (5)(a) Publication See the relevant publication, presentation, and disallowance table in the secondary legislation referred to in subsection (4) The Minister must present it to the House of Representatives, unless a transitional exemption applies under Schedule 1 of the Legislation Act 2019 It may be disallowed by the House of Representatives LA19 ss 73, 74, Sch 1 cl 14 LA19 s 114, Sch 1 cl 32 LA19 ss 115, 116 Presentation Disallowance This note is not part of the Act.
Section 80(4): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Section 80(5): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Validation of fees Heading: inserted, on 25 May 2022, by section 19 of the Companies Office Registers Funding Valid‐ ation Act 2022 (2022 No 27).
80A Validation of fees used to recover costs of other Companies Office registers, etc (1) This section applies to a fee— 48 Version as at 25 May 2022 (a) that— (i) Insolvency Practitioners Regulation Act 2019 Part 4 s 80A is or was payable or purportedly payable on or before 30 June 2022 under any of the Acts listed in subsection (4) or any regula‐ tions made under any of those Acts; and (ii) was (or is or will be) used in whole or in part to recover the costs or a share of the costs of the Registrar in operating 1 or more registers under this Act or in exercising or performing any other powers, functions, and duties of the Registrar under this Act or any regulations made under this Act; or (b) that— (i) is or was payable or purportedly payable on or before 30 June 2022 under this Act or any regulations made under this Act; and (ii) was (or is or will be) used in whole or in part to recover the costs or a share of the costs of 1 or more registers operated under any of the Acts listed in subsection (5) or in exercising or performing the powers, functions, and duties of a Registrar under any of those Acts or any regulations made under any of those Acts.
(2) The fee is and always has been validly imposed.

(3) Money received by the Registrar of any register maintained by the Companies Office in payment of the fee— (a) is and always has been lawfully collected and applied; and (b) may continue to be applied on and after 1 July 2022 to cover costs referred to in subsection (1)(a)(ii) and (b)(ii).
(4) The Acts are— (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) the Auditor Regulation Act 2011: the Building Societies Act 1965: the Companies Act 1993: the Financial Markets Conduct Act 2013: the Financial Reporting Act 1993: the Financial Service Providers (Registration and Dispute Resolution) Act 2008: the Friendly Societies and Credit Unions Act 1982: the Incorporated Societies Act 1908: the Limited Partnerships Act 2008: the Personal Property Securities Act 1999: the Retirement Villages Act 2003: the Securities Act 1978.
(5) The Acts are— 49 Part 4 s 80A Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) the Auditor Regulation Act 2011: the Building Societies Act 1965: the Charitable Trusts Act 1957: the Companies Act 1993: the Financial Markets Conduct Act 2013: the Financial Reporting Act 1993: the Financial Reporting Act 2013: the Financial Service Providers (Registration and Dispute Resolution) Act 2008: the Friendly Societies and Credit Unions Act 1982: the Incorporated Societies Act 1908: the Incorporated Societies Act 2022: the Industrial and Provident Societies Act 1908: (m) the Limited Partnerships Act 2008: (n) (o) (p) (q) the New Zealand Business Number Act 2016: the Personal Property Securities Act 1999: the Retirement Villages Act 2003: the Securities Act 1978.
(6) In this section,— Companies Office means the division or part of each of the following depart‐ ments (formerly or currently in existence) that collected or collects fees under this Act or any of the Acts listed in subsections (4) and (5): (a) (b) (c) (d) fee— (a) (b) the former Department of Justice: the former Ministry of Commerce: the former Ministry of Economic Development: the Ministry of Business, Innovation, and Employment includes any penalty or overdue fee imposed, or interest charged, in rela‐ tion to an unpaid or overdue fee; and in relation to the Insolvency Practitioners Regulation Act 2019, includes a levy imposed under section 81 of that Act.
Section 80A: inserted, on 25 May 2022, by section 19 of the Companies Office Registers Funding Validation Act 2022 (2022 No 27).

50 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Part 4 s 81 81 (1) (2) (3) Levy of persons registered or incorporated under certain Acts Every company, or every company that is included in a prescribed class of companies, must pay to the Crown, or a prescribed person on behalf of the Crown, a levy prescribed by regulations.
The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations providing for the levies.
Levies must be prescribed on the basis that the following costs should be met fully out of the levies: (a) a portion of the costs of the Registrar in performing or exercising the Registrar’s functions, powers, and duties under this Act, where the size of the portion to be met by levies under this Act is determined by the Minister; and (b) the costs of collecting the levy money.
(4) Levies may be prescribed on the basis that any actual cost that could have been, but has not been, recovered as a levy shortfall for a year may be recov‐ ered (along with any financing charge) over any period of up to 5 years.
(5) The regulations may— (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) specify the class or classes of companies that are required to pay a levy: specify the amount of levies, or method of calculating or ascertaining the amount of levies: include in levies, or provide for the inclusion in levies of, any shortfall in recovering the actual costs: refund, or provide for refunds of, any over-recovery of the actual costs: provide for the payment and collection of levies: provide different levies for different classes of companies: specify the financial year or part financial year to which a levy applies, and apply that levy to that financial year or part financial year and each subsequent financial year until the levy is revoked or replaced: for the first financial year to which a levy applies, include in a levy amount or method the costs relating to establishing the register: require payment of a levy for a financial year or part financial year, irre‐ spective of the fact that the regulations may be made after that financial year has commenced: provide for waivers or refunds of the whole or any part of a levy for any case or class of cases.
(6) If a company is in 2 or more classes of companies in respect of which different levies have been prescribed, the company must pay each of those levies (unless the regulations provide otherwise).

51 Part 4 s 82 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 (7) (8) The amount of any unpaid levy is recoverable in any court of competent juris‐ diction as a debt due to the Registrar, or to any other person prescribed for the purposes of this subsection, on behalf of the Crown.
Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).
Compare: 2011 No 5 s 68 Legislation Act 2019 requirements for secondary legislation made under this section LA19 s 69(1)(c) PCO must publish it on the legislation website and notify Publication it in the Gazette The Minister must present it to the House of Representatives It may be disallowed by the House of Representatives LA19 s 114, Sch 1 cl 32(1)(a) LA19 ss 115 , 116 Presentation Disallowance This note is not part of the Act.
Section 81(8): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
82 Minister must consult about levy regulations (1) Before recommending the making of regulations under section 81, the Minister must consult— (a) (b) the persons or organisations that the Minister considers are able to repre‐ sent the views of the companies that will be liable to pay a levy under the proposed regulations; and any other representatives of persons whom the Minister believes to be significantly affected by the proposed regulations.
(2) Regulations made under section 81 are not invalid on the grounds that— (a) (b) subsection (1) was not complied with before the Minister recommended the making of the regulations; or the consultation carried out was about a specific rate or specific rates of levy that differ from the rate or rates set in the regulations.

83 Consequential amendments The enactments specified in Schedule 2 are amended in the manner indicated in that schedule.
52 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Schedule 1 Schedule 1 Transitional, savings, and related provisions s 6 Part 1 Provisions relating to this Act as enacted 1 Interpretation In this Part,— 4-month date means the day that immediately follows the expiry of the 4- month period that starts on the commencement date accredited insolvency practitioner means a person who, on the commence‐ ment date,— (a) is accredited by an accredited body to undertake insolvency engage‐ ments; and (b) is either— (i) (ii) a member of the accredited body; or a person to whom section 57 applies commencement date means the date on which section 8 comes into force first anniversary means the day that immediately follows the expiry of the 12- month period that starts on the commencement date transitional licence means a licence that an accredited insolvency practitioner is treated as holding under clause 2(1) transitional requirements means requirements prescribed under section 22(1)(f) for the purpose of this schedule.
2 Accredited insolvency practitioner to be treated as licensed insolvency practitioner on commencement (1) A person who is an accredited insolvency practitioner and who satisfies the transitional requirements (if any) must be treated, on and from the commence‐ ment date, as a licensed insolvency practitioner who holds a licence under sub‐ part 1 of Part 2 that— (a) authorises the person to undertake the types of insolvency engagements for which the person is accredited; and (b) is recorded in the register.
(2) The provisions of this Act (except for sections 9, 11, and 13) apply in relation to a transitional licence.
53 Schedule 1 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 3 When transitional licence expires Clause 2(1) ceases to apply to an accredited insolvency practitioner, and the practitioner is no longer to be treated as holding a licence under subpart 1 of Part 2,— (a) (b) (c) (d) (e) if the Registrar (acting under section 45) suspends or cancels the accreditation of the accredited body that accredited the practitioner, from the date on which the Registrar suspends or cancels the accreditation: in relation to a practitioner to whom section 57 applies, from the date on which section 57 ceases to apply in respect of the practitioner: if the transitional licence is cancelled under subpart 1 of Part 2, from the date on which the licence is cancelled: if the practitioner fails to apply for a licence before the end of the 4- month date, from the end of that day: if the practitioner does apply for a licence before the end of the 4-month date and— (i) (ii) (iii) the accredited body decides not to issue the licence, from the end of the day that is 20 working days after notice of the decision is communicated to the practitioner: the licence is issued, from the issue date of the licence: the accredited body has not made a decision on the application before the end of the first anniversary, from the end of the first anniversary.
4 (1) Transitional provisions relating to register This clause applies in relation to an accredited insolvency practitioner who holds a transitional licence.

(2) Not later than 3 working days after the commencement date, each accredited body must notify the Registrar of the following information: (a) (b) (c) the full name and address of the practitioner: the date on which the insolvency practitioner received accreditation: the types of insolvency engagements for which the practitioner is accredited to act.
The Registrar must ensure that the register maintained under subpart 3 of Part 2 contains the information that is described in subclause (2) for each accredited insolvency practitioner who holds a transitional licence.

This clause applies in place of sections 30(1) and 31.
Application to insolvency engagements already underway This Act does not apply to— (3) (4) 5 (1) 54 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Schedule 1 (a) (b) (c) (d) (e) the liquidation of a company under Part 16 of the Companies Act 1993 for which a liquidator was appointed before the commencement date; or the administration of a company under Part 15A of the Companies Act 1993 for which an administrator was appointed before the commence‐ ment date; or a company under a deed of company arrangement under Part 15A of the Companies Act 1993 for which the deed of company arrangement was executed before the commencement date; or a receivership under the Receiverships Act 1993 for which a receiver was appointed before the commencement date; or a proposal under subpart 2 of Part 5 of the Insolvency Act 2006 for which a trustee or provisional trustee was appointed before the com‐ mencement date.
(2) Despite subclause (1)(a), a person who is the liquidator of a company and who, on the first anniversary, is not a licensed insolvency practitioner must resign on the first anniversary, and section 283 of the Companies Act 1993 (as amended by Part 1 of the Insolvency Practitioners Regulation (Amendments) Act 2019) applies accordingly.
(3) However, subclause (2) does not apply if— (a) (b) the board of the company passed a resolution described in section 243(8) of the Companies Act 1993 within 20 working days of the appointment of a liquidator under section 241(2)(a) or (b) of that Act; and the liquidator has not called (and is not required to call) a meeting of creditors of the company under section 244 of the Companies Act 1993.
If subclause (2) applies to the liquidation of a company, sections 280 and 283A of the Companies Act 1993 (as amended and inserted by Part 1 of the Insol‐ vency Practitioners Regulation (Amendments) Act 2019) and this Act applies to the liquidation on and from the first anniversary.

First plan published under section 38 For the purpose of the first plan published under section 38, this clause applies in place of section 38(1) and (2).
(4) 6 (1) (2) The Registrar must publish the first plan— (a) as soon as is reasonably practicable after section 38 comes into force; but (b) not later than 6 months after section 38 comes into force.

(3) The first plan must relate to the following: (a) (b) the remaining part of the financial year in which it is published: 3 or more further financial years.
55 Schedule 1 Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 7 (1) (2) Description of compliance with notices or directions in first report published under section 41 For the purpose of the first report published under section 41, this clause applies in place of section 41(3).
If, in the period since the commencement of section 41, the Registrar has issued a notice or direction to an accredited body under this Act, the first report must describe the extent to which the accredited body has complied with the notice or direction.
56 Version as at 25 May 2022 Insolvency Practitioners Regulation Act 2019 Schedule 2 Schedule 2 Consequential amendments Part 1 Amendment to Act Privacy Act 1993 (1993 No 28) Schedule 2: insert after the item relating to the Insolvency Act 2006: Insolvency Practitioners Regulation Act 2019 Section 27 Part 2 Amendment to regulations Domestic Violence (Public Registers) Regulations 1998 (SR 1998/342) Schedule 1: insert after the item relating to the Insolvency Act 2006: Insolvency Practitioners Regulation Act 2019 Section 27 s 83 57 Notes Insolvency Practitioners Regulation Act 2019 Version as at 25 May 2022 Notes 1 General This is a consolidation of the Insolvency Practitioners Regulation Act 2019 that incorporates the amendments made to the legislation so that it shows the law as at its stated date.
2 Legal status A consolidation is taken to correctly state, as at its stated date, the law enacted or made by the legislation consolidated and by the amendments.

This presump‐ tion applies unless the contrary is shown.

Section 78 of the Legislation Act 2019 provides that this consolidation, pub‐ lished as an electronic version, is an official version.

A printed version of legis‐ lation that is produced directly from this official electronic version is also an official version.
3 Editorial and format changes The Parliamentary Counsel Office makes editorial and format changes to con‐ solidations using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

See also PCO editorial conventions for consolidations.
4 Amendments incorporated in this consolidation Companies Office Registers Funding Validation Act 2022 (2022 No 27): section 19 Secondary Legislation Act 2021 (2021 No 7): section 3 Privacy Act 2020 (2020 No 31): section 217 Insolvency Practitioners Regulation Act Commencement Order 2020 (LI 2020/144) COVID-19 Response (Further Management Measures) Legislation Act 2020 (2020 No 13): section 3 Wellington, New Zealand: Published under the authority of the New Zealand Government—2022 58