Strange JamieJAMIE STRANGE (Labour—Hamilton East): Madam Speaker thanks for the opportunity to follow that passionate speech from the previous member Andrew Bayly. It's a delight to stand as part of the Labour Party the party for small business. We've supported small businesses every time we've been in Government. We've supported the small businesses across New Zealand and we've done it through COVID we've done it through the wage subsidy and we've done it through you know various loans and support and R & D credits. We've done a lot for small business and it's a delight to talk about what we have done as a Government to support—ASSISTANT SPEAKER (Hon Jacqui Dean): Order! Order! It would be a delight to hear the member address the bill.JAMIE STRANGE: Thank you—thank you. I'll finish my response to the member there. Bringing it to the bill this bill is about having trust in business and the financial sector—it's more than that that businesses and individuals do have to have trust in the sector. The member opposite has quite rightly brought that fact to the House tonight that it's important that there aren't conflicts of interest. She's highlighted an example of a conflict of interest in terms of the financial sector. She's talked about how her bill would prevent financial advisers who recommend that a third party take over the management or disposal of a business or its assets from performing such a function themselves and that's a fair point. Look as one of the previous speakers mentioned I sat in my office and I read this bill and I thought Yeah sure. That makes sense." I had forgotten though—I had forgotten—this piece of legislation here and I think that both of the parties opposite have very short memories because in 2019 the Insolvency Practitioners Regulation Act—one that I'm sure some of you might remember—clearly addresses this.So look you know as others have said I certainly acknowledge the member Barbara Kuriger. I also haven't had a bill drawn from the ballot yet—probably a bit tricky at the moment because I actually don't have a bill in the ballot but I am working on one. I am working on one. I'm sure the House will be waiting with eager anticipation in terms of the bill that I'll place into the biscuit tin soon.But coming back to the bill the Restructuring Insolvency & Turnaround Association of New Zealand—now if there is an organisation that that can speak with authority on a piece of legislation like this it would be RITANZ. We have heard them spoken about previously; set up in 2015 under the previous National Government. So let's see what RITANZ say about this bill. So they say "This issue"—and they do acknowledge the issue—"was extensively reviewed by the Insolvency Working Group in 2016"—so going back quite a way here—"whose recommendations were largely adopted in the 2019 law reforms" which as I mentioned before came into force in this legislation the Insolvency Practitioners Regulation Act.Now it will be interesting to hear from the member when she gives her right of reply in terms of her rebuttal and the arguments on this side of the House because the arguments have quite clearly been outlaid on this side of the House that there is no need for this bill because it's already been addressed. But we'll wait and hear what the member says. Some people might ask "How has this been solved by the previous piece of legislation?" I'm sure members opposite are interested in that. So look the Insolvency Practitioners Regulation Bill it makes amendments to the Companies Act and the Receiverships Act. I probably haven't got time to go into details around that but it certainly makes provision to ensure that the conflicts of interest that the member outlines in her piece of legislation don't happen basically. Now if we have a look in terms of regulation we certainly do need regulation in New Zealand. We need to strike the right balance obviously but we are a small country and when we do have a small country—we are you know the size of a city like Sydney—Todd Muller: Don't be "smallist".JAMIE STRANGE: —it is easy—small but great country about to qualify for the FIFA World Cup Mr Muller which I'm looking forward to.But if you have a look at some of the regulation needed—there certainly is regulation needed at times because we are a small country and conflicts of interest can often arise in an environment like we have in New Zealand. So it's important that as Governments we continue to keep on top of the regulation that is needed. The member has highlighted it but unfortunately she was just a couple of years too late. We will not support this bill on this side of the House."