New bill further protects creditors, business in New Zealand – Xinhua | – Xinhua

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WELLINGTON, June 13 (Xinhua) — A new legislation requires liquidators in New Zealand to be licensed and meet basic standards of honesty and competence, aiming to protect creditors and the public, Commerce and Consumer Affairs Minister Kris Faafoi said on Thursday.

The Third Reading of the Insolvency Practitioners Regulation Bill and the Insolvency Practitioners Regulation (Amendments) Bill address some failings of the previous system, and shut down the ability of liquidators who fell short on skills and integrity.

“One of the main aims of corporate insolvency law is for businesses to be turned around if they are viable but if they are not, they should be wound up, the assets realized and distributed to credit…

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