What’s at stake: The Law Commission has been asked to review directors’ duties and liabilities, but those two provisions from the Companies Act have largely been incorporated in new legislation governing Incorporated Societies. Law firm Chapman Tripp is now calling for them to be repealed.
Background: Chapman Tripp strongly opposed the inclusion of directors’ duties provisions that mirrored the Companies Office, with judges in the long-running Mainzeal case having said the legislation governing insolvent trading in New Zealand was unsatisfactory.
Key players: Commerce and Consumer Affairs Minister Andrew Bayly, Chapman Tripp partners Michael Arthur and Roger Wallis.
The Minister of Commerce and Consumer Affairs says there is no immediate evidence two sections of the Incorporated Societies Act should be repealed, despite calls for those reckless trading provisions to be removed as soon as possible.
The Incorporated Societies Act commenced on October 5 last year,
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What’s at stake: The Law Commission has been asked to review directors’ duties and liabilities, but those two provisions from the Companies Act have largely been incorporated in new legislation governing Incorporated Societies. Law firm Chapman Tripp is now calling for them to be repealed.
Background: Chapman Tripp strongly opposed the inclusion of directors’ duties provisions that mirrored the Companies Office, with judges in the long-running Mainzeal case having said the legislation governing insolvent trading in New Zealand was unsatisfactory.
Key players: Commerce and Consumer Affairs Minister Andrew Bayly, Chapman Tripp partners Michael Arthur and Roger Wallis.
