The Restructuring Insolvency and Turnaround Association of New Zealand (RITANZ) - New Zealand

The Restructuring Insolvency and Turnaround Association of New Zealand (RITANZ) - New Zealand
The Restructuring Insolvency and Turnaround Association of New Zealand (RITANZ) - New Zealand

The Restructuring Insolvency and Turnaround Association of New Zealand (RITANZ) launched on 1 January 2015. RITANZ was effectively formed out of its predecessor INSOL New Zealand. The predecessor organisation had been functioning since the early 1980s. RITANZ is a stand-alone incorporated society operating as an independent self- regulatory body. RITANZ has a current membership of around 489 members. It has branches in Auckland, Wellington and across the South Island. Members of the organisation include: • Judges and academics • Chartered Accountants who are members of NZICA, and other practitioners working in the insolvency and corporate restructuring fields • Lawyers working in the insolvency and corporate restructuring fields • Employees of the Government’s Insolvency and Trustee Service and Ministry of Economic Development • Bankers, credit managers and others with an interest in insolvency law and practice, workouts and restructuring. In New Zealand, corporate insolvency work such as liquidations, administrations, receiverships and workouts is in the main undertaken by Chartered Accountants and insolvency practitioners. Lawyers are able to accept appointments but this rarely occurs - they concentrate on providing specialist insolvency legal advice to those who do accept appointments as liquidators, administrators, receivers and workout managers. Licensing and regulation of insolvency practitioners was finally passed into NZ law by way of the Insolvency Practitioners Regulation Act 2019 and is in effect from 1 September 2020. The provisions of the Act enable the Registrar of Companies to prescribe the requirements for a licence, grant accreditation to professional bodies, and for regulations to be made. Chartered Accountants Australia and New Zealand has been appointed as the Accredited Body responsible for the issuing of licences to insolvency practitioners. Administration of the bankruptcy of individuals is carried out solely by the Government’s Insolvency and Trustee Service (Official Assignee’s office). That office also conducts court-ordered liquidations of corporate entities if the creditors do not request a private insolvency practitioner to accept appointment as liquidator. RITANZ actively supports the objectives of INSOL International. RITANZ is involved in making submissions on insolvency law reform to Government on a regular basis, and convenes regular meetings of members to discuss topical issues in insolvency law and practice. A national conference, held annually and supported by a high calibre overseas speaker faculty, is one of the main events on the RITANZ calendar.