Chapman Tripp has made a submission on the Insolvency Practitioners Bill to the Commerce Select Committee, strongly supporting the proposed amendment to s280(1)(cb) of the Companies Act 1993. Section 280(1)(cb) currently requires a Court order before an expert insolvency practitioner with a continuing business relationship with a secured creditor of a company may act as a liquidator or administrator. We agree with the removal of this restriction, as it is an unnecessary expense that it ultimately borne by creditors.
Please click on the link above to view the submission.
The information in this article is for informative purposes only and should not be relied on as legal advice. Please contact Chapman Tripp for advice tailored to your situation.