Criminalisation of Directors' Duties
❄
On 13 October 2011, in response to a spate of finance company collapses, the Government introduced the Companies and Limited Partnerships Amendment Bill. The Bill proposes, amongst other things, to criminalise two of the existing directors duties under the Companies Act 1993. We take a closer look at what is proposed, as the Bill draws closer to becoming law ... READ MORE
Released by Pitt & Moore - February 2013
Postscript the Companies and Limited Partnerships Amendment Bill passed its second reading on 2 July 2013.
Clause 4 of the Companies and Limited Partnerships Amendment Bill 2011 has so far enjoyed an only brief but eventful life. It was conceived as part of a wider reform introduced in response to the public pressure faced by the Government following a wave of finance company collapses and the ensuing directors prosecutions. The media added fuel to the fire by painting the picture of the directors egregious conduct, and the regulators looked to Parliament to create additional powers to take action against such directors ... READ MORE
Released by NZ Lawyer - July 2013
Recent litigation surrounding collapsed finance companies has brought into question the legal standard of the care, diligence, and skill expected of company directors. In particular the cases have grappled is the extent to which specialisation within a board of directors is permitted ... READ MORE
Released by Wynn Williams Lawyers - January 2013