The Insolvency Practitioners Regulation Act 2019 (the Act) has established a co-regulatory scheme for insolvency practitioners operating in New Zealand.
Accredited bodies carry out frontline regulation of insolvency practitioners. This includes issuing licences, setting professional standards, investigating complaints and potential breaches of insolvency requirements, and taking disciplinary action where insolvency requirements have not been met.
A recognised body is a person (for example, an incorporated professional body or industry group) that is recognised by the Registrar for the purposes of section 57 of the Act. A member of a recognised body can be issued a licence by an accredited body.
The Registrar of Companies is responsible for overseeing accredited bodies, running the online register of insolvency practitioners, and monitoring the insolvency practitioner regulatory system.
On this page:
- Current accredited bodies
- Current recognised bodies
- When to contact an accredited body
- Becoming an accredited or recognised body
Current accredited bodies
New Zealand Institute of Chartered Accountants
The New Zealand Institute of Chartered Accountants (NZICA), being the statutory body responsible for regulating New Zealand resident members of Chartered Accountants Australia and New Zealand (CA ANZ), was accredited by the Registrar under the Insolvency Practitioners Regulation Act 2019 on 18 August 2020.
The Restructuring Insolvency and Turnaround Association New Zealand Incorporated
The Restructuring Insolvency and Turnaround Association New Zealand Incorporated (RITANZ) is a recognised body under the Insolvency Practitioners Regulation Act 2019. Even if a licensed insolvency practitioner is a member of RITANZ (and not NZICA), NZICA remains responsible for considering licence applications, issuing licences, setting professional standards, investigating complaints and potential breaches of insolvency requirements, and taking disciplinary action where insolvency requirements have not been met.
When to contact an accredited body
If you’re an insolvency practitioner, you should contact your accredited body about:
- becoming a licensed insolvency practitioner
- renewing your insolvency practitioner licence
- updating your details on the Insolvency Practitioner Register
- your ongoing professional, ethical and Continuing Professional Development (CPD) obligations
- any queries concerning your professional obligations under your accredited body’s membership rules.
Members of the public can also contact an insolvency practitioner’s accredited body to make a complaint about a licensed insolvency practitioner in regards to breaches of professional standards, lack of competence, or overcharging.
You can find out which accredited body licensed an insolvency practitioner by searching the register.
Search for a licensed insolvency practitioner
Becoming an accredited or recognised body
To apply to become an accredited body or recognised body, and for further information, please refer to the following documents.
Page last updated 1 September 2020