SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

Changes to the Companies Act 1993: NZ Director Essential

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New laws applying to ALL New Zealand registered companies and their director(s), contained in the Companies Amendment Act 2014, took effect on 28 October 2015. Non-compliant companies and their director(s) are currently under scrutiny by the Registry Integrity Team of the Ministry of Business, Innovation and Employment (MBIE) and its enforcement/compliance senior investigators. Prosecutions can be expected if company directors fail to comply with the law and their companies removed from the Register of Companies.

The Companies Office website sets out the new requirements: 

Key date: no later than 28 October 2015
Applies to: All companies on the register of companies.
Action required:

Make sure you have a director who:

  • lives in New Zealand or
  • lives in Australia and is also a director of an Australian incorporated company. You’ll be asked for the name of the director, and the name, address and Australian Company Number (ACN) of the Australian company.

Provide the following additional information to the Companies Office:

  • date and place of birth of every director
  • details of ultimate holding company, if applicable.

Source: http://www.business.govt.nz/news/companies-amendment-act-what-to-do-and-when-to-do-it

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As part of its investigation into a number of companies and their director(s), where there appears to be a level of non-compliance with the law, SPCS has sought information from the Hon. Paul Goldsmith, the Registrar of Companies, and other agencies.

The following correspondence sheds some light on the above new law changes, but raises serious concerns about the lack of clarity in the changes.

  1. Official Information Request from SPCS to Registrar of Companies re Amendments to Companies Act 1993. See:  OIR to Registrar of Companies dated 11 Jan 2016
  2. Response to SPCS Official Information Request from MBIE. See: OIR response from MBIE to SPCS dated 15 Feb 2016

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“Of the 550,000 companies on the register of companies, approximately 5,000 have overseas directors only and will need to appoint a director who lives in New Zealand or in Australia (and if Australia, is a director of an Australian company) to stay compliant.”

See: http://www.business.govt.nz/news/companies-amendment-act-what-to-do-and-when-to-do-it

Broadcasting Standards Authority uphold Seven Sharp complaint

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Prime-time current affairs show Seven Sharp has been issued with a complaint from the Broadcasting Standards Authority, after airing an “imbalanced” story about voluntary euthanasia in March of this year.

In light of the widely-publicised Lecretia Seales case which followed, the story proved extremely topical, timely and relevant however, according to the Broadcasting Standards Authority (BSA), also “lacked balance”.

The item was broadcast in March this year and featured the story of a terminally ill woman who is a long-standing voluntary euthanasia campaigner,” the BSA said in a statement on Monday.

“It also discussed the history of attempts to legalise voluntary euthanasia in New Zealand and overseas.

“The BSA found the item did not solely approach the issue of voluntary euthanasia from the personal perspective of the interviewee. It included a wider discussion of the voluntary euthanasia debate and law reform. This meant the broadcaster should have presented more than one side of the issue.” [Read more…]

David Henderson to serve community detention for PAYE tax offences

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Failed property developer Dave Henderson’s last battle with Inland Revenue has landed him a sentence of community detention and community service.

Henderson appeared before Judge Gary McAskill in the Christchurch District Court on Thursday for sentencing on seven charges of aiding and abetting his company Dweller Ltd to apply tax deductions or deemed tax deductions for purposes other than payment to the Commissioner of Inland Revenue.

The charges were first laid about four years ago and involved about $163,000.

[ Read Earlier story: Bankrupt Henderson guilty on tax charges published 17/0915

http://www.stuff.co.nz/business/better-business/72386302/Bankrupt-Henderson-guilty-on-tax-charges ]

Henderson was found guilty in September after a judge-alone trial that took place over short periods spanning nearly a year.

Judge McAskill sentenced Henderson to 200 hours’ community service and four months’ community detention, meaning he must stay in his apartment at Christchurch’s Heritage Hotel building between 7pm and 7am.

Henderson was also ordered to pay $143,633 reparation. [Read more…]

Possible extended director ban for businessman following court conviction

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The Registrar of Companies is making the rare bid of extending the statutory company director ban of a convicted businessman to 10 years due to the seriousness of his offending.

And just when he thought his days in court were over, he’ll be back next month to hear the Registrar of Companies application to have his statutory five year ban from being a director of a company extended to 10 years. [Read more…]

Company director in SFO probe

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The Serious Fraud Office is investigating an exporter of infant milk powder and manuka honey that receivers say collapsed owing more than $1 million.

Nubiotics, owned and directed by Waikato businessman Trevor Lock, entered receivership and liquidation in August last year after falling behind on payments to boutique lender Waikawau Finance.

Nubiotics marketed a range of colostrum-based cosmetics, active manuka honey and infant formula accompanied by impressive-sounding health and scientific claims.

Lock, 54, is described in company literature as having a masters degree in biotechnology and bio-engineering from Waikato University and formerly employed by Anchor as a nutraceuticals development manager. Reports prepared by receiver McDonald Vague show the company had been accepting deposits to provide products, but “had failed to complete” the agreements.

The company’s main asset was listed as $5.1 million of trade debtors, but on further investigation this number rapidly shrank.

For full Story by Matt Nippert, published 19 October 2015, go to:

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11531213