SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

‘Shambolic’ Companies Office worsens pain for ripped-off consumers, lobbists say

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A business can pretend its director lives in a toy library or MP’s office because the government’s companies watchdog lacks teeth, a lobby group says.

The Society for Promotion of Community Standards made a formal complaint to the Companies Office on Monday in the wake of a Dominion Post report on on Masterton photographer Jade Cvetkov  [link below] paying for a camera lens which never arrived, losing more than $3000 to camera accessory importer Pro1Digital Ltd.

“This story highlights the shambolic situation with Companies Office records,” said the Society’s executive director David Lane. [Read more…]

New Zealand Petroleum Exploration Limited: ‘defunct’ company with issues of non-compliance

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The Registries Integrity and Enforcement Team (RIET) are part of the Companies Office.  Its  role is to ensure the integrity of the registers that are administered by the Companies Office, by proactively monitoring their use.  RIET primarily acts by seeking compliance or preventing misuse but, where appropriate, it prosecutes offences on behalf of the Registrar of Companies – Mandy McDonald.

The public are encouraged to contact RIET if they become aware of company directors who are failing to comply with the law.

see: http://www.business.govt.nz/companies/about-us/enforcement/contact-registries-integrity-enforcement

To help understand the crucial role of RIET consider the following case study: [Read more…]

More on the Registries Integrity and Enforcement Team – Companies Office

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Failing to file an annual return is an issue of non-compliance to be dealt with by The Registries Integrity and Enforcement Team (RIET), part of the Companies Office.  Its role is to ensure the integrity of the registers that are administered by the Companies Office, by proactively monitoring their use.  RIET primarily acts by seeking compliance or preventing misuse but, where appropriate, it prosecutes offences on behalf of the Registrar of Companies – Mandy McDonald.

Why would a well-qualified company director(s) fail to file an annual return when for example he/she knows that his/her company owes money to the IRD and/or some other creditor(s)?

Is it because he/she naively hopes that the company debts will slip under the radar of the IRD/creditors and the Registrar will simply strike the company off the register before debts can be settled? It does make one wonder! Responsible directors aware that their company is insolvent are required by law to cease trading and call in a receiver or put the company into voluntary liquidation with shareholder support. This costs money and some company directors – seek to avoid their responsibilities because they have vested financial interests.

Consider the case study of ……. [Read more…]