These offences include:
- a serious breach of a director’s duty to act in good faith and in the best interests of company (section 183A(1))
- false statements (section 377)
- breaches of various orders and prohibitions from directing, promoting and/or managing companies (section 382(4), section 383(6), section 385(9), and section 385AA(9))
- breach of restrictions on involvement with phoenix companies (section 386A(2)).
This agreement improves the Registrar of Companies’ ability to enforce serious offences under the Companies Act and hold non-compliant businesses and directors accountable for breaching their corporate responsibilities. This, in turn, will prevent harm to other businesses and individuals, and promote public confidence in the integrity of New Zealand’s business environment.
This change came into effect on 1 April 2017.
For more information please visit the Inland Revenue Tax Policy website.