In this section
Offers for readers
The comment stream
Recent comments
- 1 of 19105
- ››
Editors choice
- 1 of 276
- ››
Finance sector jobs
Unique opportunity to become an integral member of this highly respected market leading te...more
Australia
Newly created role to manager projects across the Asia Pacific region within a worldwide l...more
Australia
Chief Financial Officer Location flexibleCompetitive Remuneration...more
Australia
An opportunity has become available for an experienced Business Development Manager to joi...more
Australia
The news stream
Latest news
Most commented
- 90 seconds at 9 am with BNZ 116
- Wednesday's Top 10 with NZ Mint 78
- Friday's Top 10 with NZ Mint 28
- Amanda's Take Five for Wednesday 19
- The problems with NZ's energy use 18
- More bank mortgage rate cuts 16
- Govt lifts minimum wage 50 cts to $13.50 an hour 16
- Thursday's Top 10 with NZ Mint 15
- 90 seconds at 9 am with BNZ 14
- Full time jobs fall 13,000 in Dec qtr 14
Most viewed
Interest on Twitter
Govt toughens rules around finance company moratoria
Commerce Minister Simon Power has announced a toughening around the rules on finance company moratoria, including giving investors the right to demand a receivership if a moratorium doesn't go as planned. Here is the full statement below from Power.
Debt issuers, including finance companies dealing with moratoria, will face tougher measures from 31 January next year, Commerce Minister Simon Power announced today. Moratoria proposals are an alternative to receivership for companies that issue debt and are in financial difficulty and unable to pay their investors. Moratoria may involve capital restructuring or repayment plans. New regulations signed off by Cabinet today require companies proposing moratoria to give investors tailored disclosure documents. They also require companies already in moratorium to report their progress to investors. Should a moratorium not proceed as planned, secured investors will be able to vote for a receiver to be appointed. In the past three years, some debt issuers - usually finance companies - have encountered difficulties and proposed moratoria. "It is vitally important that investors understand moratorium proposals and compare them with the alternatives, such as receivership," Mr Power said. "These regulations will ensure investors can consider the views of an independent expert, the trustees, and directors. "The new Securities (Moratorium) Regulations 2009 will require key information about the moratorium and the alternatives to be provided to investors. "In the past, investors have been asked to make significant decisions about their investments, based on unsuitable disclosure documents, and this is unacceptable." The changes come into force on 31 January.
16 Comments
About bloody time.
About bloody time.
Talk about closing the gate,
Talk about closing the gate, after the horse has already bolted.
Rob-took the words out of
Rob-took the words out of me bag!!
May I suggest also that
May I suggest also that the same failed miscreants never, never, never, ever come within a Million Miles of another Finance Company and are totally ineligible to stand in any capacity therein, family members included.
There also needs to be a total commitment to repay via sale of all assets, held by Directors and signed off Guarantors and TRUSTEES, notwithstanding assets may be held in Trust or hidden otherwise.
And this to be made retrospective 30 years on pain of imprisonment for 30 years.
That word TRUST and TRUSTEE must be the most reprehensible words the shysters used over the past few 30 years to legally rort New Zealanders.
Personally I will never TRUST anyone until this becomes LAW.
Personally I will never TRUST a Government until it does.
Is 30 years to long??...or not enough.
POP that in yer pipe and smoke it.
It really just shows how
It really just shows how much New Zealand is an 'Ambulance at the bottom of the cliff' country. We always wait until a problem gets very bad, or becomes too late, before we do anything about it, which ends up costing taxpayers billions and billions.
How many billions have ben wiped from the NZ economy by the leaky building syndrome, finance company and other similar failures.
SL...the govt and it's useless
SL...the govt and it's useless beaurocracy will not move a finger to prevent the scum from returning to their rorts....the only way to ensure better safety is an open public exposure that is in our face and as familiar to the public as Yellow Pages.....we need a website dedicated to exposing them at all times....."Black Folder".
Wally...POP goes the weasels. If
Wally...POP goes the weasels.
If enough people wake up to the RORTS, then maybe we can get back to some real HONESTY in New Zealand.
Starting at the TOP. With the POLITICIANS, BANKS, FINANCE COMPANIES, INSURANCE COMPANIES, REAL ESTATE, including shonkey developers and those that generally MILK the systems and that includes FONT-error.
The list is endless. It may be easier to actually say what is not a scam these days.
For 1.8 million actually working to support 1.7 million actually TAKING, must be the biggest rort per capita in the history of New Zealand.
Some teeth are needed to eradicate these non-productive useless idiots.
It is not spot the rort, because they are all around us in daily life, perpetuating and fuelling the scams to suit their needs, not the countries and it's citizen taxpayers.
It is how we can actually get an HONEST government to do something.
Unfortunately it does not actually mean a bean which PARTY is in power.
In my observations they are as corrupted as each other. Hence no action.
I wave the FLAG, but no one listens....YET.
Hence why I even bother to BLOG. Maybe the same reason for you.
The sheep may wake up when finally led to the Tax....SLAUGHTER and the WORK HOUSE..
SL.......you're using CAPITALS again. It
SL.......you're using CAPITALS again.
It comes ACROSS as a rant......hard to TAKE you seriously when you WRITE like that.
Onto the topic.... NZ pollies are reactive, not proactive.
A good one only comes along every 10 years it seems...
Ray don't be hard on
Ray don't be hard on SL..he's learned to use the 'Caps Lock' key and having paid for the keyboard..wants his moneys worth out of it.
@Sore Loser: We could wish....(a
@Sore Loser: We could wish....(a Million Miles of another Finance Company and are totally ineligible to stand in any capacity therein, family members included.)
Actually I think some of them if not many should be jailed...
regards
SL : I understand the
SL : I understand the sentiment, and to an extent agree with it regarding effectively treating the directors the same as banrupts, however it directly impacts on the whole Company and Trust liability.
The purpose of a limited liability company is to allow people to run a company without being personally liable for the whole company liabilities.
To change this is a huge ask and may not acheive what is desired. If directors are liable for all the company liabilities I don't think you would see many Directors.
Do you see the US directors of Banks being held liable for the huge losses they have incurred ?
@ROB: How many of these
@ROB: How many of these jokers are active National supporters I wonder? ie stay close, to the Pollies, spread a few $ as "legit" business men into re-election coffers?
Its clear the public is getting ripped a new one and its damn clear National and probably Labour intend to do diddly...
This is one of the strangest things I find about NZ, supposedly we are very fair ppl, yet we allow scumbuckets like these free reign.
regards
Ray, My style....and I usually
Ray,
My style....and I usually point out that it is a RANT. (There I go...caps... again). DUH.
I can do sane and placid, no full stops......but like Hitler....ya gotta wake up the people with a good rant ............FIRST.
Maybe not the best example, but shouting seems to work.
When I see some of my expressions being repeated, it is a little encouraging to continue blogging in any form.
Maybe I am wrong to continue....but at least I am wrong with the best intentions.
Can you name a good politician of the past 30 years.
Why do I feel there wasn't one, with a lasting legacy.
Otherwise we would not be in quite the same mess as America and the rest of this crazy world.
Welcome to 'Scumbag Islands' where
Welcome to 'Scumbag Islands' where rorts are a way of life. The crims get better care than the elderly. A special madoff paradise. You too can join in the fun getting rich off the stupid peasants. Don't worry about a justice system and punnishment. We let you out soon as to return to your scumbag rorts. Mind you join one of the main political parties and do make a point of keeping up the donations and fund raising dinners where you really must press the flesh with the Godfathers from wgtn.
....I'm gonna say Lange.....not because
....I'm gonna say Lange.....not because he ran off with his secretary or gave us Rogernomics (even tho he quit when he saw what roger had in store for us), but mainly because he had the courage of his convictions (i.e. a spine), making a series of tough decisions in foreign policy.
No, he wasn't perfect...I realise that.
But after Oxford, his rating was 63%.....can't remember any PM higher than that.
$2.4 million in return for
$2.4 million in return for twelve months home detention, he wont do that again, more to the point, where the hell do I sign up, I will do two years home D for a flat $1 mil, I'm not greedy?
"Judge Field said up to $2.4 million had been lost as a result of the related party lending. He had seen a victim impact statement from one retired investor who invested $80,000 on the basis of the 2005 prospectus."
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=1061...
Who says backroom boys/gals aint got a nice little class system going on down here, not quite as good as the feeding grounds of Australia just yet, but they're working on it, nice and steady says John Key, the central banker on sabatical, we don't wan't to frighten the Sheoples before we got'em well and truly in the pen this time.