Source: Companies Office – Press Release/Statement:
Headline: Changes to company law proposed
Cabinet has agreed to update company law in New Zealand. These changes are expected to take place in two phases.
Key aspects of the first phase of changes include:
- Modernising, simplifying and digitising the Companies Act to reduce compliance costs for companies and the Registrar.
- Creating identification numbers for directors and general partners. This will make it easier to associate individuals with companies or limited partnerships and link those individuals’ corporate activities.
- Allowing company directors and shareholders to record an address for service on the Companies Register, rather than their residential address. This will help address privacy and safety concerns.
The Law Commission will carry out work on the second phase of changes. This work will include a review of:
- directors’ duties,
- directors’ liability,
- offences and penalties, and
- more effective enforcement.
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