The Companies and Limited Partnerships Amendment Bill continues its slow progress through Parliament with the passing of its second reading on 2 July. The Commerce Select Committee's recommendations have been accepted, as has the Supplementary Order Paper 249 (SOP) which made significant amendments to the criminalisation of breaches of certain directors' duties provisions and introduced further amendments to both the Companies Act 1993 and the Limited Partnerships Act 2008 to assist New Zealand in meeting the Financial Action Task Force recommendations about the transparency of legal persons. Further details on the SOP are available in the previous issue of Corporate Reporter here.

The Bill brings together three strands of government policy aimed at strengthening the rules applying to the governance, registration, and reconstruction of companies and the registration of limited partnerships.