Between 2006 and 2010, 50 New Zealand finance companies either went into liquidation or receivership, or froze payments. The Securities Commission has now released information about its investigations into these finance companies.
The information released highlights the Commission's work to date, the companies being investigated, the status of the investigations and the behaviour or act that triggered the Commission's involvement. It also answers some common questions about the Commission's work in connection with the failures, including:
- How much information can we make public?
- What powers do we have?
- Which cases do we investigate first?
- What is our approach to investigations?
- What happens when an investigation is launched?
- What does an inspector do?
- What happens after an inspector reports?
- What happens after a case assessment?
- What happens when the Commission decides to take criminal and/or civil proceedings?
- What happens when a case goes to Court?
- Which investigations are currently underway?
- Which cases are currently before the Court?
- Why don't we always take Court action?
- What other ways can the Commission get an effective result?