Single number idea a good one

Issuing businesses with a single identification number1 would make it more difficult for entities to hide behind a change of name and would be particularly useful if it were included on the Personal Property Securities Register, Chapman Tripp partner Michael Arthur said today.

Mr Arthur was commenting on media reports that the Government is working with the Australian Government on the design of a numbering system to apply on both sides of the Tasman.

“I’ve long thought that the Australian practice of describing companies by reference to number and name is something that we should do here. This proposal would extend the benefits of a unique identifier to all businesses, and it makes even more sense in the context of the trans-Tasman harmonisation project.

“It will also complement other anti fraud measures, such as the planned requirement that any company registered in New Zealand have either at least one New Zealand resident director or a local agent2,” Mr Arthur said.

Footnotes

  1. http://www.beehive.govt.nz/release/government-tightens-rules-around-companies
  2. http://www.med.govt.nz/templates/MultipageDocumentTOC____41220.aspx#B1

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Related topics: Personal Property Securities / PPSA; Restructuring & insolvency; Finance

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