Delinquents list starts clean-up

Press, 11 July 1989, Page 28

Delinquents list starts clean-up

PA Wellington The first signs of the Justice Department’s corporate clean-up will be seen next week when the Registrar of Companies presents a list of delinquent company directors to the Securities Commission. The Commission will decide whether to ratify the banning of individuals on the list from operating or managing companies for up to five years. An amendment to the Companies Act, which came into effect on January 1, gives the registrar power to issue ban-

ning orders. The commission has to endorse the orders and the people concerned have right of appeal. But the ban stays while the appeal is heard by,the commission. Justice Department officials have been preparing the list since late last year, going back through five years of records. The Commercial Affairs Division spokesman, Mr Neville Harris, said 100 people had been identified.. Many were probably already bankrupt, some had disappeared, and others had dishonesty convictions.