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Category: Corporate & Commercial

  • Contract and Commercial Law Act 2017 – Changes and Implications

    6 December 2017

    The Contract and Commercial Law Act 2017 (“CCL Act”) came into force on 1 September 2017. The new legislation consolidates 12 commercial statutes into one to allow an up-to-date and accessible “one stop shop” Act to deal with contractual and commercial law matters.For example, legislation concerning contracts privity, contractual mistakes, contractual remedies, frustrated contracts, sale of goods, and carriage of goods have been repealed, and such matters are now governed by the CCL Act. However, consumer protection legislation has not ...

  • Health & Safety

    6 December 2017

    WorkSafe (the health and safety regulator) has recently announced that it has accepted enforceable undertakings from Zespri. These undertakings are in connection with a fatal quad bike incident, which occurred in May 2016 on a Tauranga orchard. The victim was a worker engaged by a contractor of Zespri.Enforceable undertakings are a tool that Worksafe can use as a positive alternative to prosecutions under the Health & Safety at Work Act 2015.This case highlights two interesting points: first, what are the ...

  • New Cartel laws

    6 December 2017

    Amendments to the Commerce Act significantly expand the scope of prohibited cartel conduct. There are also two new exceptions. However, it is important to check existing contracts prior to the expiry of the nine month transitional period on 14 May 2018 because certain criteria must be met before the exceptions apply.What contracts could be affected?Any distribution agreements, joint ventures, franchise agreements, or any other agreements, arrangements, or understandings between two or more competitors that restrict output or allocate markets. This ...

  • Overseas Investment- Changes to come

    16 November 2017

    In her first post-cabinet press conference on 31 October 2017, Prime Minister Jacinda Ardern announced that overseas buyers will be banned from buying existing houses from early next year.While there are few details of how the ban will operate, it appears that:the Overseas Investment Act 2005 will be amended to classify residential housing as “sensitive” with amendment legislation to be introduced into Parliament before Christmas; non-residents and non-citizens (apart from Australians) will be prohibited from buying existing houses; and foreign investors will still be able to buy ...

  • Maintaining your Company’s Records

    5 October 2017

    The introduction of the Companies Office website with the ability to update records online has led to the mistaken view that shares are transferred by updating these records.  However, as has historically been the case, the Companies Act provides that a share transfer form signed by the transferor must be delivered to the company or its agent, and the transfer must then be entered into the share register (subject to certain exceptions).  Directors have a duty to ensure the share ...

  • Change to Agreement for Sale and Purchase of a Business

    5 October 2017

    The standard Agreement for Sale and Purchase of a Business form approved by the Real Estate Institute of New Zealand Incorporated and by Auckland District Law Society Incorporated (“the agreement”) has recently been revised.One of the revisions to the agreement’s latest edition is the removal of the schedule recording the GST status and intentions of the parties. The rationale for the deletion is to address the confusion in completing the questions in the schedule. A sale of a business is ...