Why you need a Shareholders' Agreement and decent Company Constitution

New Zealand is coming out of a recession and many people believe this is a great time to set up a business. Limited liability companies are one great structure in which you can do business, because personal liability for losses is limited and company tax will soon be set at 28%.

Unfortunately, many property owners face this predicament in the current economic climate. The notice requirements for cancellation of a Lease have changed significantly under the Property Law Act 2007.

The Unit Titles Act 2010 will replace the Unit Titles Act 1972 in late 2010. The old Act has been unable to properly provide and cater for the myriad of significant multi-story unit title developments built in the last two decades, and the new Act seeks to address the shortcomings of the current regime.

Most people who have been through a separation would agree that it is a difficult and stressful time. This can be exacerbated when there is confusion or misunderstanding about what property is classed as relationship property and what property is classed as separate property. The Property (Relationships) Act 1976 (“the Act”) provides a code for how property is to be divided on separation for couples who are married, in a civil union partnership or de facto/same sex relationship.

You will recall back in our July issue, we briefly mentioned about the up and coming changes with the District Court rules. Well, on 1 November 2009, the new District Court Rules 2009 came into force, "radically" changing the way civil cases are run in the District Court.

Purchasing an interest in a retirement village is not like purchasing a residential property. There is an ongoing relationship between the village operator and the resident which is governed by the terms and conditions set out in what is called an "Occupation Right Agreement".

We often get clients coming to us who say "I am owed money and I want to be paid" and we say "it warrants going to court" but they say "the debt is not huge and I don't want to spend loads on lawyer fees or throw good money after bad: what can I do?"

Most of you would have heard of a family trust. Many of you may even have one. But do you understand how your trust works?

On 1 August 2008 the Lawyers & Conveyancers Act 2006 came into force and with it the new Rules of Conduct and Client Care for Lawyers.

The world’s media is creating a frenzy of negative publicity about the global recession and there’s plenty of advice to say that businesses should consider massive across the board cutting of overheads as a result.

The Personal Property Securities Act 1999 (PPSA) does not apply to land. However, it does not clearly answer all questions in respect of who gets the best ownership of chattels on the land.

It is now nine years since the Personal Property Securities Act was enacted, and six years since the register it created came into force. A further recent decision of the High Court ...

Landlords, the new Property Law Act 2007 brings a multitude of changes to the way you conduct business with your lessee and other connected parties. In this article, we discuss a few key changes and some useful information. For full advice please consult one of our team at McVeagh Fleming.

The collapse of Icon Digital in November 2007, the company whose business holdings included the Sounds music chain, represented the first use of the statutory measure of voluntary administration introduced by the Companies Amendment Act 2006.

These reforms, modelled on the Australian system, provide a new procedure to facilitate the reorganisation of distressed companies.

“Low Doc” loans cater for borrowers who, due to being self-employed, or who are otherwise remunerated in a way that may be difficult to confirm, are unable to provide up-to-date financial statements to verify their income for servicing purposes.

The word bankruptcy comes from the words banca rupta (ruptured or busted bench). In a number of Italian city states in medieval times, merchants paid tithes to the city in order to trade their wares. This enabled them to purchase a bench (banca) in a trade square from which they would trade their goods. When they were successfully pursued for debt, the bench was symbolically broken (rupta).

It is common when buying land for the purchaser to obtain a Land Information Memorandum (or more commonly, a “LIM”) prior to settlement. A LIM is a document compiled by the local city or district council that contains information the council knows about the property.

Exporters are struggling under the weight of the NZ dollar. Finance companies are falling. Unemployment is up and the housing market has the wobbles.

Since about 2003 the building industry and some homeowners have been confronted with some difficult times following the emergence of the “leaky building syndrome”.

Have you allowed for the change to the Holidays Act which took effect on 1 April 2007? All employees are now entitled to four weeks paid annual leave on their next annual leave anniversary.

Intellectual Property Laws in New Zealand provide a wide range of protection for those seeking to profit from innovation.

“Generous” was a racehorse, a stallion. Generous was owned by New Zealand Bloodstock Limited. NZ Bloodstock Ltd entered into a lease-to-purchase agreement with Glenmorgan Farm Limited which provided that ownership of Generous was not to pass to Glenmorgan until Generous was paid for.