Insights & Articles

The AML/CFT Act was extended to lawyers and conveyancers on 1 July 2018. It will be extended to accountants on 1 October 2018 and will be further extended to Real Estate Agents on 1 January 2019. We also consider many financial service providers (including in some cases of businesses offering credit contracts) may be unaware that they are required to comply with the AML/CFT Act or may not be meeting the standards required.

The Personal Property Securities Amendment Regulations 2018 will come into force on 1 October 2018 and make a number of technical amendments to the Personal property Securities Regulations 2001.

A recent Court of Appeal decision (Autumn Tree(1)) makes it clear that where a company enters a contract and only one director signs it:

A special status is given to the "family home" in relationship property disputes under the relevant legislation, the Property (Relationships) Act 1976 ("the Act").

It is a fairly familiar situation: an employee sustains an illness, or suffers an injury – probably due to no fault of their own or their employer - and is unable to work for a long period of time. Uncertainty may arise about when he or she can return to work, if ever. Repeated visits to a doctor or specialist, frustratingly for both the employee and the employer, fail to provide a definite prognosis about when the employee will be fit to return to work or, indeed, whether they will ever be able to do so. Meanwhile the employee may be receiving no income, or less than their full former salary or wage while receiving an ACC benefit. The employer is also left in the difficult and uncertain position of not being able to hire a permanent replacement employee but needing to reassign the absent employee's tasks to others, or make do with a potentially more expensive temporary employee.

One of the notable law reforms which was touted in Labour's election campaign has been unveiled in the Employment Relations Amendment Bill 2018 ("Bill") - the restriction on the use of the 90 day trial period.

In the third article in this series we focus briefly on the second limb of due diligence that should be considered when purchasing a vessel namely, legal due diligence.

Consider these five tips before entering into an agreement.

Buying a boat (or any major asset for that matter) without undertaking due diligence is exactly like reality shows where the participants either get married or go on blind dates with someone they have never met before. Sometimes things pan out and we are stoked for them, but more often than not we sit glued to the television waiting for the inevitable train-wreck to unfold.

In accordance with Section 131 of the Companies Act 1993 ("Act"), directors have a duty to act in good faith and in what they genuinely believe to be the best interests of the company. While it may be expected that directors should always behave in such a manner, and not place their personal interests ahead of the company's, various judgments have explored the extent of this duty and provided more information about the considerations director should take account of when exercising their powers.