New Zealanders wishing to enter the property market or to save for their home have often occupied a property while doing it up, then sold it at a profit. Exclusions have meant that the profit made hasn’t been taxed. Now the opportunity to use this process is tightening up.
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A lease is more than a contract. It creates an estate in land. Even when a lessee does not follow a renewal process properly or where there are other questions around a renewal right, the Court more often than not finds in favour of the lessee…
DetailsThe Commerce Commission has long been the watchdog for consumers purchasing goods and services in New Zealand. Part of their role is to protect consumers from traders or sellers who engage in unfair or deceptive conduct. Historically this has involved monitoring activity such as collusion between firms and price fixing, which leads to a hike…
DetailsNext month the Government will begin to introduce a new Health and Safety (H&S) regime in its bid to achieve a 25% reduction in workplace fatalities and serious injuries by 2020. As a result, most businesses will need to immediately up skill, perform due diligence and then implement the necessary change in order to be…
DetailsLimitation periods are relevant to all sorts of issues you come across each day: Is your builder responsible if you discover defects after they finish? You are negotiating a new supply contract for your business and considering a request for a 1 year limitation period? How long do you keep business records for in case…
DetailsThe Consumer Law Reform Bill is almost ready to be passed into law. The Commerce Commission signals the new law might be in place as early as 1 October 2013. It will change the way we all do business and enlarge consumer rights. All businesses, especially those that sell to the public, will need to be across…
DetailsIt comes up quite often, a business is started or bought between family or friends or colleagues, and a company set up to own and run the business. What you then have is a partnership of people who are now in business together. Most often these people have not worked together before, and may not…
DetailsWe have for some time had a policy of contributing to selected start up projects that have the potential to benefit New Zealand or humanity in the wider context. This is a contribution in the form of legal and business services made available either at no cost or at a significant discount. Renewable energy is…
DetailsThe Auckland High Court has issued its decision on the management agreement for the Sentinel Apartments in Takapuna. The body corporate was challenging the management arrangements put in place by the original developer. The Court concluded that the management agreement is harsh or unconscionable in terms of section 140(5) of the Unit Titles Act…
DetailsOn 28 March 2007 Mr and Mrs Singh, experienced orchardists, signed up to purchase a lemon and kiwifruit orchard in Glenbrook. The standard form of agreement for sale and purchase of real estate was used. A due diligence clause was inserted, giving the purchaser 5 working days to satisfy itself as to a "due diligence…
DetailsThe new Insurance (Prudential Supervision) Act comes into force in March 2012. Under the new Act, insurers will need a licence from the Reserve Bank to continue in the insurance business. The licensing application involves satisfying the Reserve Bank that the insurer has the appropriate risk management, governance and capital necessary to continue in the…
DetailsA number of property subdivisions completed within the last 2 or 3 years were originally pre-sold at levels well above market value at the time of settlement. This is no surprise to any of us who have lived through the GFC and its impact on the property and finance sector in New Zealand. As a…
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