News & Resources
Alarm Bells are ringing for Sleeping Directors
It has long been commonplace in New Zealand for owners of small businesses to have their husbands, wives or de facto partners registered as directors. Often this appointment is a mere gesture, with the spouse/partner director having little to no involvement in the business. However, these so-called “sleeping directors” can be at risk if the company encounters financial difficulties.
Risks of Small Companies Operating a Current Account
Many small companies – especially family-owned or “owner/operator” businesses – have the same directors and shareholders. In these companies, it is common practice for shareholders to have a “shareholder current account”, also referred to as “drawings”.
Voidable transactions and contingent liabilities: the latest from the Supreme Court
The Supreme Court’s decision of David Browne Contractors Ltd v Petterson  NZSC 116 was released this earlier week. The Supreme Court has held that “due debts” in the voidable transactions regime (s292 of the Companies Act 1993) includes both present and contingent debts.
Proposed Changes to Tribunals increase Dispute Tribunal Threshold
On 1 August 2017 the Tribunals Powers and Procedures Legislation Bill was introduced into Parliament and amongst other changes increases the jurisdiction of the Disputes Tribunal from $15,000 to $30,000.
The Fenton Agreement The Contract That Created Rotorua
In the 1870’s the Government sought to gain access to land in the District. Its vision was to create a township that would be the gateway to a thermal wonderland including the world-renowned Pink and White Terraces.
National Policy Statement for Freshwater Management: Take 3
Minister for the Environment Nick Smith announced on 9 August 2017 that the National Policy Statement for Freshwater Management 2014 (NPSFM) would be amended and gazetted on 10 August 2017. This represents the third set of amendments to the NPSFM since it was first gazetted in 2011 and then replaced in 2014.