21 February 2012 Michael Arthur, Partner Geoff Carter, Principal Matthew Yarnell, Partner Michael Harper, Partner
The Law Commission is looking into whether the regulation of trading trusts gives enough protection to creditors and beneficiaries in circumstances of insolvency.
Submissions are due on the issues paper by 2 March 2012.
13 February 2012 James Burt, Principal Bruce Scott, Partner Garth Gallaway, Partner
Recent decisions from the courts have raised the legal risk for directors and underlined the exposure to third party liability of auditors, trustees and promoters.
As a result, we can probably expect this year to have more claims made by receivers, liquidators and out-of-pocket investors against those involved in: company governance and management; prospectus preparation; and the provision of professional services. So who is potentially in the gun, and why?
08 February 2012 Alan Lester, Principal John Holland, Partner Ross Pennington , Partner
On the face of it, little in the Non-Bank Deposit Takers Bill (NBDT Bill) would excite the non-specialist. But the prudential regime it envisages goes well beyond the finance companies it was designed to regulate.
We hope that the Finance and Expenditure Select Committee addresses this before the Bill becomes law.
This Brief Counsel outlines the problems and suggests some practical solutions.
03 February 2012 David Patterson, Consultant
Tax authorities, including our own Inland Revenue Department, sometimes try to promote the idea that companies must pay their “fair share” of taxes (on a theory of social duty).
27 January 2012 Roger Wallis, Partner Frank McLaughlin, Partner John Holland, Partner Ross Pennington , Partner Penny Sheerin, Partner Tim Williams, Partner Bradley Kidd, Partner Geof Shirtcliffe, Partner Mike Woodbury, Partner Emma Harding, Senior Solicitor Joshua Pringle, Senior Solicitor
The Financial Markets Authority (FMA) yesterday issued a consultation paper on how to prepare prospectuses and investment statements.
This is a good initiative and worthy of the FMA’s mandate to educate the market regarding its expectations as a regulator – something that the Securities Commission was not always very good at.
Our initial assessment is that much of the guidance proposed is sensible and reflects current best practice. However, in places, we think that the FMA’s approach is too heavy handed – seeking to prescribe requirements which are not material or currently required by New Zealand law.
Submissions are due by Friday, 9 March 2012.
19 January 2012 Linda Clark, Consultant
Opening the first public session of the inquiry into the culture and ethics of the British press, Lord Justice Leveson said that at the inquiry's heart was one simple question: "Who guards the guardians?"
That same question is being asked by the Law Commission here, although without the star-studded roll call of witnesses and their high voltage claims of harassment and harm against the British tabloids.
22 December 2011 Michael Arthur, Partner Victoria Heine, Partner Garth Gallaway, Partner James Burt, Principal
Section 9 of the Law Reform Act 1936, recently the subject of the somewhat controversial Steigrad decision, has been held to apply to contracts of reinsurance in a High Court judgment delivered earlier this month.
20 December 2011 Nicki Carter, Senior Solicitor
The inner CBD in Christchurch has been under cordon since the February 2011 earthquake, and is not expected to be fully re-opened to the public until April 2012 – more than a year later. Businesses were required to relocate to alternative, often less adequate, premises outside the CBD in order to continue keep operating. As there was fierce competition for alternative premises, business owners often made relocation decisions quickly - without clarity as to the extent of damage to their existing premises or when it would be possible to return to the CBD. This has put the spotlight on commercial leasing arrangements.
16 December 2011 Lindsey Jones, Partner Bill Sandston, Partner Matthew Yarnell, Partner Andrew Woods, Partner
The Productivity Commission is recommending reform of the development contributions charged by local councils in relation to new subdivisions, including a merits-based review right for developers. The recommendations are included in the Commission’s draft Housing Affordability report, released today. Submissions are due by 16 February 2012.
14 December 2011 John Hassan, Partner Catherine Somerville, Partner Jo Appleyard, Partner
The Phase One reforms to the Resource Management Act (RMA) in the Government’s first term were substantial but Phase Two, scheduled for next year, promises to be bigger.
This Brief Counsel looks at the likely shape of the reform programme.