Extending the UCT Regime – What business owners need to know
With effect from 16 August 2022, the application of the unfair contract terms provisions in the Fair Trading Act 1986 (Act) will be extended to small trade contracts between businesses.
The Importance of Shareholder Agreements
When you are entering into a new venture the opportunities seem endless and everyone is positive about goals and working relationships. However, as we unfortunately see so often in our litigation team, things do not always go to plan. A well drafted shareholder agreement can be worth its weight in gold when working relationships sour.
Directors duties and the Supreme Court
The Supreme Court has recently reviewed the law relating to director’s duties making it clear that trading while insolvent will amount to a breach of a director’s duties even if a director believes that continued trading may benefit the company’s creditors as a whole: Madsen-Ries and Levin as Liquidators of Debut Homes Limited (in liquidation) v Cooper [2020] NZSC 100.
Know your lease – the importance of understanding (and negotiating) the terms of your commercial lease.
The current Covid-19 situation may have sent many landlords and tenants running to review the terms of their lease to ascertain whether it is on the current version of the ADLS lease – being the ADLS sixth edition 2012 (5)…
Tighten up your terms as we head into tougher times
When cash can’t be king, make sure you have the next best thing.
Consumer Contract Terms – Unfair Means Unenforceable
The High Court has recently made its first declaration regarding unfair contract terms. The terms in question were found within a standard form consumer contract used by Home Direct.
Want to cancel a conditional contract without complying with your own conditions? Think again
The story of the purchaser who got more than he bargained for. A recent Court of Appeal decision has confirmed that a party who enters a conditional contract has an obligation to do all things reasonably necessary to satisfy the conditions – or suffer the consequences.
Are you a Motor Vehicle Trader?
You may not realise it, but you may be an unlicensed motor vehicle trader. A recent Court of Appeal decision[1] makes it clear that a person or company will need to register as a motor vehicle trader under the Motor Vehicle Sales Act 2003 if that person or company sells more than six motor vehicles in any 12 month period, unless it can prove that those motor vehicles were not sold for the primary purpose of “gain”.
A Trap for Businesses on the Sale of Motor Vehicles
Did you know that unless one of the limited exceptions in the Motor Vehicle Sales Act 2003 applies, if your business in any period of 12 consecutive months sells more than 6 motor vehicles, for example to staff or to any related company, other than via a registered motor vehicle trader (dealer), the Registrar of Motor Vehicle Traders will require you to register under that Act as a motor vehicle trader or face prosecution?
Leases and Natural Disasters
A natural disaster can have devastating effects on business operations. Whether you are a landlord or a tenant under a commercial lease, it is important to obtain legal advice both before you enter into the lease and in the aftermath of a natural disaster. This article considers some of the issues to discuss with your lawyer.