We publish a wide range of useful information on a regular basis.
Commercial landlords and tenants should be conscious of the Court’s wide powers under the Property Law Act 2007 in ordering a renewal of a lease in circumstances where the Court thinks fit to create justice.BackgroundThe recent High Court case of Wendco ...
A recent High Court case reiterates how vital it is to be thorough in a due diligence investigation and in making the right enquiries prior to committing yourself to any purchase.BackgroundThe Purchaser had entered into an Agreement for the purchase of ...
The “ordinary course of business” exemption.When buying or leasing valuable goods it is important to check that they are not subject to a security interest. Otherwise, the secured party is able to use its security interest to call in the goods ...
In commercial lease agreements, rent review clauses provide for how annual rent payable is determined.In addition to providing what the review is based on (i.e. either the Consumer Price Index (CPI) or market rent), many commercial leases provide that the rent ...
Anti-money laundering & countering financing of terrorism.As anyone who has attempted to open a bank account or invested funds through an investment manager in recent years will attest, such activities are no longer the relatively straightforward exercise that they used to ...
Better Protection for Sub-contractorsThe collapse of Mainzeal Property and Construction Limited (“Mainzeal”) was one of the more significant construction insolvencies in New Zealand. When Mainzeal collapsed, significant retention monies were due or potentially due to various subcontractors. However, Mainzeal did not ...
We often receive executed Agreements for Sale and Purchase of a Business that parties have hurriedly entered into without taking legal advice and without fully understanding the implications of those binding contractual obligations. Thus it seemed prudent for us to discuss with you some “do’s” and “don’ts” in relation to the business sale and purchase process.
What you need to know about repairs, maintenance and reinstatement.The July 2016 Supreme Court decision in Mobil Oil New Zealand Limited v Development Auckland Limited is a timely reminder for all landlords and tenants to consider their respective rights and obligations ...
When a company is in financial difficulty, it might enter voluntary administration, receivership or liquidation. There are important differences between these processes, as outlined below. Voluntary Administration Under Part 15A of the Companies Act 1993 (‘the Act’), an administrator may be ...
Many tenants under commercial leases seek to negotiate a shorter initial term with rights to renew the lease in the future, rather than committing to a long-term lease at the outset. These rights are referred to as “rights of renewal”, and ...
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