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Publication: Agent News

  • Changes to terminology in the new Land Transfer Act 2017

    30 January 2019

    While the main principles of the land registration system have been retained, the Land Transfer Act 2017 (the new Act) revises and modernises the Land Transfer Act 1952. The new Act  does this by adopting a range of reforms proposed by the Law Commission in its 2010 report.New terminology introduced under the new Act will require amendment to the ADLS-REINZ approved forms including the agreement for sale and purchase for land. Some of the changes to terminology under the new ...

  • The differences between an indemnity and guarantee

    30 January 2019

    The differences between a guarantee and an indemnity are often overlooked and underappreciated. Indeed, it is not uncommon for people to mistakenly view the two obligations as synonymous.In commercial transactions, parties are often asked or required to provide a guarantee, an indemnity, or both. These types of obligations can usually be found in everyday commercial contracts such as supply agreements and loan documents.It is, therefore, important to understand and appreciate what the differences are between a guarantee and an indemnity ...

  • Residential Land or Not?

    30 January 2019

    Amendments to the Overseas Investment Act 2005 (OIA) that restrict certain overseas people from buying “residential land” in New Zealand came into force on 22 October 2018.The effect of the amendments is to require overseas persons to obtain consent from the Overseas investment Office (OIO) under the OIA before they can buy residential land in New Zealand. The requirements are:the agreement for sale and purchase must be conditional on OIO consent, and OIO consent must be granted before settlement; or a pre-approved ...

  • Do I really need to sign a deed of lease?

    30 January 2019

    You have found the perfect premises for your business, and you sign up an agreement to lease drafted by the landlord’s agent. The agreement to lease is unconditional, and you are about to move into the premises when you are asked by the landlord to sign a deed of lease.What is the difference between an agreement to lease and a deed of lease?The agreement to lease and the deed of lease are different documents. An agreement to lease sets out ...

  • Regulation of Companies – Proposed changes and consultation

    3 September 2018

    A number of changes to the law regulating companies are being considered by the government driven by changes in people’s behaviour in their use of technology and people’s increasing concerns about individual privacy.One such initiative is the introduction of an omnibus bill Regulatory Systems (Economic Development) Amendment Bill (“Bill”), which contains, amongst others, proposed amendments to the Companies Act 1993 (“Act”).One of the changes to the Act the Bill is seeking to make is to enable notices, statements and reports ...

  • Employment: Increased Penalties and Awards

    3 September 2018

    In April 2016, legislation changes were introduced, which intended to strengthen the enforcement of employment standards. The aim of the changes was to ensure that breaches of employment standards, such as paying minimum wages, holiday entitlements, and keeping proper wage and time records, are dealt with appropriately. The changes also aimed to provide an effective deterrent while trying to avoid imposing unnecessary compliance costs on employers. The amendments increased maximum penalties in the Employment Court from $10,000 to $20,000 for an individual ...