The Act received Royal assent on 26 July 2023 and will come into force on 25 May 2024. The purpose of the Act is to improve transparency in business to business payment practices of "large entities" and to enable the public to access information about ...

It is prudent business practice to have strong terms and conditions of trade in place With the slowing economic conditions and likely recession, the importance of terms of trade increases. Terms of trade form the basis of a written contract between the supplier and the ...

The Commerce Commission has filed civil proceedings against Bachcare alleging that its holiday accommodation booking terms regarding cancellation, unavailability and refunds are unfair. The Fair Trading Act 1986 (FTA) forbids the use of unfair contract terms in standard form small trade and consumer contracts. To ...

The Water Services Entities Act 2022 (Act) is the first instalment of a suite of oncoming three waters legislation. The Act was recently passed in the house with some controversy. The purpose of this article is to simply summarise what the Act does and its ...

The new Incorporated Societies Act 2022 (new Act) was passed into law on 5 April 2022 and significantly changes the way incorporated societies are regulated in New Zealand. The new Act replaces the Incorporated Societies Act 1908 (1908 Act), modernising its legal, governance and enforcement ...

Consumer finance providers will be aware of the new certification requirements under Part 5A of the Credit Contracts and Consumer Finance Act 2003 (CCCFA). This article provides practical tips for lenders applying for certification. Certification under Part 5A of the CCCFA became compulsory from 1 ...

Businesses need to be aware of the impact of the Fair Trading Amendment Act 2022, which comes into force on 16 August 2022. The Amendment Act prevents the use of unfair contract terms in standard form small trade contracts. Businesses need to ensure that their ...

Shareholder disputes are very common, particularly in small closely held companies. Small closely held companies are effectively partnerships between shareholders in a company, often involving close interdependent relationships that under pressure can break down. The main causes of a breakdown in a relationship between shareholders ...

One year on we look at the implementation of the new tools created under the Privacy Act 2020 and how businesses are adapting. On 1 December 2020, the Privacy Act 2020 (Privacy Act) came into force repealing and replacing the 27-year-old Privacy Act 1993. The ...

Following on from the release of the Government's "Emissions Reduction Plan" discussion document in October, the He Waka Eke Noa partnership has now released its first discussion document outlining its proposals for an agriculture sector-specific emissions pricing scheme. In 2019, the Climate Change Response Act ...

New Zealand's first "Emissions Reduction Plan" is due to be released in May 2022. A discussion document released by the Ministry for the Environment in October provides insight as to how the plan may affect several key sectors.  On 31 May 2021 the Climate Change ...

From the 1 December 2021, the Directors and senior managers of consumer credit providers are under a duty of due diligence to ensure compliance with the Credit Contracts and Consumer Finance Act (CCCFA). Directors and senior managers face potential personally liability if they fail to ...

On 23 September 2021 the Companies (Directors Duties) Amendment Bill was drawn from the ballot. If passed, the amendments would signal a shift in the underpinning corporate governance theory of company law in New Zealand. The Bill clarifies that directors may take into consideration "recognised ...

The Financial Markets Authority has recently released guidance to assist compliance with the fair dealing provisions of the Financial Markets Conduct Act 2013 when advertising offers of financial products. Part 2 of the Financial Markets Conduct Act 2013 (Act) requires fair dealing in relation to ...

MBIE has advised that the Government has decided to implement a range of temporary measures across Commerce and Consumer Affairs legislation that respond to the disruption and uncertainty caused by the re-emergence of COVID-19 in the community in New Zealand. These measures, which will be ...

The escalation of the COVID-19 crisis around the world has forced many to review their contractual relationships. In particular, the term 'force majeure' has become the focus of close scrutiny. It is likely to be a concept which is tested and developed further as the ...

The novel coronavirus is giving the world a major scare. There is no doubt that it is also going to present New Zealand with an economic speedbump this year.  Many businesses are already experiencing the direct impact of coronavirus. We have seen some exports to ...

The Court of Appeal recently released a decision relating to the sale and purchase of a business. The result is that the purchaser has to pay a further $1 million for the business, based on the wording in the contract. The case serves as an ...