If the executor of your Will or administrator of your estate is
an overseas person, they must apply to the Overseas Investment
Office for an exemption for any residential property to be
transmitted to them. Changes made in October 2018 to the Overseas
Investment Act 2005 (OIA) mean that an estate with an overseas
executor/administrator is likely to be affected by the regime.
By Steven Lee and Rika Louw - 15 Jun 2020
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Following on from last year's round of consultation, the
Government has recently introduced the proposed changes to the
Building Act. The Building (Building Products and Methods, Modular
Components and Other Matters) Amendment Bill has had its first
reading in Parliament and has now been sent to the Environment
Select Committee with submissions due by Friday 10 July
2020. The changes will be particularly important for building
product suppliers and manufacturers and the key changes are
summarised here.
Following on from last year's round of consultation, the
Government has recently introduced the proposed changes to the
Building Act. The Building (Building Products and Methods, Modular
Components and Other Matters) Amendment Bill has had its first
reading in Parliament and has now been sent to the Environment
Select Committee with submissions due by Friday 10 July 2020. The
changes will be particularly important for building product
suppliers and manufacturers and the key changes are summarised
below.
By Andrew Skinner - 8 Jun 2020
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There has been much debate regarding what a fair rental
reduction is under commercial leases where businesses have been
affected by COVID-19. The Government had previously done nothing to
assist either Landlords or Tenants in this situation.
This morning Government have announced a compulsory
rent dispute process where the Landlord and Tenant have been unable
to agree on a fair rent reduction during COVID-19 lockdown, which
requires compulsory arbitration with Government subsidising the
arbitration by about 75%.
By Melissa Higham - 3 Jun 2020
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As earlier signalled by the government, the Property Law Act has
now been amended to the extent that a borrower under a mortgage now
has 40 working days (previously 20 working days) after being served
with a Property Law Act Notice for breach of a loan agreement, to
remedy the breach.
By Tony Johnson - 1 Jun 2020
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With economists predicting a significant economic
recession, it may be tempting for business owners to start reducing
staff numbers. This will be particularly so for those businesses
who have been relying on the wage subsidy to pay their employees'
wages. However, it is unlikely that simply relying on a potential
looming recession will justify making employees redundant in the
eyes of the law.
By Claire Mansell - 25 May 2020
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Covid-19 has reduced the incomes of many and undermined
the value of the family home, business and investments. These
effects have made it especially challenging for separated couples
attempting to resolve their relationship property
issues.
By Dharsh Nanayakkara - 22 May 2020
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On 15 May 2020 the COVID-19 Response (Further Management
Measures) Legislation Act 2020 became law. This means that two key
insolvency measures aimed at addressing the serious insolvency
risks arising from the COVID-19 crisis - the "safe harbour" regime
and the "debt hibernation scheme" - are now effective in New
Zealand.
By Mathew Martin and Bill Gambrill - 19 May 2020
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The government's Wage Subsidy Scheme
is intended to assist businesses retain employees during the
COVID-19 crisis by helping the employer to fund those salaries and
wages. The scheme has now been extended for a further eight weeks
for businesses that meet the new, more stringent eligibility
criteria. Businesses will be able to apply for the extended subsidy
from 10 June 2020.
By Aimee Elia - 18 May 2020
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The impact of COVID-19 may be felt for many months to come
and will result in a number of people considering a change of
direction or career. For some, the prospect of buying a business
and being in more control of your own destiny will be
appealing. Franchising will be a popular option for those who
have not owned a business before and a number of franchisors have
seen their levels of enquiry increase over the lockdown
period.
By Andrew Skinner - 15 May 2020
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New Zealand entered alert level 2 at 11.59 pm last night
and with that change, most businesses will be able to open their
doors to customers for the first time in six weeks. Schools are
also set to welcome back students as of Monday 18 May. While
the relaxation of restrictions are welcome, we are not entirely out
of the woods yet. Businesses and schools will have strict health
and safety management plans in place to reduce the potential spread
of COVID-19. For some people, this will mean they cannot attend
work/school if they are unwell, or until they have been tested and
cleared for the virus.
By Aimee Elia - 14 May 2020
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