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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With the prospect of transitioning to
level 2 on the horizon, many people will now be contemplating
returning to work albeit under somewhat changed circumstances.
Naturally, there will be some concerns around risk management of
the COVID-19 virus when employees are engaging with members of the
public and fellow employees.
By Aimee Elia - 11 May 2020
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On Friday, 1 May 2020, the Government announced changes to the
operation of the Business Finance Guarantee Scheme (BFGS). As
readers might recall, the BFGS was introduced as part of its
initial economic approach to the COVID-19 response. The specific
change announced was that it would no longer be a Government
requirement that a bank which was making a loan of more than
$50,000 under the scheme would have to take security against the
debtor's default by way of a General Security Agreement (security
over all of the assets of a debtor in the event of a loan default)
- although a bank is still entitled to ask for security if it
wishes to do so.
By Bill Gambrill - 6 May 2020
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We are delighted to announce that Tim Orr has joined the
partnership.
By Melissa Higham - 4 May 2020
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