The Incorporated Societies Act 2022 (“the Act”) along with the Incorporated Societies Regulations 2023 (“Regulations”) make several key amendments to the Incorporated Societies Act 1908 (“1908 Act”). The purpose of these changes is to improve and modernise the regulatory framework for incorporated societies by promoting transparency and accountability within these organisations. Who is impacted by…
The New Act On 10 July 2023, the Grocery Industry Competition Act 2023 (CICA) came into force, with the purpose of promoting competition and efficiency in the grocery industry for the long-term benefit of consumers in New Zealand. The primary mechanism by which CICA seeks to achieve those ends is by regulating the relationships between…
In late August New Zealand’s Supreme Court released its decision in Yan & Ors v Mainzeal Property and Construction Limited (in liq) [2023] NZSC 113. The decision is the last stop on the line which commenced when Mainzeal Construction collapsed in 2013. Section 135 | Reckless Trading Section 135 of the Companies Act 1993 (“the…
Trustee Tax Rate Increase The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill was introduced on 18 May 2023 to bring into effect the government’s 2023 Budget. The Bill admittedly hinges on the election. However, if passed the trustee tax rate will rise from 33% to 39% to align with the top…
Terms of trade set out the terms that apply between parties for the buying and selling of goods and/or services. A terms of trade will form the contractual relationship between buyer and seller. Therefore, having clear written terms of trade benefits both parties. But what should be in a terms of trade? Below we identify…
Significant changes are on the horizon for Employment Law. The first change involves extending the limitation period for an employee to raise a personal grievance for sexual harassment. The Employment Relations (Extended Time for Personal Grievance for Sexual Harassment) Amendment Bill was passed on 7 June 2023 and came into force on 8 June 2023.…
An Agreement for Sale and Purchase of a Business is the agreement between the owner of a business (the vendor) and a purchaser relating to the sale of the goodwill and assets (both tangible and the intangible) and any stock (“Agreement”). In New Zealand, the most common form of Agreement used is produced by the…
The Construction Contracts (Retention Money) Amendment Act 2023 (“Amendment Act”) has recently been granted royal assent in Parliament, making way to changes to the retention money scheme under the Construction Contracts Act 2022 (“Act”). All commercial construction contracts entered into or renewed from 5 October 2023 will be caught by the changes to the Act.…
Severe Weather Emergency Legislation 2023 Aotearoa, in particular the North Island, has recently experienced extreme weather of historic magnitude, including Cyclone Hale on 10 January 2023, the flood events between 26 January and 3 February 2023 and Cyclone Gabrielle on 6 February 2023. Following the devastation caused by Cyclone Gabrielle, particularly to the communities…
Minimum wage increases are something of a hot-button political topic, particularly as the seemingly linear growth in the ‘cost of living’ is in direct competition with the cost of running a business. Both issues have emerged from the frying pan of pandemic uncertainty then plunged into the fire of inflation. Whichever Chris leads your preferred…