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Personal Lending Guarantees – Enforceability

A Guarantor is a person who gives a promise to repay the debt of a borrower. By agreeing to pay a debt the Guarantor has made a guarantee to the institution or person lending the funds (“lender”). Frequently when someone gives a guarantee they are also giving an indemnity. An indemnity is a contractual promise

By | August 7th, 2017|

Reckless Trading and a Directors Liability

The Companies Act 1993 (“the Act”) provides the framework that applies in respect of directors' duties and reckless trading. The Act prohibits a director from allowing the business to be carried on in a manner likely to create a substantial risk of serious loss to the company’s creditors. Any director who fails to exercise necessary

By | March 15th, 2017|

The Bright-line Test – Tightening Property Investment Rules.

In 2015, the government introduced the “bright-line test”, a method which attempts to tighten the property investment rules. The bright-line test states that (subject to exemptions) any gain from disposing of residential land within two years of acquiring it will be taxable. The test only applies to residential land. Residential land is land that has

By | February 1st, 2017|

A different sort of Electronic Transaction

The use of e-mail as a business tool has become increasingly widespread in the last few years. This has given rise to the need to clarify rules relating to electronic communications, such as when a document: is "in writing", has been signed, and forms part of a contract. The Electronic Transactions Act 2002 was passed

By | August 31st, 2015|

The State and your Estate with no Will

The Property (Relationships) Act has made dramatic differences and widened the claimant category for estates, but the basic fact remains that without a will the inheritance you leave your spouse/partner or children may be the inheritance they never wanted. Despite the very modern flavour of the Property (Relationship) Act, the fact is that if you

By | July 1st, 2015|

Update on Personal Property Securities ACT 1999

The Personal Property Securities Act 1999 (PPSA) came into force on 1 May 2002. What is the PPSA? The PPSA is new legislation that reforms the law relating to security interests (e.g. loans, etc.) in personal property. Many people would be aware that it has been possible for car buyers to check online whether money

By | June 1st, 2015|

The good, the bad, and the Enduring Power of Attorney

What happens when a person becomes mentally incapacitated and/or loses the ability to communicate. We commonly associate these symptoms with the often unforgiving effects of age, but anyone is at risk due to an accident or illness. Just imagine if you're involved in an accident. Who is responsible for looking after your wellbeing and property

By | May 1st, 2015|

Construction Contracts Amendment Bill

The Construction Contracts Amendment Bill (‘the Bill’) proposes some significant changes to the Construction Contracts Act 2002 (‘the Act’). The Act’s  purpose  was  to  reform  the law relating to construction contracts, particularly with regard to how and when payments are made by a party to a contract, dispute resolution, and remedies for recovery of payments

By | December 1st, 2014|