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How many directors need to sign? Signing documents that bind a company to obligations and potential liability is a key aspect of being a director of a company. It is part of the role when a director is guiding and running the company. While shareholders are required to ratify major transactions and key decisions, day to day, the directors are in control. They can delegate duties to CEOs and managers but ultimately have responsibility for directing and overseeing what the company employees do. Directors sign key documents at the Board level, following the constitution of the company, which spells out how many directors...

Sole Trader and Limited Liability Company-liability compared

A sole trader is a common ownership structure that can be used to operate a small business. The main operator of the business may be one person, supported by a family member such as a spouse. Operating a business may be risky if the right asset protection and insurance is not in place to support the sole operator. The extent of their liability is that they are personally liable for any business debt or loss, including taxes. For debt owing to a creditor, a claim can be made against the personal assets of the sole trader, including funds in bank accounts,...

Overview of the new gun law changes

Following the Christchurch Terror Attack of March 15th 2019 changes to the gun laws in New Zealand have been made. The Arms (Prohibited Firearms, Magazines, and Parts) Amendment Bill came into force on 12th April 2019; which was rather swiftly by legislative standards. The aim of the Bill is to tighten gun control in New Zealand by amending the Arms Act 1983. The most significant change the Bill makes is prohibiting semi-automatic firearms, magazines, and parts that can be used to assemble prohibited firearms. Semi-automatic firearms, other than those that are capable of only firing up to 0.22 calibre cartridges and...

What to know when building a house with a building company

Building a house can be a stressful, expensive and intimidating prospect for both new and experienced customers. As such, ensuring you are aware of not only your rights and obligations, but also those of the builder, is crucial. Prior to even hiring a builder, you should complete your own due diligence on: the builder, your financial position, the requirements of your lender during the build (if any), what consents are required and when they should be applied for, whether the building quote encompasses all aspects of the build (consents, labour, materials, mark-up, subcontractors, architects input and final designs etc.), and the...

Anti-money laundering overview

The government has recently made changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the “Act”) to prevent money laundering and terrorism financing within various businesses and professions (including lawyers, accountants and real estate agents). The Act aims to enhance the reputation of New Zealand businesses and maintain the view that New Zealand is a safe place to run a business. Money laundering is the process of disguising the origins of illegally obtained money. Financing of terrorism is where financial support is provided to individual terrorists or terrorist organisations. The Department of Internal Affairs (“DIA”) regulates and monitors compliance with...

Bramwell Bate News

Snippets

What is the purpose of a LIM report? When purchasing a property, obtaining a Land Information Memorandum (“LIM”) report from the relevant council is strongly recommended. A LIM report provides all the documents that a council has on records for a property. Each LIM report contains different information, as some properties may be new builds, while others are just sections or older homes etc. Some examples of what could be found in a LIM report are: soil reports; whether resource consent and certificate code of compliance (“CCC”) have been obtained and issued; if there are any building works in the area currently being...

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An overview of mortgagee sales

If you buy a property at a mortgagee sale, be aware that you are entering a contract that is quite different in its nature to an agreement entered into in other circumstances. The agreement is likely to be weighed heavily in the mortgagee’s favour because mortgagee sales involve factors outside of the mortgagee’s control, which it will want to protect itself from. This may include a very unwilling and impecunious owner occupier who is being forced to leave their home by the mortgagee that assisted them to get there in the first place. In such circumstances the mortgagee is usually unwilling...

Under what circumstances should you form a Trust

There are a number of circumstances under which you should consider forming a trust. Some of the common purposes of a trust, and the structures utilised, will be discussed in this article. A trust is managed by trustees who are appointed by the creator of the trust (called the settlor(s)). Trustees manage the assets and debts of the trust for the beneficiaries specified by the settlor(s). There are several different types of trust structures that can be used. Your circumstances will determine which structure is most appropriate for you. Some types of trusts include: Single/Umbrella Trust – all assets are transferred to...