June 19, 2020 In Bramwell Bate News By Bate Hallett

Terms of trade and how registering your security interest can assist your business

The Personal Property Securities Act 1999 (“the Act”) has become a significant part of New Zealand commercial law. The Act created a publicly available record of security interests over ‘personal property’ and has become a tool by which businesses can protect their interests in the event of a debtor becoming insolvent. Personal property is all types of property except land. For example, stock in trade, livestock, crops and vehicles; along with intangible property such as hire purchase agreements, company...

June 12, 2020 In Bramwell Bate News By Bate Hallett

Commercial Leases-The ongoing impact of COVID-19

While Alert Level 1 effectively sees a “return to normal” it is hardly business as usual for many small to medium size businesses that suffered significant financial loss during the lockdown period. Most commercial tenants were able to negotiate some rent relief during the lockdown period, via the no access in emergency clause contained in their Lease, however once restrictions on access to premises was lifted there was no direct contractual or legislative basis for a tenant to seek extended rent...

May 5, 2020 In Bramwell Bate News By Adam Harris

AML/CFT Identify Verification during COVID-19

Since 1 July 2018, lawyers have been subject to New Zealand’s anti-money laundering regime contained in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the Act”). Under the Act, lawyers must complete customer due diligence (“CDD”) or “know your customer” investigations on clients. During COVID-19 Alert Level 3 and 4, the ability to identify clients and verify client information in line with AML legislation is proving a challenge. AML supervisors have released a joint statement to provide guidance to AML reporting...