Restraints of trade are often derided as being "not worth the
paper they are written on". An Employment Court decision
shows that a well-drafted, carefully considered restraint of
trade can, in fact, be enforced. The case concerned a
restraint of trade which an employer sought to enforce
against a high level employee who left to join a competitor.
Jim Roberts
reviews the case.
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more...]
The Lombard case – more lessons for directors
The case related to alleged breaches of the Securities Act
1978 (the "Securities Act") by the directors of Lombard
Finance & Investments Limited ("LFIL"). LFIL was a finance
company which periodically raised money from the public to
on-lend to borrowers who were predominantly property
developers. Sarah Kerr
reports:
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The Crafar Farms decision – has it shifted the goalposts?
In the latest development of the Crafar farms saga the High
Court has set aside the Government's consent to the
acquisition of the Crafar farms by Milk NZ, a subsidiary of
the China-based Shanghai Pengxin Group.
Mathew Bishop
reports:
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Shareholders' Agreements:
a "Must Have"
While there is no legal requirement for shareholders in a company to
enter into a shareholders’ agreement, failing to do so can be the
commercial equivalent of driving without a seatbelt. Without a
shareholders’ agreement, shareholders can find themselves embroiled in
costly, time-consuming litigation that can seriously undermine the value
of their investment. Sarah Kerr
reports:
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Management Buyouts
As an owner or
manager of a business, have you considered the management team buying the
business (a “management buy out” or “MBO”)? MBO’s are becoming common in
New Zealand due to local private equity funds focusing on this type of
transaction. Our experience is that MBOs can be a very successful exit
for owners of a business due to the speed, flexibility and
continuity of business that results from this type of
transaction. More from
Bryce Davey ...
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Planning - Where is Your Business
Heading?
Successfully positioning your business for the future in terms of growth,
succession or exit is crucially important for all businesses regardless
of size or stage in the business life cycle. Without planning, business
owners assume significant financial risk that translates into missed
opportunities, wasted potential and an inability to transition ownership
or maximise price upon sale. Hesketh Henry's
Sarah Gibbs
asks "So, what's your plan?".
[Read more...]
Your "How-to" guide to Directors'
duties
The
recent slew of high profile cases involving directors of failed finance
companies highlights the need for all current and would-be directors to
understand and sufficiently perform their directors' duties. This article
provides a snapshot of directors’ duties under the Companies Act 1993
(the "Act") and a practical guide on how these can be satisfied.
A review from Sarah Gibbs and Taryn Doherty .
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more...]
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