Since 1 April 2015, New Zealand companies have been required to have at least one director who:
- lives in New Zealand; or
- lives in Australia and is also the director of an Australian company (excluding a branch),
(for the remainder of this article, we’ll call this the “Residency Requirement”).
As Diane Foreman recently commented
, a business can provide two sources of incomes – the 1st
while you’re working in it and the 2nd
when you sell up...............written by Chris Lee
and Bill Walsh
New director residency requirements are about to be introduced for all New Zealand Companies. These changes come into effect on 1 May 2015, with all existing companies having an additional 180 days to comply with the new requirements (so by 28 October 2015).
A director may appoint an alternate director to act as their substitute during periods when the director is unavailable or absent. The idea of an alternate director is basically to ensure the continuous appointment of a director so that company operations are not halted by the absence of a director. As such, the appointment of alternate directors can provide a practical solution for companies with a sole director or companies with directors who travel often or are otherwise unavailable or absent from time to time.
This article provides a brief summary of the appointment and function of alternate directors in a company. Could appointing an alternate director be a sensible option for your company?
Supply agreements (rather than informal arrangements) are becoming increasingly common in today's business world, particularly in the restaurant industry. But how well do you know your supply agreements?
Authors: Julika Wahlmann-Smith & Libby Ryan, Hesketh Henry
Not all claims in advertising are meant to be taken literally. However, when they are, they may be open to challenge as Tourism New Zealand has recently found out. Tourism New Zealand’s “100% Pure New Zealand” campaign has recently come under fire both internationally and locally, including a claim being brought before the New Zealand Advertising Standards Authority (“ASA”).
For a secured party to retain the priority of their registration on the Personal Property Securities Register (PPSR), they must keep their financing statement up to date with all the information that they are aware of, including a change of the debtor's name.
By Sarah Gibbs, Senior Solicitor and Taryn Doherty, Solicitor
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.
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. So, what's your plan?
The Companies and Limited Partnership Amendment Bill ("Bill") proposes key changes to company director requirements which may affect up to 4,200 companies. This article outlines some key changes which may apply to your company.
New Zealand's size and geographical proximity to Australia has resulted in a number of trans-Tasman sporting events. This trans-Tasman rivalry offers fantastic visibility opportunities for sponsors in two jurisdictions rather than one.
This article explains some of the key steps involved in "getting deals done" in the current economic climate, particularly where there is a need (which is often the case) to fill the gap between what a owner wants for their business and what a purchaser is willing to pay.
Lawyers need to have a greater understanding of a client’s business if they are to continue to play a key advisory role in their affairs. “Knowing the law isn’t enough any more,” says Hesketh Henry Managing Partner, Erich Bachmann.