Articles Related to Corporate

 

Fair Pay Agreements Bill to Take Effect Very Soon

The widely disputed Fair Pay Agreements Bill (“FPA Bill”) has been passed and will take effect on 1 December 2022. When it takes effect, the Act will provide a framework for collective bargaining for fair pay agreements (“FPA’s”) across all New Zealand industries or occupations, rather than just between unions and particular employers.

 

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Recent US Court case Zuru v Glassdoor serves as wake up call for New Zealand Employers
The California-based website Glassdoor Incorporated (“Glassdoor”) recently lost a case brought against it by New Zealand-based company ZURU Toys New Zealand Limited (“Zuru”). Personal information surrounding anonymous reviews must now be released from Glassdoor to Zuru to allow them to pursue a defamation claim against suspected present and past employees who expressed their resentment of the company online.
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New Protected Disclosures Act a reminder for employers to ensure they have solid whistleblowing policies in place
The Protected Disclosures (Protection of Whistleblowers) Act (“the Act”) comes into effect from 1 July 2022, replacing the Protected Disclosures Act 2000 (“the 2000 Act”).
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Solvency – A Plague On Directors’ Minds
Solvency issues are top of mind for many Kiwi businesses in the face of the prolonged disruption caused by COVID-19, together with rising interest rates, inflation and supply chain issues.
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Buying a Business in Covid-19? Due diligence issues to consider
Like many other big decisions, before buying a business you need to ask the right questions.  This is known as due diligence (“DD”) and should involve assessment of the financial, operational and legal affairs of your target business.  Done well, DD will help you to more fully understand your target’s business, identify and assess financial, legal and operational risks and opportunities, and inform whether and at what price, you want to proceed with the acquisition.
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Commercial leases and rent relief during the COVID-19 pandemic
The effect of COVID-19 on New Zealand businesses has been profound. In the wake of the initial Alert Level 4 lockdown in March 2020, followed by several periods of Alert Level changes since then, commercial landlords and tenants were left out of pocket, scrambling to negotiate to reduce or defer rent and outgoings and in some cases, resorting to cancellation.
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BEWARE LENDERS: New due diligence duty & fit and proper person certification for directors and senior managers

From 1 October 2021, directors and senior managers of lenders (i.e. a person or business providing credit under a consumer credit contract, including some mobile traders), must comply with new due diligence duties and obligations under the Credit Contracts and Consumer Finance Act 2003 (the “CCCF Act”).

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Buyers and sellers beware! New Tax Rules 2021: What you need to consider when buying or selling a business
If you are buying or selling a business this year, think carefully about how the purchase price should be allocated to the assets being sold/purchased. 
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Further COVID-19 relief available for SMEs
Relief is now available for small and medium sized enterprises (“SMEs”) whose revenue has been affected by the recent COVID-19 Alert Level hikes (from Alert Level 1 to Level 2 for most of the country) during February 2021, with applications for grants and subsidies having recently opened on the Inland Revenue and Work and Income websites.
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Protecting your Personal Information in the Digital Age

From 1 December 2020, the Privacy Act 2020 (“the Act”) will replace the Privacy Act 1993 (“the 1993 Act”). The Act introduces sweeping reform to promote New Zealander’s confidence that their personal information is secure and treated properly by public and private sector agencies.

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