Author name: hobec_managewp

Upcoming Changes in Trust Law

Trusts are a firmly established mechanism for protecting and managing assets in New Zealand. The upcoming changes in trust law are long overdue. However, such changes are also sure to call into question the country’s fixation with family trusts. The Trusts Bill (“the Bill”) was introduced on 1 August 2017, following multiple reviews conducted by …

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Alarm Bells are ringing for Sleeping Directors

Alarm Bells are Ringing for Sleeping Directors It has long been commonplace in New Zealand for owners of small businesses to have their husbands, wives or de facto partners registered as directors. Often this appointment is a mere gesture, with the spouse/partner director having little to no involvement in the business. However, these so-called “sleeping …

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Risks of Small Companies Operating a Current Account

Many small companies – especially family-owned or “owner/operator” businesses – have the same directors and shareholders. In these companies, it is common practice for shareholders to have a “shareholder current account”, also referred to as “drawings”. The current account is a debt that can be claimed by the Company against the shareholders. While most shareholders …

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Changes to RMA fees, forms and procedure

New fees and forms are introduced with small changes to service requirements due to recent amendments to the Resource Management (Forms, Fees, and Procedure) Regulations 2003. The changes are brought about because of recent amendments to the Resource Management Act 1991 (RMA) introduced by the Resource Legislation Amendment Act 2017 (RLAA). The change with the …

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