The Ministry of Justice is analysing submissions received in 2016 on a draft Trusts Bill, which is likely to have implications for trusts and trustees governed by the Financial Markets Conduct Act 2013 (FMCA). The current proposed Trusts Bill aims to restate, rather than to codify or reinvent the law for existing trusts. The proposed [...]
While the transitional period to the Financial Markets Conduct Act 2013 (FMCA) ended on 1 December 2016, wider changes are set to impact on FMCA reporting entities and trusts. The effective dates for the NZ IFRS 9 (Financial Instruments), NZ IFRS 15 (Revenue from Contracts with Customers) and NZ IFRS 16 (Leases) standards are imminent, [...]
In Real Finance Ltd v Stefano [2016] NZHC 2293, the High Court found that it had jurisdiction to reopen a credit contract if it considered the contract oppressive, even where neither party to the proceeding had raised the issue. The general jurisdiction to reopen credit contracts arises under section 120 of the Credit Contracts and [...]