Ending joint ventures can be problematic
It is very easy to put aside issues of termination when entering into a business venture with a friend or partner, but as a recent High Court case illustrates, not addressing these issues at the outset can lead to undesirable outcomes for both parties should the venture fail.
RMA reforms signal a step in the right direction
In keeping with its pre-election promise, the Government announced in early February that it will be embarking on a significant series of reforms to the Resource Management Act (RMA). It has released a summary of proposed changes to the RMA, and confirmed that it expects to introduce a Bill into Parliament for enactment by August/September. A second raft of changes requiring more detailed consideration will follow later in the year. In this article, Bell Gully's Resource Management team provide a brief commentary on the proposed key changes.
Protecting the goodwill component of the purchase price
In many business sale transactions goodwill accounts for a substantial percentage of the value of the business. In such cases, to protect the goodwill component of the purchase price, the purchaser will usually insist that specific pre-completion and post-completion obligations are included in the sale and purchase agreement. In this case note, senior associate Michaela Hutton looks at a recent High Court case which provides an example of the remedies available to a purchaser should a vendor not fulfil these contractual obligations.
For more information on any of the cases, articles and features in Commercial Quarterly, please email Diane Graham or call her on 64 9 916 8849.
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.