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The paper traces the development of the law relating to liquidated damages in Australia, New Zealand, England, and Singapore. The examination reveals that there is little difference because the courts in each jurisdiction have drawn on common precedents. The paper canvasses the distinction between a genuine pre-estimate of the likely damage and a penalty. Where a party has sought to guarantee compliance with a contract by use of a liquidated damages provision that coerces his or her contractual partner, there is a potential for the clause to be held to be void as a penalty. However, there is a developing reluctance on the part of the courts to interfere with the bargain made by the parties. The use of liquidated damages clauses adds to the predictability of the outcomes of construction contracts. The consequences of a liquidated damages provision being held to be void are discussed. The work concludes with an examination of situations where a party can elect to claim the damages assessed by common law principles in lieu of liquidated damages. [ABSTRACT FROM AUTHOR]

Torrens system legislation promotes the principle of indefeasibility of title by upholding the conclusiveness of the land titles register. Nevertheless, fraud on the part of a registered proprietor is specified by the legislation as an exception to indefeasibility. Courts have also recognised exceptions in the form of in personam claims founded in law or equity. A register is also central to personal property securities legislation (PPS legislation). Priority between competing security interests in personal property is normally dictated by registration. The priority rules are comprehensive which compels the conclusion that any priority dispute between security interests will be decided within the four walls of the statute. Yet PPS legislation does not contain a specific carve out for fraud. The more established Canadian and New Zealand PPS legislation does, however, provide that all rights, duties and obligations arising under the Act must be exercised or discharged in good faith. Canadian case law shows that a person's failure to act in good faith has the potential to alter statutory priorities. Australia's PPS legislation does not have an equivalent good faith requirement. While recognising that commercial certainty is well-served by comprehensive statutory priority rules, this paper demonstrates that Australia's PPS legislation requires a provision enabling statutory priorities to be overridden where justified by fraud or dishonest conduct. [ABSTRACT FROM AUTHOR]

New Zealand's Commerce Act 1986 overturned both common law consumer protections and previous legislation that had spelled out procedures for identifying and sanctioning the abuse of market power. Inspired by Chicago School doctrines and an anti-state philosophy, the legislation opened the way for three decades of monopoly profiteering, exploitation of the weakest consumer groups and anti-competitive conduct, while regulation has been absent or ineffective. In this article, key weaknesses in the 1986 legislation are examined, and some remedies suggested. [ABSTRACT FROM AUTHOR]

The article focuses on the proposal about consumer guarantees in Australia. The proposal aims to improve consumer well-being through consumer empowerment and protection which encourages effective competition between consumers and suppliers in the market. Member of Parliament Dr. Craig Emerson released an Issues Paper on behalf of the Commonwealth Consumer Affairs Advisory Council (CCAAC), which is in in-charge on the review of the consumer law. The paper examined the adequacy of the existing laws on implied terms and the need for amendments if any. The adoption of Consumer Guarantees Act (CGA) of New Zealand (NZ) will provide greater certainty and clarity of the proposal.

Culture, persuasion and language are closely intertwined in intercultural business communication. Hence it is important to study language and persuasion and solicit professional members' views about how effective communication is situated in different cultural contexts. This paper aims to report findings on differences in expectations for good writing between New Zealand and Chinese business cultures. A reflective model based on genre knowledge and Pan, Scollon and Scollon's (2002) reflective intercultural training method is developed as a major approach for soliciting managers' views. Specifically New Zealand and Chinese managers' views on their own culture as well as on their counterparts' were compared. It has been found that persuasive orientations underpin the criteria for good writing in each of the target cultures. However, what is insightful for both groups is that pathos or qing and logos or li should be seen as a continuum that can be adjusted appropriately when communicating with their counterparts. [ABSTRACT FROM AUTHOR]

This paper discusses the central features of the process of policy change over the period of the 1980s and early 1990s in New Zealand. The discussion describes the underlying influences which have been identified as motivating the policy adjustments. The New Zealand Treasury came to occupy a pivotal role in policy formulation in the 1980s. The paper argues that the TreasuRy was very successful because of its ability, in part, to build and maintain a network of alliances with business and other interest groups such as the New Zealand Business Roundtable. The events that surrounded proposals for a Takeovers Code in New Zealand, to complement Companies Act legislation, form the basis of a detailed case illustration. The events are theorised following Callon (1986) [in J. Law (Ed.) Power, Action and Belief. London: R.K.P.] and Latour (1987, 1993) [Science in Action. Cambridge, MA: Harvard University Press; We Have Never Been Modern. Cambridge, MA: Harvard University Press]. This involves applying a framework of interpretation based on the concepts of Latour's sociology of translation. Drawing from Latour helps to provide a frame of reference to allow an assimilation of disparate changes and influences as they have come to effect policy formulation in New Zealand. The themes of the case are related to the concepts of the resurrection of neo-classical economics policies, the related ideas of free-market solutions and methods as part of the process through which areas of knowledge and, in this case particularly, public policy become problematised (Latour, 1987). [ABSTRACT FROM AUTHOR]

The purpose of this paper is to investigate whether the need for business law as a distinct subject matter within the accounting discipline should be taught in a more rigorous manner. This study involved semi structured interviews with eleven business law academics from two New Zealand Universities. The interviews were conducted to assess the perspectives of business law academics and how business law is taught. Perceptions were also sought on whether business law material coverage meets the needs of accounting students and if not what changes were considered necessary for the subject matter to remain relevant. Not surprisingly, all the interviewees considered business law was vital to accounting students as most of the interviewees had business and legal backgrounds. The interviews drew a variety of responses on what accounting students needed to know about the intricacies of business law. Responses were also varied over what business law topics needed to be incorporated into the curricula and the depth of detail they should be taught but it was found that almost half of the interviewees wanted business law to be taught using a problem-based learning approach. This study is a reflection of the current debate regarding the level of knowledge accounting students require of the law to be effective chartered accountants and financial managers. [ABSTRACT FROM AUTHOR]

This article considers the historical development of the summary judgment procedure, both in England and in New Zealand, for the purpose of highlighting the commercial imperatives underlying the procedure's genesis. It goes on to discuss the modern role played by summary judgment, by reference to two recent decisions that illustrate the tensions associated with expanding the procedure's scope into previously unheralded areas of the law. It concludes that commercial parties should rigorously consider whether their dispute is capable of being determined by summary judgment, but that this should not be understood as lessening the standard required to be met before judgment will be granted. [ABSTRACT FROM AUTHOR]

The Fair Trading Amendment Act 2021 introduced a New Zealand prohibition on "unconscionable conduct" in trade. Previously, the law on unconscionable conduct was found in the equitable doctrine of unconscionable bargain. This article describes how New Zealand law has moved away from equitable unconscionability with this new prohibition. This article critically analyses some of the legal, social and economic justifications for introducing the prohibition, finding that some of the Ministry of Business, Innovation and Employment's justifications are not persuasive. The s 7 prohibition is based strongly on an equivalent section in the Australian Competition and Consumer Act 2010 (Cth). It is argued that long-standing doctrinal issues with Australia's prohibition provided a strong basis for New Zealand to pursue a different standard. Finally, this article explores the "unfair commercial practices" doctrines in the United States and European Union through the lens of anticonsumer practices in digital marketplaces. The conclusion is that the unfair commercial practices doctrine captures a wider range of anti-consumer conduct than does unconscionable conduct. [ABSTRACT FROM AUTHOR]

During the recasting process of the EU Insolvency Regulation, issues relating to the relationship between the Regulation and the outer world were not debated. Indeed, the new Regulation (EU) 2015/848 maintains its territorial scope of application by making the application of the Regulation subject to the location of the centre of main interests within the territory of a Member State. This article tries to highlight the drawbacks of such geographical limitation concerning different aspects of the Regulation: in particular, jurisdiction, groups of companies, recognition of insolvency proceedings, cooperation and communication among courts and insolvency practitioners. Considering various possibilities to establish a truly universal regime, the article concludes that, in the light of the objective of an efficient administration of insolvency proceedings, the preferred approach is to extend the scope of application of the Regulation unilaterally, thereby including insolvencies significantly linked with third States. [ABSTRACT FROM PUBLISHER]

Australia enacted its multinational anti-avoidance law (MAAL) in December 2015 to prevent large multinationals using contrived selling arrangements implemented in order to avoid attributing business profits to Australia. Heavily influenced by Australia's MAAL, the New Zealand Government released its own discussion document in March 2017 proposing a permanent establishment avoidance rule (PEAR) targeting multinationals with more than €750m annual consolidated global turnover. It is unsurprising that NZ is likely to be the first country to follow Australia by introducing its own version of the MAAL. Tax policymakers of both countries experience the same challenges in relation to the digital economy, resulting from the fact that Australia and NZ are typically viewed as end-user market jurisdictions by multinational enterprises. This article provides a comprehensive comparison of the MAAL and the PEAR, including a summary of the key requirements and the main consequences of both measures. [ABSTRACT FROM AUTHOR]

Introduction and Aims: In December 1999, New Zealand lowered the alcohol minimum purchasing age from 20 to 18 years. We tested hypotheses that this change was associated with long-term increases in traffic injury attributable to alcohol-impaired driving among 18- to 19-year-olds (target age group) and 15- to 17-year-olds (affected by 'trickle-down').Design and Methods: We undertook a controlled before-and-after comparison of rates of fatal and non-fatal traffic injury to persons of any age attributable to impaired drivers aged 18-19 years and 15-17 years, versus 20- to 21-year-olds. Crash data including assessment of driver alcohol impairment were recorded by New Zealand Police. The pre-change period was 1996-1999. Post-change periods were 2000-2003, 2004-2007 and 2008-2010. Outcomes were population-based and vehicle travel-based rates.Results: Compared with the change in injury rates attributable to alcohol-impaired 20- to 21-year-old male drivers, injuries attributable to 18- to 19-year-old male drivers increased in all post-change periods and significantly so in the second post-change period (incidence rate ratio [IRR] 1.3, 95% confidence interval [CI] 1.1 to 1.5). For 15- to 17-year-old male drivers, rates increased in all post-change periods compared with 20- to 21-year-olds, and more so in the second (IRR 1.2, 95% CI 1.1 to 1.4) and third (IRR 1.2, 95% CI 1.1 to 1.4) periods. There was a short-term relative increase in harm attributable to 18- to 19-year-old female drivers (IRR 1.5; 1.1 to 2.0). Results were similar for vehicle travel-based rates.Discussion and Conclusions: Reducing the alcohol minimum purchasing age was followed by long-term increases in the incidence of traffic injury attributable to male 15- to 19-year-old alcohol-impaired drivers. [Kypri K, Davie G, McElduff P, Langley J, Connor J. Long-term effects of lowering the alcohol minimum purchasing age on traffic crash injury rates in New Zealand. Drug Alcohol Rev 2017;36:178-185]. [ABSTRACT FROM AUTHOR]

Consumer protection statutes in both Australia and New Zealand impose obligations on people who are in trade. Courts have consistently interpreted the 'in trade' limitation as excluding private transactions. In New Zealand, a statutory provision operative since 2014 requires all sellers 'in trade' who transact over the internet to make it clear to consumers that they are a 'vendor in trade'. This helps consumers buying online to assess whether or not they are protected by consumer legislation. This article explores the emerging interpretation difficulties presented by the private seller exclusion in an age of online selling where the distinction between a commercial seller and a private seller is not always clear. The article considers whether there are good reasons, both in terms of policy and as a matter of statutory interpretation, to abandon the idea that private transactions are not 'in trade' and, therefore, not subject to consumer protection legislation. If the private seller exclusion is not abandoned, it is argued that there is an urgent need to update consumer legislation to clarify when sellers cross the line from being a seller entering a private transaction to being a person acting 'in trade'. Recommendations are made for the development of new statutory guidelines and definitions. [ABSTRACT FROM AUTHOR]

The article reviews the efforts by Governments, Courts and professional accounting bodies to mitigate the hugely damaging effects of the high inflation of the 1970s and 1980s on the economy and the wider public. The Consumer Price Index brings out that impact recording that in 1990 a New Zealand dollar was worth less than one-eighth its value in 1970. The article traces the development of the treatment of inflation by those bodies during that period and by the Courts since then. It goes on to highlight various areas of the law where inflation has continued to cause problems, focussing on contract and commercial law, damages in tort, taxation and succession to property including trusts, wills and family breakdown. [ABSTRACT FROM AUTHOR]

The article discusses the state of Resource Management Act (RMA) in New Zealand. Topics covered include the effects of the law on the environmental and business sectors as well as efforts of the Ministry for the Environment to improve the law. Also mentioned is the government's desire to simplify RMA planning in the country.

This article explains the changes to the insolvency laws of New Zealand which will give creditors and directors of bankrupt companies more flexible and effective methods to deal with financial distress. A key feature of the bill is the adoption of a voluntary administration regime for failed companies as an alternative to liquidation. The bill also restrict the abuse of phoenix company structures by directors of failed companies intending to defeat the legitimate interests of creditors.

This study provides qualitative data on the business succession (BS) planning process of a sample of New Zealand small and medium enterprises (SMEs), the usefulness of that process and the usefulness of Chartered Accountants' (CAs') input into BS planning. Interviews of owners of five provincial family SMEs revealed that BS planning was undertaken in a semi-formal manner and was useful in planning for change to a 'more balanced lifestyle', providing reassurance to family members and maintaining business continuity. Assistance from CAs was essential for the technical and financial issues of BS. Successful advice was enhanced by a long-term, trustworthy and honest relationship between the CA and the client. SME owners preferred to address the emotional and personal relationship issues of succession without input from the CA. Four recommendations to CAs on their involvement in BS planning are suggested. [ABSTRACT FROM AUTHOR]

This article compares differences in the reasoning underlying contractual relationships between English and New Zealand law and U.S. and Japanese law. It then builds upon an existing framework by adding the notion of didactic formality to identify another important contrast between the laws of these countries. It also discusses how CISG and UPICC fit in to this spectrum. The article concludes by questioning "strong convergence" theory in commercial law worldwide. [ABSTRACT FROM AUTHOR]

The article discusses the New Zealand Commerce Commission's role in determining anti-competitive practices in the New Zealand Rugby Union (NZRU). The author notes that as players became professionals, the NZRU became subject to anti-competitive commercial laws. She also notes how salary caps can be nebulous because it restricts spending and thus competition while at the same time helping to keep all teams in business. The author also discusses collective bargaining between the players and union, and weighs the pros and cons of anti-competitive practice in the NZRU.

We quantify how output risks are smoothed within Australia, and between Australia and New Zealand. About 90 per cent of shocks were smoothed within Australia through credit and capital markets, with fiscal policy a source of dis-smoothing after 1992. Risk-sharing between Australia and New Zealand was greater than within Europe, occurring mostly through credit markets. Fully integrated financial markets between Australia and New Zealand before 1983 would have yielded a welfare gain of 8.9 per cent of certainty-equivalent consumption for New Zealand, but a loss of 1.7 per cent for Australia. These gains (losses) were largely resolved by the deregulations and trade agreement of the early 1980s. [ABSTRACT FROM AUTHOR]

Looks at the citizen-based deliberative approaches used in the debate on whether or not, and to what degree, to allow genetically modified (GM) crops by Australia, Great Britain and New Zealand. Moratorium on the introduction of GM crops put in place in Great Britain, while the U.S. has seen no organized public opposition to GM crops; Goal of the three countries to broaden the public approval basis for a final political decision on GM crops; Growth of GM crops on 59 million hectares globally, in just four countries including the U.S., Argentina, Canada and China; Information on the GM crop debates in Great Britain, Australia and New Zealand. INSETS: Controversy Over GM Crops in the United kingdom;Sample Background Briefing Material used in the U.K. GM Debate.

Determines the context of dominance in the Commerce Act 1986 in New Zealand. Review of the adjudication decisions of the New Zealand Commerce Commission on business acquisitions; factors influencing Commission decisions on dominance; Implication of the relative leniency toward high aggregation of market share by acquisition.

The article examines changes to corporation law and financial services industry law in New Zealand since the Global Financial Crisis. Changes in laws on corporate governance are discussed. The establishment of the Financial Markets Authority (FMA) agency to regulate securities markets is considered. A 2011 law on licensing of auditors is discussed. The Basel III international banking regulations are discussed.

Discusses the impact of business compliance costs on small businesses in New Zealand. Failure of the New Zealand government to recognize the needs of small businesses; Advantage for businesses of having a compliance officer.

Reports on the proposed amendments to the Commerce Act 1986 of New Zealand. Purpose of the 1986 Commerce Act; Aim of the proposed amendment; Provisions of the proposed amendments; Scope of the proposed extension of the Commerce Commission's powers.

Focuses on environmental custodian Simon Upton's views on the need to refocus the Resource Management Act in New Zealand to include environmental constitution. Failure of local politicians to get the guiding principle behind the law; Misconception on the effect of the law on businesses and the environment; Upton's desire to remove the social and economic factors from the definition of environment in the law.