''

Review of Russia Sanctions Act

31 October 2024

The Ministry of Foreign Affairs and Trade (MFAT) announced yesterday it is reviewing the Russia Sanctions Act 2022 across a range of areas to determine its effectiveness and whether it is fit for purpose. Submissions close on Monday 16 December 2024. The review is a statutory requirement of the Act, which was passed under urgency in 2022 without public input. MFAT is seeking feedback on 70 questions across a range of topics. Several of these offer particular opportunity for input from business, and we discuss five of them in this Brief Counsel: 1. Does the Act strike the appropriate balance between the risk of sanction evasion in New Zealand and the Act’s compliance costs? 2. Are there any areas that are particularly challenging to comply with? 3. Is the extraterritorial nature of the Act stated with sufficient clarity? 4. Is the Act workable for the financial sector? 5. Are the exceptions from the application of sanctions (Regulation 12) clear to interpret and apply? If you would like more information or assistance with preparing a submission, please get in touch with one of our experts.

Negative variations - too hard or not the right fit?

30 October 2024

In a construction market still under cost pressures, principals have been resorting more to negative variations to de-scope projects and reduce overall capital expenditure. But this can contentious, with contractors arguing that it can undermine the original agreement and cause economic detriment. We explain how these variations operate and the limitations or risks that might apply.

Fast track bill back - bruised not beaten

25 October 2024

Chapman Tripp welcomes move to single AML/CFT supervisor

24 October 2024

Chapman Tripp welcomes the decision, announced yesterday, to replace the existing three anti-money laundering supervisors with a single agency, the Department of Internal Affairs.

Towards a more arms-open overseas investment regime

15 October 2024

The New Zealand Overseas Investment Act has been subject to almost continuous review since its inception in 2005 but mostly the changes have been small – opening the door a little or closing it a little. This Government, however, is looking at a fundamental change in approach aimed at making New Zealand a more attractive investment destination in order to grow, deepen and diversify the New Zealand economy. We catch you up with the latest developments.

RBNZ looks to open bank settlement system

15 October 2024

The Reserve Bank is consulting on new criteria and policy settings for opening access to its Exchange Settlement Account System (ESAS). Submissions close on Monday 18 November 2024. We summarise the options on offer.

Māori land court jurisdiction confirmed for certain post-settlement governance entities

10 October 2024

The New Zealand Supreme Court in Nikora v Kruger has determined that the Māori Land Court has jurisdiction under Te Ture Whenua Māori Act 1993 over post-settlement governance entities that hold General Land. That is the case even where those trusts were not established to hold the land and only acquired it later, or if holding General Land is not a dominant purpose of the trust. The Māori Land Court jurisdiction will be an additional – but potentially untidy – layer of supervision for PSGEs already subject to High Court jurisdiction. Read more about the Supreme Court’s decision below.

Court guidance on specific performance in energy contracts

09 October 2024

The recent High Court judgment in Methanex New Zealand Ltd v Nova Energy Limited provides useful guidance on when the courts will enforce specific performance obligations in an energy contract rather than simply letting the breach occur and ordering damages. The issue is of particular interest in the current energy market context, where supply is under pressure and the risk of non-performance is elevated.

New Partners and Special Counsel for Chapman Tripp

06 November 2024

Chapman Tripp is pleased to announce it is welcoming Philip Ascroft, Tom Jemson and Vonda Engels to the partnership. In addition, Rachael Irvine-Shanks and Melanie Hayes have been promoted to Special Counsel.

Three Chapman Tripp Partners named Elite Women

30 October 2024

We are thrilled that Chapman Tripp Partners Emma Sutcliffe, Laura Fraser and Lauren Curtayne have been recognised on NZ Lawyer’s 2024 Elite Women List. The list includes 30 exceptional female leaders that have influenced the New Zealand legal profession in a way that demonstrates a passion for the law.

Chapman Tripp advises Auckland Airport on new domestic jet terminal

23 October 2024

Chapman Tripp is pleased to have advised Auckland Airport on its contract with Hawkins Limited for construction of a new domestic jet terminal building. Expected to be completed in 2029, and valued at approximately $800 million, this will be the major structure in the airport’s terminal integration programme which will provide resilience and capacity to support the future of travel through the airport. Chapman Tripp has advised on all aspects of the project, including assisting Auckland Airport to enter into various early works arrangements, civil works packages and other key packages including the procurement of a new integrated baggage system. The team was led by @Partners Hamish Bolland and Kylie Mutch, with support from Partner @Sam Holden and other team members @Meika McHardy, @Max Williams, @Andrew Smylie and @Gianna Fava. Click the link below to read more.

Chapman Tripp advises on 2024’s milestone equity capital raisings

01 October 2024

Chapman Tripp has been heavily involved in the recent return of activity in New Zealand’s equity capital markets. The firm has assisted in raising $3.6 billion across four large equity capital raisings, including New Zealand’s largest ever secondary capital raising and the first accelerated non-renounceable entitlement offer since the NZX Listing Rules were amended to permit such raisings.

Refresh of company law a useful piece of work

15 August 2024

The package announced today to blow the cobwebs off the Companies Act and bring it into the digital age, together with the impending Law Commission review of directors’ duties, should help to galvanise the corporate sector, says Chapman Tripp.

Chapman Tripp assists Vector on conditional sale agreement of LPG assets

29 July 2024

Chapman Tripp was pleased to assist Vector in entering into a conditional agreement to sell Vector OnGas, its liquified petroleum gas business, together with its 60.25% shareholding in Liquigas Limited.

Chapman Tripp advises Arvida Group on scheme of arrangement with Stonepeak for NZ$2b EV

24 July 2024

Chapman Tripp is pleased to announce that it has assisted Arvida Group Limited (Arvida) on the conditional sale of all outstanding shares to Stonepeak Alps BidCo Limited, an affiliate of  leading US based alternative investment firm Stonepeak which specialises in infrastructure and real estate assets. The market capitalisation implied by the transaction is $1.243m, and with debt assumed (and with core debt to be refinanced) derives a deal enterprise value of ~$2b.

Two recognised as most influential lawyers

23 July 2024

We are delighted that Philip Ascroft and Luke Ford have been recognised in NZ Lawyer’s Most Influential Lawyers 2024 report.

Insolvency in construction

22 April 2024

In this Sound Counsel podcast, Kylie Mutch, a partner in our Construction & Major Projects team, gives her expert insights into insolvency in construction. In particular providing some top tips for mitigating insolvency risk.

Bank liability for customer scams

09 August 2023

The UK Supreme Court’s recent decision in Philipp v Barclays Bank has pulled back on a possible expansion of banks’ “Quincecare duty”, and provides clarity for banks in an era of increasing (and increasingly sophisticated) bank scams. But the decision also highlights the difficult question of justice for bank depositors who may lose their life savings to such scams. We review the implications of Philipp, and survey what else might be done to deal with payment transfer fraud.

Cost escalation in construction

17 August 2022

In this Sound Counsel podcast, Kylie Mutch, a senior associate in our Construction & Major Projects team, gives her expert insights into what lies ahead for the construction industry, when looking at cost escalation.

A time for directors to bring their best game

16 May 2022

Off the back of our 2022 Corporate Governance – trends & insights report, we sit down with Partner Roger Wallis to discuss developments in the board composition of the NZX Main Board Top 75.

Fair Pay Agreements Bill – game-changer or dead meat?

14 April 2022

The importance of term sheets

11 April 2022

Tech firms looking to be acquired by offshore purchasers will often be presented with term sheets offering an attractive headline purchase price, with negotiation then leading to signature and an exclusivity period before legal and financial advice is engaged. Hear Partner Joshua Pringle explain how to ensure the term sheet is right.

Charting the Top 75 – trends in the data

08 December 2020

Partner Roger Wallis discusses the trends in the data collected from the Top 75 listed companies, charting developments in board composition, size, diversity, length of service and reporting.

A time for boardrooms to hold their nerve

30 November 2020

Off the back of our 2020 Corporate Governance – trends & insights report, we sit down with Partner Roger Wallis to reflect on the key theme in this year's publication – a plea for boardrooms to hold their nerve.