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Hotchin fails to join trustees as third parties

The High Court has released its decision striking out the third party contribution claim brought by Mark Hotchin and other directors to include Hanover Finance’s trustees, New Zealand Guardian Trust (NZGT) and Perpetual Trust (Perpetual), as parties to the Financial Markets Authority’s (FMA) civil claim against them. See Financial Markets Authority v Mark Stephen Hotchin [2013] NZHC 1611 [28 June 2013]

Background

Mark Hotchin was a director of Hanover Finance and associated companies which issued prospectuses and other documentation in connection with offers of debt securities to the public. Read more

Alesco tax avoidance test case going to Supreme Court

The Supreme Court has granted leave for Alesco New Zealand Limited (Alesco NZ) to appeal the Court of Appeal’s decision, which considered an optional convertible notes (OCNs) financing arrangement, as tax avoidance. See Alesco New Zealand Limited v Commissioner of Inland Revenue [2013] NZSC66 [9 July 2013]. The development is significant given there are a number of companies who have utilised similar funding structures and now face potential tax liabilities.

Background

In 2003, Alesco NZ purchased two other New Zealand companies. This was funded by its Australian parent, Alesco Corporation (Alesco), which used OCNs to advance purchase monies of $78m to its New Zealand subsidiary.

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Law Commission Review of the Law of Trusts

The Law Commission has advised that it will be publishing its next report (following from the six issues papers) on the review of the Law of Trusts shortly.
Hard copies of this report can be requested in advance by e-mailing lmccormick@lawcom.govt.nz.

The pre-order price estimate is $65.00.

Pre-order requests should be made by 15 July 2013.

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