Erceg v Erceg [2016] NZSC 135

The Supreme Court in this case had to balance the competing interests involved in non-publication orders and the principle of open justice. The application involved trusts set up by Michael Erceg (now deceased). It was made to prevent publication of details such as the amounts distributed to family members under the trusts. The Supreme Court [...]

February 22nd, 2017|Categories: Legal Developments|Tags: |

A new Trusts Bill will impact FMCA trusts and trustees

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 [...]

February 22nd, 2017|Categories: Legal Developments|Tags: , |

Tax Avoidance and the Penny and Hooper Decision

The Supreme Court’s decision in Penny and Hooper v Commissioner of Inland Revenue (SC, 24/08/11) demonstrates how one can easily overstep the line between legitimate trust structures and tax avoidance. In that highly-publicised case two surgeons sold their practices to companies they had established, and which their own trusts would be the sole shareholders of. [...]

November 1st, 2011|Categories: Legal Developments|Tags: , |