However, New Zealand is expected to have a new statute changing this. This new statute will be based on Australian Model Law and is expected to be introduced to the House of Parliament in December 2013 with a view to having it implemented in December 2014.
What does that mean? It means that director(s) will suddenly find that they have a new statute imposed obligation to exercise “due diligence” to ensure their organisation complies with that duty or obligation. This could be quite revolutionary in terms of leasing, employment and the commercial viability of such legislative changes.
For more information, you can also contact QCL or view the profiles of Marcus Beveridge (principal) for a general query, Ross Dillon (consultant) for company, liquidation or litigation or John Jon (Senior Associate) for commercial queries.