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How the Anti-Money Laundering and Countering Financing of Terrorism Act could affect you

From July, you may now be asked for information by your lawyer that previously you’ve only had to provide to banks and financial service providers. This could include verification of identity information and information about the source of funds.  This may be frustrating for you (and us too), but bear with us because this is a legal requirement, not a firm-based decision.  _______________________________

Personal Property Securities Register - The Importance of Registration

When is possession 9/10ths of the law? Find out how you could be in danger of losing assets – and not even know it. Under the PPSA (Personal Properties Securities Act), you need to hold a "perfected security interest" on leased equipment before your interest in the asset is secure. Example Let’s say you want to lease a trailer out to your customer, James, on a long-term lease.

Judicial Modernisation Means Many Contract References Need Updating from Sept 2017

The Contract and Commercial Law Act 2017, passed on 2 March 2017, comes into force on 1 September 2017.  This new legislation is not intended to substantially alter the law.  Rather it is part of the government’s judicial modernisation process. The new Act repeals many of the statutes that are regularly quoted or cited in documents. The Acts being repealed are:

Landlords! Check your Tenant’s Creditworthiness

Credit checks are vital. One of our clients owns a small commercial building which she had leased to a small business. Her tenants vacated the premises before the term expired without paying the rent, and the guarantor was insolvent. Our client wanted to know if there was any way she could recover the rent and better protect herself with future tenants. Before entering into a lease it is crucial to investigate the tenant’s credit worthiness.