The COVID-19 crisis has caused the value of many businesses to fall, making them potentially attractive targets for overseas investors looking for a bargain.
Restraint of trade clauses are common in the sale and purchase of a business and in some employment agreements. In a business context, they offer protection to a buyer who has acquired a business and prevent the seller from directly competing against the buyer. A restraint provision in an employment context is designed to protect the employer’s business interests when key employees leave. There’s a general perception that these clauses are difficult to enforce, so why bother?
Agri-tourism and food are growing sectors in New Zealand. We have farm tourism where tourists are shown working farms with activities such as sheep dog and shearing exhibitions. Artisan producers are growing their own products and then processing them into, say, cheese, and free-range pigs are becoming salami, bacon and ham.
It has been a widely-held belief that only one director needs to sign a contract, as it was assumed that that director would have authority to contract on behalf of the company.
The hot pool at the new Wanaka Community Pool complex was at risk of being canned, but proceeded thanks to the generosity of two business identities and philanthropists, who bequeathed $1m to enrich the Upper Clutha community they held so dear.
If even a smidgen of the thought and planning that’s invested in getting into a business went into getting out of it, life would be a whole lot easier for many business people.
