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Cathedral insurance monies not available for wider use, confirms High Court
By Craig Sisterson Insurance monies for earthquake damage to the Christchurch Cathedral should not have been partially earmarked for the construction of a transitional Cathedral on another site, the High Court has held in Church Property Trustees v Attorney-General & Anor [2013] NZHC 678 (8 April 2013). The construction of the ‘cardboard’ Cathedral in Latimer Square did not come within the purposes of the Cathedral Trust, and nor did the insurance arrangements give rise to any separate and distinct insurance trust (resulting or express) on wider terms, held Justice Panckhurst. “[A]ny beneficial interest which the Cathedral community… has in the material damage insurance proceeds is subject to the terms of trust applicable to the Cathedral Trust,” said his Honour at [43]. The Cathedral Trustees’ decision to utilise part of the $38,898,966 received from an insurance claim for material damage to the Christchurch Cathedral for the $4.5 million cost of the transitional Cathedral, currently under construction, had been called into question by third parties and judicial comment. During a judicial review decision that resulted in a stay on the partial deconstruction of the Christchurch Cathedral, Justice Chisholm had made observations about the use of insurance monies (The Greater Christchurch Buildings Trust v Church Property Trustees and Canterbury Earthquake Recovery Authority [2012] NZHC 3045). “Given the site-specific purpose of the Cathedral trust, it is difficult to see how any insurance proceeds arising from the insurance over the Cathedral could be used off-site,” said Justice Chisholm at [173].  |
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Should we all be reading Lean In? Over the course of last weekend, I read Sheryl Sandberg’s Lean In: Women, Work, and the Will to Lead (WH Allen, 2013). Since its publication, Lean In has not only rapidly ascended the New York Times bestseller list, but also has been heralded as the business manual of the year (and a new feminist manifesto of sorts). For the uninitiated, Sheryl Sandberg has a pretty impressive résumé. At 43, the Harvard Business School graduate’s career has spanned stints at the US Treasury, McKinsey, the World Bank, Google, and most recently, Facebook (as COO). She is also happily married with two children. Oh, and her net worth tops US$500 million. |
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Renovations and urban renewal in our media law landscape The Law Commission has been drawing up plans for some urban renewal in our media law landscape. Last month, the Commission released its final proposal to bulldoze the Press Council, the Broadcasting Standards Authority, and the new Online Media Standards Authority, and replace them with a flash new one-stop legal edifice for regulating the news media, to be called the News Media Standards Authority, NMSA. And last week, the Government agreed to the Commission’s plan to renovate some of the law dealing with cyber harassment, recasting existing laws to more clearly encompass online and electronic behaviour, and approving development of some of the internet’s wild west territory to create new legal remedies, including takedown orders, for victims of cyber-bullying. |
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DELEGATION
Lawyers and optimal delegation
Emily Morrow explains why delegation is key to a thriving practice Mary, a senior solicitor, is told she "is not working as efficiently as she should be”. William, a young partner, is having difficulty achieving his billable hours target to become a full equity partner. Susan is asked to manage several team members, but does not give them adequate instructions and fails to supervise their work. Frank, a junior lawyer in a boutique law firm, complains that he is not being given sufficient work to develop his skills. Karen, a partner in a large firm, finds she has to work crushingly long hours to service her clients and grow her practice. |
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SUCCESSION
How to maximise your succession options and practice value
Rob Knowsley looks at how to ensure your practice is an attractive option for buyers Readers will have noted that many small practices are being absorbed into other firms, usually with the appearance, at least, of very little money changing hands. This short article is based on an assumption that some practitioners still would like to see their firm continue after their retirement. I will look at how to establish options for succession from within, and also why the steps taken to do so can result in a better financial result from an outside purchaser if no internal succession option comes to fruition. |
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ANTI-MONEY LAUNDERING
Keeping clean: reporting requirements under anti-money laundering legislation
By Patrick McCann The New Zealand Police Financial Intelligence Unit (FIU) has estimated that the amount of money being criminally laundered in New Zealand every year is at least $1 billion. The International Monetary Fund has estimated two to five per cent of the world’s GDP may be subject to money laundering (money laundering – concealment, conversion, or otherwise dealing with the proceeds of serious crime). The New Zealand Police Asset Recovery Units have generated restraining orders for assets in excess of $110 million since the introduction of enabling legislation in December 2009, but what percentage this is of the total money laundering-associated assets is unknown. |
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