Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Proposed arbitration law reform welcomed


Monday, December 9, 2013, 9.00am


Proposed arbitration law reform welcomed

WELLINGTON, Dec 9, 2013—The Arbitrators’ and Mediators’ Institute of New Zealand (AMINZ) has welcomed the introduction of a parliamentary bill aimed at improving the resolution of disputes.

The Judicature Modernisation Bill, which was introduced last week by Justice Minister Judith Collins, seeks to reform important aspects of the existing Arbitration Act of 1908.

It would also “significantly enhance New Zealand’s bona fides as a seat of international commercial arbitration,” AMINZ executive director Deborah Hart says.

The bill proposes several important changes to the law relating to New Zealand's courts and judicial processes, including a new empowering clause that enables a competent professional body to act as an appointment body in cases where parties fail to reach agreement in arbitration proceedings.

“This is important because it means that appointment issues in areas such as construction or the energy sector will be dealt with by a body that actually specialises in arbitration and has extensive knowledge about which arbitrators are best suited for what dispute,” Ms Hart says.

“Not only does this mechanism provide a faster method of appointment than the existing statutory mechanism involving the High Court, it means agencies such as AMINZ, by dint of our daily involvement in the world of arbitration, will help achieve better results for the wider community. “The bill also introduces emergency arbitrator provisions—allowing confidential relief to be offered early on in cases before a tribunal has been formed—that will bring New Zealand into line with arbitration centres such as Singapore, Hong Kong and Australia.

“That’s only going to enhance the country’s growing international reputation in this area.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>


Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>


Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>


Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>


Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>


Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>


Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>


Get More From Scoop

Computer Power Plus
Search Scoop  
Powered by Vodafone
NZ independent news