Subcommittee established for consideration of Trusts Bill
Organisation: Justice Committee
For release: Wednesday 4 April 2018
Subcommittee established for the detailed consideration of the Trusts Bill
The Justice Committee has set up a subcommittee to hear from submitters and consider the detailed provisions of the Trusts Bill. The Trusts Bill will be the first significant change to New Zealand’s trusts legislation since the current legislation was passed in 1956.
“It is estimated that there are between 300,000 and 500,000 trusts in New Zealand so it is crucial that trust laws are easy-to-understand, accessible, and practical,” said Justice Committee Chairperson Raymond Huo.
Having a sub-committee consider this bill will provide us with more flexibility to really drill down into the details of the bill, and to meet more frequently than the full committee is often able to do,” said Mr Huo. The sub-committee will ensure that the Trusts Bill is fit for purpose and that it suits the needs and realities of everything from family trusts to corporate structures.
Mr Huo welcomed the Hon Christopher Finlayson QC and Dr Duncan Webb joining the sub-committee. “To have a Queens Counsel and a Law Professor join us will play an important role in hearing submissions and looking at specific clauses.”
“As some lawyers have suggested, this is truly a once-in-a-lifetime opportunity to replace and modernise New Zealand’s trusts laws so that they can continue their important role in the life of many families and in commercial life,” said Mr Huo.