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What is a deed of assignment of lease, this package includes:.

deed of assignment nz

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Frequently asked questions

When do i need a deed of assignment of lease.

deed of assignment nz

A Deed of Assignment of Lease is used to transfer your obligations under a lease to another party. So, if you’re the current tenant of a premises, this Deed of Assignment would allow you to transfer all your contractual obligations under the lease to a third party. To find out if a Deed of Assignment of Lease is right for your situation, get in touch with our legal consultants for a free, no-obligations phone consult.

What do I get as part of this package?

As part of this package, our expert lawyers will draft a Deed of Assignment of Lease to meet the requirements of your particular situation. You’ll receive phone consults with our legal team, and a complimentary amendment to the final draft we provide to you.

How much is a Deed of Assignment of Lease?

We offer fixed-fee packages for your Deed of Assignment of Lease; meaning you’ll know exactly what you’ll be paying up-front with no hidden costs! This package costs $1100 + GST, which includes consulations with our expert legal team, a custom Deed of Assignment of Lease drafted to meet your unique needs, and a complimentary amendment to the final draft we provide to you.

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Just submit an enquiry via this page or click the ‘get started’ button on our website to submit an enquiry. After you’ve submitted an enquiry, one of our legal consultants will review your enquiry within 1 business day and get in touch to get a better idea of exactly what you are looking for. Then your legal consultant will send through an email with a bit more information about the services you need, along with a fixed-fee quote setting out costs, scope of the service and timing. Have a read through it, and if you’re happy with the scope, you can accept and sign our engagement letter online – easy! Once you’ve formally accepted, we’ll connect you with a specialist lawyer and they will work with you to complete your project. They will contact you by email or phone if they need to get in touch.

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Partnerships.

  • Partnership agreement for equal partnership
  • Partnership agreement for un-equal partnership
  • Guarantee of Lease following assignment
  • Guarantee of Loan – Secured
  • Guarantee of Loan – unsecured
  • Guarantee to trade supplier after default – secured
  • Guarantee to trade supplier after default – unsecured
  • Guarantee to trade supplier – secured
  • Guarantee to trade supplier – unsecured
  • Notice of default to Guarantor
  • Short form guarantee of trade account
  • Deed of renewal of Lease no guarantor
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  • Deed of rent review no guarantor
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  • Equipment Lease
  • Lease of Commercial Premises No Guarantor
  • Lease of Commercial Premises with Guarantor
  • Notice of intent to cancel lease for breach (not rental)
  • Notice of intent to cancel lease for unpaid rental
  • Assignment of lease with Guarantor
  • Assignment of lease with no Guarantor
  • Sublease no Guarantor
  • Sublease with Guarantor
  • Variation of lease
  • Lease of Commercial Unit Title Premises with Guarantor
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  • Company Agenda and Minutes Pack
  • Certificate of non-revocation of power of attorney
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  • Short Form Liquidation
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  • Agreement for sale and purchase of shares and current account
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Loan Agreements

  • Loan Agreement – interest and principal
  • Loan Agreement – on demand no interest
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  • Loan Agreement – fixed term interest if demanded
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  • Conflict and Interests Policy

Distribution

  • Distribution agreement from importer
  • Distribution agreement from manufacturer
  • Distribution agreement from manufacturerwith after sales service required

Confidentiality Agreements

  • Confidentiality Agreement (contractor)
  • Confidentiality Agreement (unilateral)
  • Confidentiality Agreement (mutual)

Nominations & Assignments

  • Assignment of contract
  • Assignment of Debt
  • Nomination with vendor consent
  • Deed of nomination
  • Transfer of Contract

Service Agreements

  • Agreement for contracted services - administration
  • Agreement for contracted services – consultant
  • Agreement for contracted services

Sale Contracts

  • Terms of Trade and Credit Application Form

Non Competition/Restraints

  • Deed of Restraint of Trade on sale of business
  • Deed of Restraint of Trade on sale of shares
  • Deed of Restraint of Trade

Business Information

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Loan agreements

  • Loan Agreement –on demand no interest
  • Holiday rental agreement
  • Residential Tenancy Agreement (Fixed term)
  • Residential Tenancy Agreement (Periodic)
  • Residential Tenancy Agreement (short term)
  • Guarantee of Loan – Unsecured
  • Deed of Gift Cash
  • Deed of Gift Chattels
  • Final release of balance of Debt
  • Full forgiveness of debt
  • Partial forgiveness of debt

Nominations  & Assignments

  • Transfer of contract
  • Agreement for private sale of personal property
  • Agreement for sale of a boat
  • Agreement for private sale of a car

Power of Attorney

  • Certificate of Non Revocation of Power of Attorney
  • Personal Power of Attorney Unlimited
  • Personal power of Attorney for particular property no sale or mortgage
  • Personal power of attorney for specific property
  • Power of Attorney for particular real estate unlimited
  • Revocation of power of attorney

Personal Agreements

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Charitable Trust

  • Charitable Trust Deed
  • AGM Agenda and Minutes for Charitable Trusts

Not for Profit Agreements

  • Declaration of trust for bank account
  • Declaration of trust for property previously purchased on behalf of another
  • Declaration of trust for property to be purchased on behalf of another
  • Deed of appointment of new trustee
  • Deed of notice of retirement of trustee
  • Deed of removal of trustee
  • Deed of retirement of trustee with indemnity from continuing trustees
  • Short form declaration of Bare trust for Property
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  • Simple Declaration of trust for individual beneficiary
  • Trustee Agenda And Minutes Pack
  • Declaration of medical wishes – no treatment
  • Declaration of medical wishes – palliative care only
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Statutory demand form and notes: service on a company or LLP Statutory demand form and notes: service on a company or LLP

Official statutory demand forms, examples and notes. Simple and effective debt collecting device. Complies with relevant New Zealand legislation.

deed of assignment nz

Deed of assignment of debt Deed of assignment of debt

A deed of assignment is used to transfer the right to be paid a debt from one person to another. Complies with relevant New Zealand legislation.

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Final release of balance of debt final release of balance of debt.

A deed to record a Gift by way of forgiveness of part of a debt owing from one person to another where the maker of the Gift has natural love and affection for the recipient. Complies with relevant New Zealand legislation.

Full forgiveness of debt Full forgiveness of debt

Novation agreement: transfer debt to new creditor novation agreement: transfer debt to new creditor.

Transfer the right to receive a debt repayment from creditor to his transferee. Complies with relevant New Zealand legislation.

Novation agreement: transfer debt to new debtor Novation agreement: transfer debt to new debtor

Transfer a debt obligation from one party to another with the creditor's permission, for example when restructuring debt or when selling a business and its obligations. Complies with relevant New Zealand legislation.

Partial forgiveness of debt Partial forgiveness of debt

Transfer of debt transfer of debt.

A deed that provides for one person to take over a debt owed by another, with the consent of the creditor, so that the debtor/ creditor relationship is replaced and the debt is owing between the creditor and replacement debtor. Complies with relevant New Zealand legislation.

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Deed of Assignment of Intellectual Property

Who’s it for?

This Deed of Assignment of Intellectual Property is for any business that doesn’t clearly own the intellectual property it uses, or needs to transfer intellectual property to another person or business. The three main situations in which an assignment of Intellectual Property is required are: 

  • where IP is created or developed by a company founder, employee or contractor, without a clear written agreement stating the ownership of any intellectual property created belongs to the business,
  • as part of a business sale and purchase, to transfer ownership of all intellectual property to the new owner of the business, or
  • to transfer specific intellectual property from one person or business to another

What does it cover?

This Assignment of Intellectual Property is simple, easy to understand, without legalese and fair to both sides. It is for a simple transfer of intellectual property from one person or business to another person or business without payment.

Why do I need it? 

Every business has intellectual property, whether trademarks, designs, copyright (including copyright in software), patents, patent applications, brand names, technical data, inventions, specifications, confidential information or know-how. There is often significant value in this intellectual property, so it is vital to make sure your business legally owns it. Evidence of legal ownership (created by this Deed of Assignment) will enable you to protect your IP, prevent others from using it and provide comfort during a capital raising or business sale.

Time to complete the questionnaire: Under 5 minutes - less time than making a coffee! You will need to complete the questionnaire within 10  days of purchase (following that your access will expire). Please reach out to us at [email protected] if you have any issues.

What information do I need to complete the questionnaire?

  • Full name and contact email of the person or business assigning intellectual property and the person or business receiving the assignment
  • New Zealand Business numbers (where a company or other business is either assigning or receiving the intellectual property). New Zealand Business Numbers can be found by searching an organisation’s name
  • Details of any specific intellectual property you want to reference (eg, registration numbers)
  • Date of assignment

What do I do once my document is created?

The document is ready to sign as soon as you have downloaded it. Both parties must sign it to ensure it’s legally enforceable in New Zealand. If any of the assigned intellectual property is registered, such as trademarks, registered designs or patents (or patent applications), you must file a change of ownership request with the Intellectual Property Office of New Zealand .

Other helpful information:

See below for further resources and help:

  • Check out our Guide to Intellectual Property
  • If you would like to speak to a lawyer regarding your documents (or for any other legal queries), see our amazing network of specialist law firm partners, including our intellectual property law firm partner theloft.legal .
  • You may also find these bundles or documents useful for your business: Agreement for Sale and Purchase of Business , Agreement for Sale and Purchase of Shares (All or a majority of shares)
  • Check out our FAQs here
  • Intellectual Property Office of New Zealand  has lots of helpful information and resources.

If you’re unsure whether this document is what you need, reach out to us at [email protected] – we’re happy to help!

Disclaimer:  On Your Terms was created to provide fast, easy and affordable access to legal information and documentation. We are not a law firm and do not provide legal advice. The information and documents we provide are of a general nature, designed for common situations, and may not be suitable for your needs or circumstances. If you need legal advice, we have a network of specialist law firm partners able to help you here .

deed of assignment nz

Home » Commercial Property Law » Selling your business or moving premises? Assigning a commercial lease

Selling your business or moving premises? Assigning a commercial lease

12 September, 2014 | Wade Hansen

What are your liabilities when you assign a commercial lease?

If you are part way through a commercial lease and want to arrange for someone else to take over the lease, you will need to “assign” the lease. an assignment of lease is when you assign your obligations to the landlord under the lease, to a new tenant.  this new tenant will become responsible for paying the rent, outgoings, renewing the lease, etc..

You might consider this option if you are thinking about selling your business, or moving your business to a new premises.  Unfortunately commercial leases do not allow tenants to just cancel the lease part way through a tenancy term unless the landlord agrees (this is unlikely unless you have been a bad tenant), so this is why an assignment is necessary.  But, what happens if you have provided a guarantee under your original lease?

What is a guarantor?

A guarantor is the person or persons recorded in the Deed of Lease as guarantor, and who agree to fulfil the obligations of the tenant if they fail to do so.  Most of the time, these obligations relate to paying outstanding rent and outgoings due under the lease.

Are you still liable as guarantor when you assign a lease?

The short answer is yes, you are still liable as guarantor of a lease if you assign it.  The standard terms of lease state that if the new tenant and their guarantor (if any) aren’t able to pay the rent and outgoings under the lease, the landlord can come back and call on you as guarantor, even though you have assigned the lease, to pay the overdue rents and fix and breaches under the lease.

How long will you be liable for and for how much?

You will be liable for all amounts owing under the lease up until the end of the lease term (including any renewed terms).

How can you limit your liability and avoid this?

Your liability as guarantor can be limited at two stages – although both require consent of the landlord.

Firstly, on entering into the lease you can limit your guarantee to either a certain amount, a certain time frame, or provide a bank bond of a certain amount.

Or, when you assign the lease, you could ask for your existing guarantee to be valid only up until the end of the current term, and not to include any renewed terms granted under the lease.

So if you assigned your lease after the first year of a three year term, and there are two rights of renewal of three years each, you would only be liable for the remaining two years of the existing term, not for the additional 3-6 years if the assignee chose to renew the lease.

As an alternative to assigning your lease, you could suggest to the landlord that they enter into a new lease with the new tenant.  Of course the terms of this new lease would have to be favourable to the landlord for them to agree.

Choosing which option is best for you really depends on your circumstances and the terms of your lease at the time you wish to get out.

A skilled commercial property lawyer can review the liabilities you have under your current lease and help negotiate with your current landlord and the new tenant/assignee to reduce your ongoing liability.

If you would like assistance with assigning your commercial lease, contact commercial property lawyer, Wade Hansen on 09 837 6885  or at  [email protected]

Do you need to assign your lease.

Ensure your interests are protected – contact expert Commercial Property Lawyer, Wade Hansen today to set up an appointment.

+64 9 837 6885

deed of assignment nz

About the author

Born and bred in the West, Wade has a keen interest in developing the community and assisting businesses grow to their full potential. His experience in Property & Commercial Law, along with his common sense and level headed business knowledge Read More »

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As a commercial landlord, what say do i have over who my tenant sells their business to may 23, 2012 | read more », how to negotiate your commercial lease as a tenant mar 12, 2014 | read more », how to sublease commercial property oct 17, 2018 | read more », wade's recent articles.

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Deed of assignment

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About this deed of assignment for a life assurance policy

This deed of assignment transfers an endowment or other life insurance policy from trustees to beneficiary. It includes a template notice to the insurer that the policy has been transferred. The document is straight forward to complete.

This document is not suitable for a transfer for value. Instead, use  Deed of assignment: life insurance policy or endowment policy.

Assigning a life policy using this document

For technical legal reasons, all assignments of life policies must be by deed and not by contract. The main practical difference is that a deed requires a witness to the signatures. Unless it is more convenient to do otherwise, the same witness can verify the signatures of both parties.

Document features and contents

The deed of assignment contains the following paragraphs:

  • The assignment;
  • Undertakings by trustees;
  • Form: Notice of Assignment to deliver to the insurer and bank.

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When Can I Assign a Contract in New Zealand?

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By Dillon Balasingham

Updated on July 26, 2021 Reading time: 5 minutes

This article meets our strict editorial principles. Our lawyers, experienced writers and legally trained editorial team put every effort into ensuring the information published on our website is accurate. We encourage you to seek independent legal advice. Learn more .

What Is an Assignment?

Do i need the permission of my contracting parties, what is the effect of an assignment, when can you undertake an assignment, is there an alternative, key takeaways, frequently asked questions.

Businesses will use contracts in various business transactions. For example, you can use contracts when selling items to customers or dealing with suppliers. Their popularity stems from their legal enforceability in court. This means that either party will h ave to provide compensation if the y cause any loss b y not upholding their contractual obligations. Sometimes, businesses are bound to a contract that is no longer necessary. In this case, a business may want to terminate or transfer the contract. One way of transferring a contract is an assignment. This article will explain when you can assign a contract and what that means in New Zealand. 

An assignment is a way that you can transfer a contract to another party. It is commonplace to transfer a contract if either a party does not need a contract or is detrimental to their business. The assignment involves a process by which you transfer the rights under a contract to another party. This means that you can only transfer the benefits you receive. For example, you can transfer any payment you receive under a contract. However, you cannot transfer any obligations you owe under an assignment.

Your contract will specify how you can transfer your contract and whether you can assign it. If there is no clause in your contract that disbars assignment, you can assign your contract without the permission of the contracting party. However, if there is a clause that states you need the consent of all parties to the contract, you must follow this. Otherwise, the court could find you to be in breach of contract.

The effect of an assignment is that you will transfer your rights under a contract to a new party. However, you will not transfer your obligations. This means you will still be ultimately responsible for the performance of those obligations. For example, if you are asked to supply a certain amount of goods under your current contract, you must continue to do this. 

If you do not uphold your obligations, then you could be sued for a breach of contract. This could lead to the court ordering that you pay damages for any loss incurred. 

Transferring a Supply Contract

If you are not supplying a particular good, your contracting party may want to use a different supplier. In this case, you will be able to assign your contract to a supplier who supplies that particular good. 

Transferring a Brand Trademark

If you are transferring a logo to another party, then you would undertake a deed of assignment. All parties must sign the deed of assignment to the contract. 

Transferring a Lease

If you are looking to move property, you might assign your lease agreement to another tenant. However, you must make sure that you do this with your landlord’s permission and your tenant fulfils all the obligations that your landlord has asked you to uphold. 

The main alternative to assignment is novation. Novation is a process by which another party entirely replaces a contracting party. This means you transfer all the rights and obligations under the contract to someone new. The party that transfers the contract is now entirely removed from the contract and void of any responsibility. The main advantage of a novation is that essentially a new contract has been formed between the original contracting party and the new party. However, novation requires the permission of all the contracting parties, so it can be hard to go down this route.

One of the main ways that business transactions are conducted is through contracts. They enable trust to be established between parties and enable remedies if either party mistreats the other. Sometimes, businesses or individuals will want to transfer their contracts to another party using an assignment. An assignment allows any benefit you receive from a contract to be transferred to a third party. However, the underlying issue with an assignment is that you are still responsible for upholding any obligations under the contract. However, an assignment can be conducted without the permission of all the contracting parties, so it is a standard method that is used. There is an alternative to assignment called novation. However, all the contracting parties must permit a novation to occur. 

If you need any legal assistance with assignment, LegalVision’s experienced contract lawyers can help. Call us today on 0800 005 570 or fill out the form on this page.

Unless your contract says otherwise, you can assign a contract at any time.

If you assign an obligation, you could be in breach of contract and liable for damages.

We appreciate your feedback – your submission has been successfully received.

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Transferring an EQCover claim

If you are considering buying or selling a home, being able to access information relating to natural disaster damage is a significant part of due diligence. We recommend getting legal advice before making any commitments.

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Transferring the benefit of an EQCover claim

If you are planning to sell or to buy a home, it is important to seek legal advice about transferring the rights and benefits of any claims to the new homeowners.

For example, if a claim has not yet been settled or further natural disaster damage is identified, the benefits of the EQCover claim will need to be passed to the new home owner. This process is called ‘assignment’.

The documentation used to assign claims will clearly outline what is being assigned. Typically, the documentation used to assign a claim could be:

  • a clause in the sale and purchase agreement, or   
  • a deed of assignment.

A new homeowner with an assigned claim has the same rights as the previous homeowner. However, assigned claims may have no residual benefits, or residual benefits may be limited by previous settlements. 

It is important to note that an insurance company may have different requirements for assignment of claim documentation.

Where a property is sold without an assignment of claim, any benefits the claim may have will remain with the previous owner. This will only change if and when the appropriate assignment of claim documentation is received.

If the property has been sold multiple times, the assignment of claims must carry through from the original owner to each subsequent owner.

If you’re in the process of purchasing a Canterbury property, here are some questions to consider:

  • Is there an existing EQCover claim on the property?
  • Have funds settled by Toka Tū Ake EQC with a previous homeowner been used to do the repairs?
  • Are there any quality issues or substandard repairs on work originally undertaken by Toka Tū Ake EQC to settle the claim, or any missed earthquake damage still needing reinstatement?
  • Is there any pre-existing damage to the property that is not related to a natural disaster?

If, as a purchaser, you are unsure whether this relates to you or the home you are purchasing, your real estate agent or lawyer may be able to provide further information.

Deed of Assignment (DOA)

Whilst the most commonly used documentation for ‘assigning’ an EQCover claim to the new homeowner is a DOA – any document can be used as long as it is clear about what is being assigned.

What should be included in a DOA?

When we process the assignment, the information received needs to be clear. Below is an example of the type of information we require.

Where to send the documentation:

A copy of the DOA (or other documentation) should be sent to:

EQCover Claims PO Box 311 Wellington 6140.

Alternatively, you can email a copy (in PDF format), to  [email protected]

Terminology:

“VENDOR, ASSIGNOR, and ORIGINAL CLAIMANT” and “PURCHASER and ASSIGNEE” will usually be the same person, but the particular terms are used above to reflect the fact that they can be different people, as explained below.

*Note that there are other times when the benefit of a claim might be transferred including where a relationship breaks up, or where a person has died. You can get further information from us on this by phoning 0800 DAMAGE.

Important issues for purchasers

If you’re the purchaser, you need to be aware of the following important issues.

Toka Tū Ake EQC receives a range of different documents assigning claims or Deeds of Assignment, which often lack clarity about what is being assigned. This can prevent or slow down settlement. Customers may need to get a new or amended Deed of Assignment, which can be difficult and time consuming particularly where the vendor has moved overseas or cannot be contacted. It is therefore important to make sure your Deed of Assignment or clause in the sales and purchase agreement is very clear and all claim numbers are included.

The fact a claim has been lodged does not necessarily mean the claim is valid or that Toka Tū Ake EQC will be able to accept it. An issue with the validity of a claim might not arise or be identified until well after a claim is lodged. Because of this, we recommend you seek legal advice when purchasing a property that is subject to an EQCover claim.

What is assigned will depend both on what the Deed of Assignment says and on any relevant provisions in the private insurance policy. We recommend you seek legal advice and speak with your private insurer and mortgagee.   

Where an EQCover claim is assigned, the assignee (the person receiving the benefit of the claim, for example a purchaser) will have the same entitlement(s) under the Earthquake Commission Act as the original owner. That means they will receive any remaining entitlement up to Toka Tū Ake EQC’s cap for an event.

However, funds already settled to a previous homeowner remain with the previous owner. In cases where the previous homeowner did not use those funds to complete repairs, the new homeowner has no further entitlement for that earthquake damage. It is important to do due diligence to find out whether work associated with a claim that Toka Tū Ake EQC has previously settled has been completed.

There is also no guarantee that previously unsettled natural disaster damage will stay under the EQCover cap to repair, and Toka Tū Ake EQC is generally not liable for costs that exceed EQC’s liability under the Act.

Purchasers should confirm there is no missed damage – and where there is, address this with the vendor (using their private insurance policy coverage if relevant) before the sale.

You may be unable to take out private house insurance until repairs have been completed.  This means you would also be unlikely to have EQCover for any future natural disaster damage.

However, where the related private insurance claim can be assigned, the new homeowner may not have the same entitlement as the original owner, or any entitlement from the private insurer at all. When the parties have a Deed of Assignment drawn up, it’s important to find out from the private insurer what, if any, insurance entitlement the assignee would receive.  

Toka Tū Ake EQC is limited in its ability to disclose information about a claim to you without the original claimant’s consent. If you want information about a claim before you purchase the property, you will need to discuss this with the claimant, or your solicitor. If you want information after you’ve purchased a property, you will need to have obtained a Deed of Assignment (or similar document).

It can be useful to include a clause in your Deed of Assignment requiring the vendor to assist in the completion of a claim. Discuss this with your lawyer.

EQCover claims are subject to excess. Toka Tū Ake EQC will deduct the excess amount due on the claim from any cash settlement it makes to the purchaser as a result of the Deed of Assignment. If the property is repaired by Toka Tū Ake EQC under the Canterbury Home Repair Programme (CHRP), Toka Tū Ake EQC will invoice the purchaser for the excess amount if they own the property when the repairs are completed. The assignment of the claim can only include the benefits and not burdens, so an agreement in the Deed of Assignment on who will pay any excess will not change who Toka Tū Ake EQC invoices. 

Getting information about EQC claims

Contact us before buying or selling a property, most interested parties would like to see the Toka Tū Ake EQC documents relating to the assessed disaster damage, and the status of the repairs.

To avoid delays in a request for documents, a vendor (property owner) can get Toka Tū Ake EQC documents before putting their home on the market. You just need to email Toka Tū Ake EQC with the request and your claim number or the address of the property. See the  contact us page  for details.

If you are looking at purchasing a property in Canterbury, and you want to find out if there has been an EQCover claim for land or building damage from the Canterbury earthquake sequence, head to  canterburymaps.govt.nz (external link) . Click on the Property Search section and use the address to find if there are any EQCover claims listed.

If you are interested in purchasing a home you can ask your lawyer or estate agent to request documents from the property owner or apply to Toka Tū Ake EQC to obtain property-related information about any previous claims for damage on that property. Providing this information can take up to 20 working days. Apply using our  Official Information Act request form .

You can read more about the documents we provide on our  OIA document lists page .

Questions and answers

1. I'm purchasing a property – what happens with the claim the current owner has lodged?

The owner and mortgagee (for example, the bank) at the time of the damage occurring have the insurable interest in the property. In some circumstances they may agree to transfer their claim entitlement to a new owner using a document such as a 'Deed of Assignment'.

  • Either the buyer or seller can organise for the Deed of Assignment to be drawn up.
  • Your lawyer should be able to prepare the document for you (note that Toka Tū Ake EQC cannot reimburse solicitors’ fees)

2. I’ve bought a property and have found out that the previous owners received a payment from Toka Tū Ake EQC to make repairs, but these repairs were not carried out. What can I do?

Ideally, the purchase price you paid recognised the value of the property in its unrepaired state. You may decide to carry out the repairs yourself.

Please note:

  • Toka Tū Ake EQC can’t pay twice for the same damage.
  • Under the Earthquake Commission Act EQC can decline a future claim where natural disaster damage was caused or exacerbated by earlier natural disaster damage for which Toka Tū Ake EQC made a payment and that payment was not used to repair the property.
  • You can read the  Earthquake Commission Act on the Legislation website (link is external) (external link)
  • Toka Tū Ake EQC may cancel insurance in certain circumstances – for example, if the repairs are not carried out.

If you have concerns about any of these things, you may wish to take legal advice.

3. I’ve bought a property that has outstanding claims on it. I didn’t know I needed to have the entitlement to the claims legally transferred to me. I’m already living in the house. What should I do?

  • In situations like this Toka Tū Ake EQC can put a hold on processing the claim(s), which provides time to sort out who is entitled to any payments.
  • If, after talking with both the original and new owners, it is still unclear who is entitled to any payments, Toka Tū Ake EQC can use a court process called an ‘interpleader’ to determine the outcome.
  • Costs of the interpleader process may be paid out of any resulting claim payment or by the losing claimant. This is decided by the court.

4. Does a Deed of Assignment transfer just the Toka Tū Ake EQC portion of the claim, or the private insurance ‘top up’ as well?

A Deed of Assignment can transfer both – but what is assigned will depend both on what the Deed of Assignment says and on any relevant provisions in the private insurance policy. We recommend you seek legal advice and speak with your private insurer and mortgagee. Where an EQCover claim is assigned, the assignee (the person receiving the benefit of the claim, for example a purchaser) will have the same entitlement(s) under the Earthquake Commission Act as the original owner. That means they will receive any remaining entitlement up to EQC’s cap for an event. However, where the related private insurance claim can be assigned, the assignee may not have the same entitlement as the original owner, or any entitlement from the private insurer at all. When the parties have a Deed of Assignment drawn up, it’s important to find out from the private insurer what, if any, insurance entitlement the assignee would receive.

5. What happens to the claim(s) entitlement if the owner of a property dies before the claim is settled?

If a property owner passes away before an EQCover claim is settled and they had a will, then the terms of the will determine the transfer of the EQCover claim entitlement.

If there was no will, then they will have died ‘intestate’ and the Administration Act 1969 will determine who is entitled to any EQCover payment. You can read the  Administration Act 1969 on the Legislation website (external link)

6. I'm in the process of getting a divorce. Who will get the payout from Toka Tū Ake EQC for the damage to our home?

This depends on individual circumstances.

  • If the EQCover claim was originally lodged in the name of one owner only, then they would normally be the only person entitled to any claim payment. However, they may agree to assign their entitlement to the claim to another person, or share that entitlement. This would need to be clearly stated in a Relationship Property Agreement that dealt specifically with EQCover claims. A similar outcome might result from a court order.
  • If the original claim was lodged in the names of both spouses, Toka Tū Ake EQC would continue to deal with both people unless we were sent a Deed of Assignment, which both spouses had signed, agreeing to transfer the entitlement to one of them or to another party (eg, a buyer of their property). Again, this would need to be clearly stated in a Relationship Property Agreement that dealt specifically with EQCover claims, or be dealt with in a court order.

If there is no Relationship Property Agreement or it does not mention how to treat EQCover claims, then each situation will be considered on an individual basis and specific legal advice may be sought by Toka Tū Ake EQC. The claim may be put on hold to allow time to determine who should receive any claim payment.

7. Who can I contact if I need more information about assignment of claims as they relate to my personal circumstances?

  • Contact the Toka Tū Ake  EQC call centre.
  • Phone: 0800 DAMAGE (0800 326 243)
  • Email:  [email protected]

8. What is a sale and purchase agreement?

A sale and purchase agreement is a legally binding contract between a property purchaser and a seller. It sets out all the details, terms, and conditions of the sale – this includes things such as price, chattels included, settlement date, and any other conditions specific to that contract.

Debt Buyer | 90 Nine | Auckland

Selling a Debt: The Legalities, The Contract and the Forbidden

person signing a contract for sale of debt

Many businesses struggle with bad debts. Unpaid debts can financially cripple a business, and the time and/or cost of recovering that debt may exceed the value of the debt itself. Often creditors take the risk of paying lawyers and/or debt collectors a significant amount of fees without the assurance of success.

If creditors are not paid, they face paying debt collectors and/or lawyers to collect the debt. But here is an alternative, that is to both write off the debt (and get the tax advantage of doing so) and avoid legal costs (but still get all the advantages of using lawyers).

The solution is through the sale of debt to us. At 90 Nine, when we buy a debt, we engage specialist lawyers to collect the debt and use the Court process to do so. We completely fund this process at no risk to the creditor.

While a relatively new debt enforcement process for New Zealanders, debt buying has been common in Europe and the USA for a while. Debt buying is an arrangement where a debt is purchased from the original creditor by a debt buyer for a percentage of the face value of the debt, based on the potential collectability of the debt.

From a legal perspective, sale of debt is achieved through an assignment.

The assignment of debt

The idea that a contractual right cannot be transferred is an archaic view that has been rejected by equity.

In the 17th century, the English Court of Chancery recognised and enforced the assignment of a contractual right, including the right to receive a debt.

Even though a right to receive a debt is intangible, the Courts regarded a debt as property and an asset capable of being dealt with like any other asset, including being assigned.

The English laws have consequently been adopted in New Zealand and the right to assign “a thing in action” (i.e. a contractual right) is presently recognised by Subpart 5 of the Property Law Act 2007 (“ the Act ”).

Section 48 of the Act expressly confirms that the ‘thing in action’ includes a right to receive payment of a debt.

Section 50 of the Act provides that a thing in action can be subject to an absolute assignment assuming the proper method and form of assignment is satisfied. This means that personal rights to property such as the right to receive a debt may be assigned from the original creditor to the debt buyer.

When assigning a debt, all rights and remedies of the original creditor over the debt are transferred to the assignee. It is not necessary to provide valuable consideration for the assignment meaning that debts can be bought for zero dollars. Further, it is possible to assign an amount or debt that will or may be payable in the future.

The laws of equity in relation to assignment continue operating concurrently with the statutory provisions and can be of benefit in limited circumstances where the statutory requirements of assignment have not been satisfied. However, practically, enforcing an equitable assignment might be more challenging, and for this reason, it is always advisable to assign a debt through statutory assignment under the Act.

Proper method and form of assignment

Under s 50 of the Act, for an absolute assignment of a thing in action to occur, at the minimum, the assignment needs to be in writing and signed by the assignor.

In addition to the minimum requirements, we recommend the best practice is to assign a debt through a deed, to reduce risk of future challenge to the assignment. A deed is a legal document which, in accordance with s 9 of the Act, needs to:

  • Be in writing;
  • Be signed by all parties;
  • Have signatures witnessed in accordance with the Act (unless the party is a body corporate with no fewer than 2 directors);
  • Include the locality of the place of residence and the occupation or description of the witnesses.

The deed will become binding once the above is done and when it is delivered by the person to be bound by it or their agent. This can be done through physical delivery or through fax/email.

Generally, the deed should make it clear who the parties are and what it is that is being assigned with as much certainty and clarity as possible.

Pursuant to s 51 of the Act, once a debt has been assigned, the notice of assignment needs to be provided to the debtor. That means informing the debtor, preferably in writing, that the debt is now payable to the debt buyer. If actual notice is not given to the debtor and the debtor pays the debt to the original creditor, this discharges the debtor’s liability to pay to the debt buyer. Although, the original creditor must now pay those funds to the debt buyer. In the case of joint debtors, only one needs to be given actual notice of the assignment.

Rights that cannot be assigned

Some contractual rights are incapable of assignment, whether under equity or under the Act.

A common example of such right is the right pursuant to the contract which expressly prohibits the assignment, either entirely or without the consent of all parties.

Another right that cannot be assigned is the bare right to a cause of action, which is not attached to a property interest such as a debt.

The Act addresses the assignment of rights, including right to a debt, but not the assignment of the burden of obligation. Assignment of contractual liabilities is generally not possible, unless limited exceptions apply.

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COMMENTS

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    A deed of assignment is an important document you can use in a variety of situations. This article will help you understand: how assignment works; what is beneficial to put in your deed of assignment; and some possible situations where you would use this legal document. What is Assignment?

  2. Assignment vs Novation in New Zealand

    What Is an Assignment? An assignment of a contract is when an individual ('the assignor') assigns their benefits under the agreement to a new person or business ('the assignee'). For example, an owner of another business might owe you a debt.

  3. Assignments and transmissions

    Assignment or transmission of a trade mark is the process by which ownership of a registered trade mark or a trade mark application may be passed from one party to another. Sections 81 and 82 of the Trade Marks Act 2002 ("the Act") allow for the assignment or transmission of a trade mark application or registration.

  4. PDF SAMPLE DEED OF ASSIGNMENT

    Signed as a Deed BY THE ASSIGNOR * (Signature) _________________ (Signature) _________________ [Name] [Name] [Position, if applicable] [Position, if applicable] In the presence of: (Signature) _________________ Name: [print name] Occupation: Address: BY THE ASSIGNEE *

  5. My Commercial Property Tenant Wants To Assign Their Lease? » Smith and

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    Contact Home> Services> Commercial Leases> Deed of Assignment/Transfer of Lease Get a Deed of Assignment of Lease drafted by expert legal team Sprintlaw offers smart, simple and affordable legal solutions for small businesses and startups. Our legal experts are ready to help wherever you are in New Zealand 5.0 (based on Google Reviews)

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  11. PDF DEED OF ASSIGNMENT PARTIES

    amounts payable under this deed are payable in New Zealand dollars. 1.2.3 Where a word or phrase is given a defined meaning, another part of speech or other grammatical form in respect of that word or phrase has a corresponding meaning. 1.2.4 A reference to the word 'include' or 'including' is to be interpreted without limitation. 2 ASSIGNMENT

  12. Deed Of Assignment

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  13. PDF Intellectual Property Assignment Deed

    DEED OF ASSIGNMENT OF INTELLECTUAL PROPERTY DATE PARTIES [INSERT] (Assignor) [INSERT NAME OF COMPANY] LIMITED, company number [insert] (Company) BACKGROUND The Assignor is a [shareholder in] [founder of] [employee of] the Company.

  14. Personal

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  15. NZ > Guarantees, Loans & Debts > Debt

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  16. Deed of Assignment of Intellectual Property

    New Zealand Business numbers (where a company or other business is either assigning or receiving the intellectual property). New Zealand Business Numbers can be found by searching an organisation's name; Details of any specific intellectual property you want to reference (eg, registration numbers) Date of assignment

  17. Assigning Your Commercial Lease When Selling Your Business or Moving

    An assignment of lease is when you assign your obligations to the landlord under the lease, to a new tenant. ... A guarantor is the person or persons recorded in the Deed of Lease as guarantor, and who agree to fulfil the obligations of the tenant if they fail to do so. ... lease, contact commercial property lawyer, Wade Hansen on 09 837 6885 ...

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  20. When Can I Assign a Contract in New Zealand?

    An assignment allows any benefit you receive from a contract to be transferred to a third party. However, the underlying issue with an assignment is that you are still responsible for upholding any obligations under the contract. However, an assignment can be conducted without the permission of all the contracting parties, so it is a standard ...

  21. PDF DEED OF ASSIGNMENT OF LEASE

    DEED OF ASSIGNMENT OF LEASE FIFTH EDITION 2012 (3) GENERAL address of the premises: Part Ground Floor, 123 Victoria Street, Christchurch DATE: :S'\ lo|ao^ ASSIGNOR: Hoop Groop Limited (Company No. 5063901) (formerly named Pot Sticker Limited) ASSIGNEE: Hoop Victorin Limited (Company No.6895333) GUARCIIOLDER(G) and DIRI:CTOR(S): (of-Assignor)

  22. Transferring an EQCover claim :: Toka Tū Ake EQC

    Where a party is a company the Deed of Assignment must be signed in accordance with the relevant legal requirements. The Property: Address of the property being sold. Date: The date of the agreement, and the date at which the assignment takes effect. Claim numbers: CLM/20xx/xxxx. This is an area where many Deeds of Assignment are not ...

  23. Selling a Debt: The Legalities, The Contract and the Forbidden

    The English laws have consequently been adopted in New Zealand and the right to assign "a thing in action" ... we recommend the best practice is to assign a debt through a deed, to reduce risk of future challenge to the assignment. A deed is a legal document which, in accordance with s 9 of the Act, needs to: ...