Common Law and Its Applicability in New Zealand

COMMON LAW
Common Law

Introduction
This report showcases the key information about the governed laws and the regulation
with respect to the company and applicable laws which directors and legal person should
comply with. In the starting of this report, directors and shareholders liabilities have been
given. Afterward, relationship between the common law and New Zealand laws have been
analysed to identify the issues and challenges which company might face to comply with the
applicable laws. After that Legal Requirements for The Oral Joint Venture Agreement has
been given which reveals the applicable laws of the company which needs to be complied
while entering into the strategic alliance on the international and domestic level. This report
has shown the legal requirements of company which need to be complied if company wants
to sustain its business in long run. Some suggestions have also been given to Maori
incorporation for governing its international management in this report. The directors are the
key person who takes imperative decision on the behalf of the company. The proper liquidity
and debt management is key imperative point if company wants to sustain its business in long
run (Postema, 2017).
Conclusion
After assessing the details and applicable common law, the crux of the report is that if
company wants to sustain its business in long run then it will have to pay off its all short term
and long term debts in time. However, it is found that the court policies in New Zealand is
designed to promote the uniformity among all the people and companies. Directors and
company would be bound by the separate legal entity law and if there is case of conflict of
interest in company then directors would keep themselves separate from that case. It was
done with a view to provide the transparency and mitigating the legal issues in company.
Reflective statement
In this research, I came to analyse several positive and negative impact of the common law
and cases of the conflict of interest on the company. However, I also realised that if company
fails to meet its commitment or fails to pay off its debt amount then it might lead to
liquidation and winding up of company (Brown, 2018). I learned that if company wants to
sustain its business then it must focus on maintaining the proper liquidity in its business. I
also learned the conflict of interest which might arise due to the separate legal entity concept
between company and directors. I learned that if directors is getting caught in the case of