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Led by Niels Campbell, Bell Gully’s three-partner, Auckland-based taxation department acted on the NZ$868m amalgamation of a number of property funds into the DNZ Property Fund. The practice also provided tax advice to Danone on its sale of Frucor, and provided advice in relation to Origin Energy Resource’s Kupe oil and gas development.
Chapman Tripp’s taxation practice provides ongoing advice to a number of New Zealand’s major banks, including advising one New Zealand bank on its mortgage-backed repo facilities. A highlight of 2009 was the instruction by an investment group to advise on an innovative single class term PIE fund. Casey Plunket is ‘very good’.
Russell McVeagh’s tax practice ‘provides a very high level of service’ according to clients. The practice offers niche advice on Kauri bonds to clients including Queensland Treasury Corporation and Council of Europe Development Bank. However, the team also offers a full tax service, including advising clients such as ANZ National Bank and ASB Bank on residential mortgage-backed security programmes. The practice also advised Rabo Capital Securities on PIE funds of NZ$285m. Fred Ward and Richard Scouler are always ‘good’ according to clients.
Minter Ellison Rudd Watts recently advised UDC in relation to the establishment of two PIE funds. The practice also advised a credit rating agency with regard to the internal securitisation of residential mortgage-backed securities by major trading banks. Other active clients of the practice include American Express, British Telecom and Morgan Stanley. Andrew Ryan is a key figure in the team.
Stuart Hutchinson leads Simpson Grierson’s taxation team from the Auckland office. The practice acted for Westpac in High Court proceedings concerning the Commissioner’s assessment of cross-border structured finance transactions amounting to NZ$900m. The practice also advised Mars concerning the tax aspects of the partial acquisition of Wrigley’s for $23bn.
Buddle Findlay worked on the refinancing of redeemable preference shares for Infratil Finance which involved updating a binding tax ruling. The practice also advised Titan NZ Funding Trust on New Zealand securitisation programmes, and advised in two transactions concerning repo eligible securities.
DLA Phillips Fox’s taxation partner, Lynette Smith, acted for AMP Group regarding A$296m of Trans-Tasman notes during 2008-09. The team has devoted much of its time to income tax issues.