Statement of Contingent Liabilities
In this section...
- Annual Report 2007/08 homepage
- Chief Executive's overview
- Strategic direction 2007/2008
- LINZ's performance 2007/2008
- LINZ information
As at 30 June 2008
Quantifiable contingent liabilities
Contingent liabilities are disclosed at the point at which the contingency is evident.
| Actual 30/6/07 $000 |
Actual 30/6/08 $000 |
|
|---|---|---|
| – | Potential work on Crown lands | – |
| – | Legal proceedings and disputes | 1,400 |
| – | Personal grievences | – |
| – | Contingent assets | – |
| 0 | Total contingent liabilities | 1,400 |
Potential work on Crown land
The contingent liability for potential work on Crown lands represents the Department's best estimate of the cost of mitigating potential liabilities within our Crown property portfolio.
Legal proceedings and disputes
Legal proceedings and disputes would represent the amounts claimed by plaintiffs in relation to the performance of the Department's statutory role. The Department has no such legal proceedings or disputes.
Personal grievances
Personal grievances represent amounts claimed by employees for personal grievances cases, all of which relate to breach of contract with employees relating to restructure.
Contingent assets
The Department has no contingent assets (2007: nil).
The accompanying accounting policies and notes form part of these financial statements
