With 1 January 2021 fast approaching, directors may need to consider if a company’s business requires significant debt restructure to survive and escape insolvency. The proposed changes to insolvency laws are designed to: Keep control of distressed businesses with owners Restructure viable businesses and retain employment Increase the speed of business restructure and reduce costs […]
A Self-Managed Superannuation Fund (“SMSF”) is a type of superannuation structure that allows members to control and manage their own funds. Unlike other superannuation funds, members have autonomy over the choice of investments they can make. The activities of an SMSF must be conducted through a trustee because the fund itself is not a separate […]
A co-owner is a person who owns land with one or more other owners. Co-owners may hold land as joint tenants or tenants in common. The way land is held is important in property law as it impacts on the way it can be dealt with generally, and what happens after the death of a […]
A partnership is an association of 2 or more people who carry on business as partners and distribute income and losses between themselves. In a partnership, the partners all own the business, all have control of the operation of the business and all the profits belong to the partners jointly. With a partnership, the business […]
A Power of Attorney is a legal document authorising a person to act for you and make binding decisions on your behalf. A Power of Attorney is usually prepared: to facilitate and complete transactions when you are unavailable to do so, for example while travelling; to get help with essential activities such as managing finances, […]
Company directors have many responsibilities when carrying out their duties. Generally, company directors and officers are not personally liable for a company’s debts. Certain circumstances however can arise where directors may find themselves facing legal or other regulatory action exposing them to personal liability. Generally, the more complex the role, the greater the risk. In […]
If your business is involved in a commercial dispute, your biggest concerns are likely to be the financial losses that your organisation and its officers could suffer, and the size of your legal bill. Commercial disputes can be disruptive, emotional and exhaust resources that should otherwise be spent for the advancement of the enterprise. By […]
A ‘dutiable transaction’ under respective state / territory laws in Australia generally includes the transfer of real property from one party to another. Unless exempt, these transactions are liable for transfer duty. Legislation across various jurisdictions provide duty exemptions for certain transactions including transfers of farmland between family. These exemptions offer considerable savings for intergenerational […]
The question of mental capacity is an important consideration in will-making and can be a contentious issue. How often do we hear family members arguing over a loved-one’s ‘state-of-mind’ and ‘what Grandad would have wanted’ when sadly, his memory and ability to make reasonable decisions comes into question. This may be due simply to age, […]
Company directors should note new laws increasing their exposure to personal liability for certain debts and creating new criminal offences and civil penalties under the Corporations Act 2001 (Cth). The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020, as the title suggests, targets phoenix activities that rob the Australian economy and place companies engaging in […]