Commercial Law

COVID-19 economic response: insolvency laws

By NB Lawyers | May 8, 2020 |

As part of the government economical response to the COVID-19 effects, there have been temporary measures introduced effective as of 25 March 2020 that alter the laws in relation to insolvency and personal bankruptcy in Australia through the Coronavirus Economic Response Package Omnibus Act 2020 (Cth). The purpose of these measures is to deliver relief…

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COVID-19 – Force Majeure and Contractual Obligations

By NB Lawyers | April 26, 2020 |

Force Majeure….breach of contract….termination of contract….performance of contract.  Suppliers and service providers alike in industries as diverse as manufacturing and financial services, travel and engineering to marketing and dentistry are feeling the effect of COVID-19  and to a wider extent dispute over contractual obligations. The unprecedented event of the COVID-19 pandemic continues to place stress…

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New director’s liability for unpaid GST

By NB Lawyers | April 14, 2020 |

The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (the Act) received royal assent on 17 February 2020 enacting new laws in relation to illegal phoenix activities, with the most notable change being director’s liabilities in relation to Goods and Services Tax (GST). The aim of this new legislation is to hold accountable company directors…

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Vendor finance: buy and sell without the bank

By NB Lawyers | March 2, 2020 |
vendor finance

There are situations in which a bank loan is not a possibility when purchasing a business, property or other asset. This may occur because the buyer is unable or unwilling to secure a bank loan for the requested purchase price. However, the seller may be eager to sell their asset and be willing to come…

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Undocumented loans between friends and family

By NB Lawyers | January 13, 2020 |
undoumented loans

Undocumented loans between friends and family It is very common to advance money to a friend or family member for a business or personal expense where they are in financial need. These loans are often verbal without a specified date for repayment. Employers may also lend a sum of money to an employee or other…

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