Commercial Law
Personal Liability for Company Directors: When Things Go Wrong
Personal asset protection is often touted as a major benefit of operating through a company rather than as a sole trader or in a traditional partnership. Despite this, there are a significant and growing number of liabilities and obligations for which a director can be personally liable. Whether you are the sole director and shareholder…
Read MoreSale and Purchase of Business: Equity versus Asset Sales
Are you looking to buy a business, or have you signed a contract already? If so, there are key risks and advantages about the structure of the transaction that need to be understood before looking at the detail. There are many reasons to buy a business. Perhaps you are new business owner and want to…
Read MoreIpso Facto Reform: ‘A breath of fresh air’ for distressed Companies; and a major change to Contract Law. Are you prepared?
Ipso facto provisions are a common staple found in almost every commercial Contract one can think of but, starting from 1 July 2018, there will be new laws which
Read More‘Money never sleeps’ and neither does ASIC: disqualification as a Director pursuant to Section 206F Corporations Act 2001
During the corporate excitement of entrepreneurial risk-taking in a limited liability Company, thought is not usually given to the possibility that a Director may be disqualified if ‘things go wrong’. Even in the event of liquidation of a Company, Directors are – notwithstanding the ‘corporate veil’ – more likely to be concerned about Director’s liability…
Read MoreMediation or Trial?
In times of significant conflict, a trial can be seen as the best option moving forward. While it is needed in some cases, it isn’t required for all. Outcomes available at trial can often be limited, and there can be risks including prohibitive legal costs and lengthy court delays.
Read MoreVerbal promise of “I’ll definitely pay you back the monies and even more” found legally binding: the Berghan decision
The phrase “don’t expect to get your money back if you loan it to family or friends” is common but a misconception according to a significant decision handed down by the Queensland Supreme Court of Appeal on 13 October 2017. While verbal agreements for monies loaned to family
Read MoreIncreased liability for Franchisors
There is significant movement in the franchisee and franchisor space at the moment with franchisors being held increasingly accountable for the actions of franchisees and for failing to adhere to certain requirements under the Franchising Code of Conduct. In May of this year, the Australian Competition and Consumer Commission (ACCC) fired a warning shot at…
Read MoreReminder: Small businesses are now protected against unfair contract terms
In case you missed the announcement on the 12th of November 2016, the Unfair Contract Terms provisions of the Australian Consumer Law (ACL) were extended to cover small business. In effect,
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