This week I attended the SRO technology board meeting in Brisbane. It was great. It was eye opening and confirmed a hunch I have for SMEs: There are opportunities in niches.
Over the last 2 months I have published 2 articles in our “Demystifying the Sales Process” series. The Series unpacks the key steps that a business owner needs to take in order to take their business to market.
Last month I published the first article in our Demystifying the Sales Process series. The Series unpacks the key steps that a business owner needs to take in order to take their business to market.
The case of Lankester & Cribb [2018] FamCAFC 60 demonstrates how a Court will evaluate and balance the primary considerations in s 60CC of the Family Law Act. The matter concerned whether the primary judge had erred in making Orders initially suspending time between the mother and the child.
It is essential that people and businesses fully understand what they are committing to before putting pen to paper and signing a lease. If you are an individual or business that is looking to sign a lease, here are some things you should look out for before signing:
A family provision claim seeks that the Court make an order which varies the terms of a will, as adequate provision has not been made by the Deceased under their will.
What is a Heads of Agreement?
It can be temping for founders to run their own expenses through the business they founded, they may think this is their company and as such their assets they are deploying. Unfortunately, this is not the case when it comes to a Proprietary Limited company, where the company exists separate to it’s founder. This raises issues that the founder then has to deal with, which can lead to unintended tax issues, for the company and the individual.
Generally part-time workers are assumed by most Awards and the Fair Work Act 2009 and Fair Work Regulation 2009 to be working on fixed days every week, however we know that, particularly since the onslaught of COVID‑19 and in the increased movement of employers to make flexible arrangements with their employees in some industries that there are roles where permanent part-time employees have the flexibility to choose their own working days every week. It may not be a true permanent part time arrangement under the law but employers are certainly paying leave entitlements out to these employees and treating them as permanent staff members.
Corporate Trust:
The family law system has always been thought of as one of the friendliest for self-represented litigants. The Courtroom protocol is a little more lax, the jargon a little less heavy and the Court officials a little more understanding. This has led many to question the need for a family lawyer.
Over the next few months we will be demystifying the sales process and taking you through, in our mind, the key steps that a business owner needs to take in order to take their business to market.
Steps to be Completed Prior to a Final Hearing
The often sensitive and emotion-charged nature of family law parenting proceedings means that the Australian judicial system must adapt the ordinarily strict rules of evidence and cross-examination to more appropriately deal with the complex circumstances that may arise in a family law situation. Section 102NA of the Family Law Act (Cth) (‘FLA’) presents a recent example of how the legislature has chosen to navigate the sensitive issue of family violence in the context of parenting and property cases.
Often times businesses that are rapidly growing (and fundraising) run into a key issue – they take on too many shareholders to remain a private company and breach (or will soon breach) the 50 shareholder (non-employee) limit.
It will come as no surprise to anyone who is somewhat technologically literate, that as technology advances, the concerns about privacy also increase. A valid concern considering the difference in speed at which technology and the law move. Overseas, facial recognition technology is used by government to create a social credit system for citizens, where their every move affects their standing in society, made possible only through this technological advance. In Australia, the concerns over a citizen’s privacy mean that all must tread carefully when obtaining and using a person’s private information, but this concern has not stopped businesses in using this technology. As citizens, we hope that the benefits to the bottom line do not invade our privacy to the extent seen overseas, but recent investigations and complaints made against a number of corporations indicate that perhaps this technology, is more far extensively used here than expected. But is it legal at the end of the day for these businesses to be using facial recognition technology?
It is tough for businesses at the moment. Employees are hard to find and keep. Interest rates are rising. As are fuel prices. Record setting weather events are moving across large parts of the country. A war halfway across the world is pushing out costs at home. Global and local market fluctuations. Isolation requirements have lifted, but business is not what it was before the COVID-19 pandemic. A perfect storm. Certainly, there is currently no shortage of challenges for businesses – whether these affect your business directly or indirectly by impacting your upstream or downstream markets.
Despite the world going through a tumultuous time, with wars, pandemic and most recently a pinch on the cost of living, the wheels of entrepreneurship and growth are still spinning. No where is this more notable than in the always active field of Mergers and Acquisitions (M&A).
When you are thinking about National Safe Work Month this October 2022, it’s worth remembering that safety accidents can really happen to anyone. It’s not just the big end of town with hundreds of employees carrying out dangerous work, it’s also your local plumbing and gas fitting business.
.au is a new general purpose domain name that is available to anyone with a verifiable connection to Australia. These were launched in March 2022. Until 9:59am AEST 21 September 2022, holders of .au domain names which include an additional namespace (such as .com .org or .net) may apply for priority status to reserve an exact match of their current domain name in the .au domain. No one else may do so.
When negotiating a property settlement with your former spouse, it is important to consider any potential Capital Gains Tax (“CGT”) implications.
It goes without saying that the impact on children of their parent’s separating needs to be managed carefully by the adults around them. Support services such as counselling and family therapy are integral for supporting children at such time. At Frank Law, we have built trusting relationships with counsellors and family therapists who we often refer our clients to for additional emotional support.
Solicitors are not employed to act as ‘postman’ to vent the anger and vitriol of their clients.
The Full Court of the Federal Court - Allsop CJ, Middleton and Derrington JJ have given Liquidators and Insolvency Lawyers an early Christmas present in finding that a a statutory set-off under s553C(1) of the Corporations Act 2001 is NOT an available defence against a liquidators claim for the recovery of a preference under s588FA of the Act.
A lot of poorly made jokes begin with “there are two certainties in life…” When it comes to family law proceedings, you can be certain that your taxation returns will come under the microscope.
Many of us grow up dreaming of owning a Ferrari and those who do own a Ferrari will do all that they can to protect and maintain it.
It is often the case that an alleged perpetrator of family violence is simultaneously defending criminal charges for the same behaviour.
The long and taxing journey of a family property division is only made worse when you discover (or potentially confirm your suspicion) that your ex-spouse has lost hundreds or thousands of dollars whilst gambling each week. As a result, there are debts on credit cards in both your names and your asset pool may not be as significant as it could otherwise have been. How does the Family Court handle such a complex situation?
Navigating parenting post-separation is a notoriously difficult process. It can be hard to set aside the distrust and fraught emotions that exist between parents whose relationship has fractured. Working out how to make long-term decisions in the best interests of your child after conflict is no easy task. Often, the topic of schooling becomes a point of contention as one parent’s individual hopes for their children’s education may not line up with the other parent’s.
In this COVID-19 climate, opinions in relation to vaccinations are being discussed more than ever in the media and in everyday conversations.
One of the most important steps in family law property settlements is identifying the net asset pool available for division between the parties. Generally, the most significant asset available for division between the parties is real property (i.e. the family home and/or investment property).
I cared for and paid expenses towards my spouse’s children during the relationship. Is this taken into account when determining the division of our assets?
In Australia, each parent has parental responsibility for their child until they turn 18 years of age. The Family Law Act 1975 (Cth) defines parental responsibility in relation to a child as “all duties, powers, responsibilities and authority which, by law, parents have in relation to children”. The change in the parents’ relationship, by virtue of separation, does not affect parental responsibility.
Oral contracts exist everywhere. When you order a coffee or lunch, when you borrow your neighbour’s tools or when you agree to pay your friend back for that ticket to the NRL. Oral contracts are great for social settings however they are not suitable for business transactions.
When you are in the business of hiring out goods it is important to know your obligations of registering a lease in accordance with the Personal Properties Securities Act 2009 (Cth) (“PPS Act”).
Mother’s Day is all about celebrating motherhood and mothers in our families. It is about celebrating the woman who raised you and shaped you into the person you are today. It is often the day when children remind their mothers of their love and appreciation for their efforts and shower them with beautiful gifts such as flowers and cards with messages such as “I love you mum” and “you’re the best mum ever!”.
If you are thinking about separating from your spouse, have recently separated or your family law matter is currently progressing through the Court system- there are several key numbers which you need to be aware of. In this article, we outline a number of time-limits prescribed under The Family Law Act 1975 (Cth), which may apply to your situation. Three important time-frames that you need to consider are:
We recently had clients seek advice from us to resolve a situation they found themselves in, where they had been told by a key advisor to “just place the company into liquidation”.
What are the risks involved when buying and selling in the same market?
There are a number of different ways a business or individual may choose to secure their interest in another business. This article explores in more depth a charge registered pursuant to the Personal Property Securities Act 2009 (Cth) (‘PPSA’) on the Personal Property Securities Register (‘PPSR’) or a PPSA security interest. In particular this article will look at priority rules.
Buying a home unit off the plan is not all that it seems. There are many risks involved which buyers may not be aware of.
There are a number of different ways a business or individual may choose to secure their interest in another business. The different methods and whether they are suitable or not depends on the nature of the transaction and the type of asset being secured against. For example: a loan for the purpose of purchasing a commercial property may be secured against that property by way of a mortgage.
One of the major benefits of setting up a Testamentary Trust in your Will, along with the significant tax benefits, is the protection afforded to the assets of the Testamentary Trust in a Family Law property settlement.
Do you struggle with debtors? Do you find people don’t pay your invoices on time Do you struggle with cash flow? Do you want to a cost-effective way to recover your debts?
On 7th September 2020 the Federal Government announced that they would be extending the Insolvency Relief measures that were legislated in March 2020 due to the Covid-19 pandemic.
The simple answer is yes provided that the marriage has broken down irretrievably.
This is the second article in our 4-part series on 'Preparing for the Precipice: a post JobKeeper economy.'
As you are aware the JobKeeper Payment in its current form will cease on 27th September 2020. However, on 21st July the Government advised that JobKeeper will be extended in a modified way with the end point now being 28th March 2021.
Some people may worry that when they enter into a relationship they will be classified as de facto, which in turn has an impact on whether they may be exposed to a claim for a property settlement or maintenance upon the breakdown of a relationship.
When confronted with a potential litigation there are usually 2 responses:
Purchasing a property is a very big investment so Purchasers should do their due diligence prior to signing the Contract for Sale (“Contract”) and also during the purchase process.
In the last week there has been a significant decision that has come as a major shock to employers of casual employees. In the case of Workpac v Rosatto, the Full Bench of the Federal Court of Justices Mordy Bromberg, Richard White and Michael Wheelahan found that even though Mr Rossato was on paper a casual employee, the evidence suggests that his employment was 'regular, certain, continuing, constant and predictable', and he was given rostered shifts well in advance, and as such, he was eligible to entitlements that full time employees receive.
There are many issues which could arise when entering into a sale or to purchase a Contract for Sale. It is critical for individuals and companies to seek legal advice before entering into a Contract for Sale to avoid certain issues.
Last week, Parliament passed legislation making changes to the Fair Work Act 2009 to accommodate the JobKeeper wage subsidy announced the week before.
On 17 February 2020 the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received royal ascent.
The legal work involved in preparing a sales contract, mortgage or other property related documents, is called conveyancing. While you can do your own conveyancing, most people engage a licensed conveyancer or solicitor to simplify the process.
The Security of Payment Act legislation (SOPA) enabled through the Building and Constructions Industry Security of Payment Act 1999 (NSW) (“the Act”) is a provision which allows creditors to enforce progress claim payments as per their contract. This is for works carried out, and goods and services provided in the construction industry, in accordance with their contract.
If a company has more than one shareholder it should have a shareholders’ agreement in place.
“By biology, or by law, or a combination of both, certain people, take on the right and responsibilities of raising children, and are, or become parents”: Masson v Parsons [2017] FamCA 789, 46.
ABC Learning Centres was the biggest childcare company in the world. From humble beginnings in Brisbane in 1988, it grew to 43 centres in Australia at the time it was listed on the Australian stock market. Between 2001 and 2007 the company acquired a further 2195 childcare centres across Australia, New Zealand, the UK and the United States.
Michael R Czinkota, former Deputy Assistant Secretary of Commerce in the United States Department of Commerce said this:
On 15 November 2019 the Australian Law Reform Commission released a Discussion Paper into Corporate Criminal Responsibility.
Recently, the Australian Institute of Family Studies (‘AIFS’) released an Evidence Summary of a study it had conducted in relation to post-separation parenting outcomes. The Evidence Summary provides very interesting statistics regarding family law parenting outcomes that cast some light on the process. While statistics do not always tell the whole truth, they can indicate trends in the family law parenting process that may be helpful when determining the best course of action in your case.
On 1 March 2009, Part VIIIAB was inserted into the Family Law Act 1975 (Cth) (‘the Act’) which provided for Australian de facto couples to have their financial matters dealt with upon the breakdown of their relationship under the Australian family law system. The main effect of the amendments was to the mirror Part VIII of the Act, which covers financial matters between married couples.
Most Shareholder Agreements provide that Companies are controlled by a shareholder (or a group of shareholders) that holds a majority of the shares in the Company. These Agreements allow majority shareholders to appoint directors and control many other company activities including the day-to-day operation of the business, payment of Dividends or Dividend distribution policies, financing policies and, in most instances, the issuing of new shares.
The family law system in Australia is constantly evolving and works to recognise and assist adults and children who have suffered family violence. This year, as many as 70% of all family law matters in the Commonwealth court system involve an allegation of family violence. A particular concern of the Courts is to ensure that children who are exposed to or suffer family violence or abuse are protected as much as possible.
There has been much debate as to how the trustees' right of indemnity would apply to an insolvent corporate trustee.
Children are constantly evolving, developing and growing at varying stages of childhood and adolescence. They transition from preschool, to primary school, to high school; their friendship circles, interests and extracurricular activities may change; sometimes they may move to a different suburb, city or state. Change is a reality in a child’s life and studies show that people grow and develop more rapidly in their childhood than at any other point of life.
It is commonplace for a company to borrow funds to advance their business. This can take the form of commercial loan facility or specific equipment finance. In most if not all cases the loan facility is secured either by a security interest over the whole business, or the company, or against the equipment itself.
In a recent blog post, we explored the mandatory requirement for parties to attempt to resolve their parenting dispute with the assistance of family dispute resolution (‘FDR’) prior to applying to the court for parenting orders: Family Law Act 1975 (Cth) s 60I(1). However, s 60I(7) provides various exceptions to this mandatory requirement such as the following:
Prior to commencing parenting proceedings, parties must make a “genuine effort” to resolve their parenting dispute with the assistance of family dispute resolution (‘FDR’): Family Law Act 1975 (Cth) s 60I(1). The usual form of FDR that parties engage in is mediation with an accredited FDR practitioner. Often this take places through services such as Relationships Australia, however parties can engage an accredited private mediator (who is often an admitted lawyer) to mediate their dispute as well.
In 2005 and 2009, crucial amendments were made to the Bankruptcy Act 1966 (Cth) and the Family Law Act 1975 (Cth) that bestowed jurisdiction upon the Family Court of Australia in bankruptcy for married and de facto couples.
The Family Law courts, under s79 of the Family Law Act 1975 (Cth) (“the Act”), have the power to alter the interests of parties to a marriage or de facto relationship when it is just and equitable to do so. As far as practicable, the Court aims to make orders for property settlement that will determine the financial relationship between the parties on a final basis.
Whether you are a netball, NRL or AFL fan, this time of year is full of legendary weeks of grand finals. Watching Richmond smash our local GWS team to win the AFL grand final and witnessing the Roosters win the NRL competition, one couldn’t help but admiring the skills, fitness and talents of the players to perform at the highest levels of their chosen sports.
One of the most seminal decisions in bankruptcy law is the High Court decision of The Trustee of the Property of John Daniel Cummins, A Banklrupt v Cummins (2006) [2006] HCA 6.
In civil litigation, costs orders are where the court orders that one party pays another party’s legal costs. Costs orders can be made during or after court proceedings and may relate to the whole proceedings or a particular part of the proceedings. Costs orders are also assessed entirely at the court’s discretion depending on the facts of the case and the conduct of the parties.
Last week Frank Law presented a seminar entitled: Firing the ‘Unfireable’: How to dismiss someone and not get sued.
Compulsory retirement is when an employer forces an employee into retirement by either;
When a company is first set up, usually its purpose and subsequent structure is clear. Over time, the business grows, and the company may outgrow its current structure, or in the alternative, the business may find itself in financial strife and so the structure of the company may need to be reconsidered.
It is not uncommon for a spouse to accumulate debt following separation. If your spouse is partying it up, spending money on extravagant items, selling investments and increasing their credit card debt, it can make the family law property settlement problematic. This is because all assets and liabilities are included in the pool that is to be divided between the parties, and the value is at the current value, not the value at separation. What can be done about debts incurred post separation?
It is quite common in civil litigation proceedings for the Defendant or Plaintiff to be located in another state. The person you are intending to sue may live interstate or their registered office may be interstate. Either way, there are a number of things to think about if you intend to sue someone who is not in the same state as you.
One of the primary considerations when determining what is in a child’s best interests is “the need to protect the child from physical or psychological harm from being subjected to, or exposed to, abuse, neglect or family violence”: Family Law Act 1975 (Cth) (‘FLA’) s 60CC. This consideration is given greater weight than the benefit to the child of having a meaningful relationship with both parents.
In the decision of Mondalez v AMWU [2019] FCAFC 138 handed down 21st August 2019, the Court has fundamentally changed the way many Australian employees are entitled to accrue sick leave.
James Frank recently spoke at a Sydney Hills Business lunch on how the Internet has changed the business game. The following article is a summary of what he spoke about.
When a person who owes you money becomes bankrupt, it may become a lot more difficult for you to recover your debt. A trustee (being a person or entity) steps in to manage the bankrupt’s affairs. The trustee works with the bankrupt individual and the bankrupt’s creditors to achieve a fair outcome for all. While the trustee will endeavour to ensure all creditors receive due payment for the amounts owing to them, creditors may have to commercially accept ‘cents in the dollar’ to ensure they receive some payment for their debt.
If you decide to commence court proceedings to sue a debtor for an amount they owe to you, the first step is to draft and serve your originating process. ‘Originating process’ are the documents used to commence legal proceedings and to notify the defendant of the case against them. This usually takes the form of a Summons or Statement of Claim, which must be served personally on the debtor to ensure they are aware of the proceedings. The court will not hear the case until they are satisfied that the defendant is aware of the proceedings and that the documents have been personally served.
In a family law matter whether it be in a lengthy litigation battle or attempting to settle matters outside of court, the most frequent issue that arises is not a question of law but of fact. Specifically, how much is a particular asset or liability worth. A valuation may then be required to resolve the dispute regarding the value of the item.
Unlike wine, debts don’t improve with age. Once you have made a decision to take action to recover a debt, it is important to move quickly in deciding the means by which you will pursue repayment.
Whenever we speak to clients about why their business is struggling and explore restructuring options we continually hear common myths about the Voluntary Administration (VA) process. We have detailed the 5 key myths below:
When running a litigation matter, that is, any Court matter, it is critical to be able to prove to the court that your court documents were delivered to the other side. Afterall, if the other side did not receive your court documents then how do they defend themselves and how is justice upheld in the court system? This is where a process server comes in handy.
Parents with children under the age of 18 years have a responsibility to financially support and provide for their children. When marriages or de facto relationships break down causing the parents to separate, that financial responsibility to their children does not end. As a result, the primary carer is usually entitled to receive money from the non-primary carer to assist with providing for the children. This is to pay for food, clothing, education expenses and the day to day expenses in raising children. This payment occurs by way of child support.
When children are taken and not returned to their usual parent at the agreed upon time and location it can be cause for serious alarm. Questions like “Where are my children?” “Are my children safe?” “How do I get them back?” arise. The Court has a clear process for the recovery of children if children are kidnapped.
Voluntary Administration is a formal restructuring process contained within Part 5.3A of the Corporations Act. It has more recently become a strategic tool used by directors to protect themselves from insolvent trading breaches but also to ‘reset the business’ in times of shock.
The Duty of Disclosure
Some people believe that in Family Law a parent with a mental health issue will be disqualified from spending time with their child. That is not the case. The paramount consideration in parenting matters is what is in the best interests of the children, which is having a meaningful relationship with both parents while minimising harm to the child.
On 19 September 2017 the safe harbour laws commenced which enabled directors to turn around struggling companies without exposing themselves to personal liability under Australia’s insolvent trading laws.
The Family Law Act 1975 states that the best interests of the children are served by a meaningful relationship with both parents in a safe environment. Where there are allegations of abuse or harm, it needs to be considered how best to facilitate time with mum and dad in a safe manner. Accordingly, supervised contact may be an appropriate solution.
If someone owes a debt to you that they refuse to pay, you may wish to take legal action to pursue them for payment of the amount owing. If you decide to sue someone for the debt, the first question you must consider is the applicable jurisdiction. In other words, you need to ask yourself the question, ‘In which jurisdiction should I pursue my debt?’.
The actions of employees regularly get employers into trouble. Whether it’s a disgruntled employee as they leave their workplace or a trainee starting out, there can be many issues that need to be accounted for by the employer. But what about criminal activity?
Every matter involving parenting arrangements is different; they each have their own uniqueness that requires careful consideration by the court. However, across all cases, the court’s key consideration is what is in the best interests of the child.
All of us have been in a situation at one point or another where we owe someone money. Whether it’s paying someone back for dinner or obtaining a loan from a multinational financial institution, the burden of debt can be crippling for individuals and businesses alike.
The Personal Property Securities Register is a great tool for parties who lend money, supply goods on account or enter into asset leases. However, one common problem is the laziness of lenders or suppliers in perfecting their security interest.
Consultant Conrad Liveris released a report, based on the annual reports and websites of ASX200 companies, identifying commonalities and norms in the educational and professional experiences of CEO's. According to his analysis, the CEO candidate pool has remained narrow (despite the fact that business is increasingly global) and the pathway to become CEO has likewise remained narrow and has changed little over time. The report questions, in the context of increasing community expectations of Australian business, whether businesses should consider revisiting their approach to ensure they are recruiting the best available talent rather than sticking with the familiar.
The Sydney property market has seen enormous growth. The median price has risen by some 412% in the past 25 years. Pegged to this has been the growth in certain industries such as trades and services or manufacturing.
Last month, the Australian Law Reform Commission (‘ALRC’) released its report, ‘Family Law for the Future – An Inquiry into the Family Law System’ (‘the Report’). The ALRC spent 18 months working on the inquiry, which was headed by the Honourable Justice Sarah Derrington.
With the update of the Family Violence Plan in April 2019, the Courts have continued to recognise the importance of protecting those experiencing family violence, and the detrimental impact on the health and wellbeing of separating partners and children in situations of family violence.
In the case of Carrier v Bonham [2002] 1 Qd R 474 Queensland Court of Appeal, Bonham was a psychiatric patient with a long history of schizophrenia. He was being detained in a hospital and escaped. Carrier was driving a bus when Bonham jumped in front of the bus with the intention to harm himself. Carrier attempted to brake, however, he was unable to avoid hitting Bonham.
Medical Negligence, also known as medical malpractice, is the failure from a healthcare provider to treat a patient with reasonable skill and care, causing injury as a result. This includes GPs, dentists and specialists.
Domestic Violence is unfortunately common. Today 1 in 3 women have been or are in an abusive relationship. As Domestic Violence Prevention Month, this May, begins we look at 5 different ways to help us understand how we can respond and support those who we know are experiencing domestic violence.
Currently there are 2,672,325 companies registered in Australia, therefore meaning that there at least 2,672,325 company directors in Australia. Fundamentally, the role of a director is a fiduciary in relation to the company. That means that they have a responsibility to place the companies interests before their own.
In our previous article, “What is a Statutory Demand?” we outlined what a statutory demand is and the high-level impact of not complying with it according to the Corporations Act 2001 (Cth). In this article we will explore the impact of a statutory demand from a creditor’s perspective and a debtor’s perspective.
Section 459E of the Corporations Act 2001 (Cth) explains that a creditor may serve a debtor with a statutory demand. A statutory demand is an instrument which sets out the demand and may have an affidavit attached to validate the claim.
Section 95A(1) of the Corporations Act 2001 (Cth) defines a ‘person’ (which includes a company) as being “solvent if and only if, the person is able to pay all the person's debts, as and when they may become due and payable.” Insolvent is defined in s95A(2) as being unable to pay all of its debts as and when they become payable. This definition clearly places the test on a cash flow test rather than a balance sheet test.
If you have been injured in an accident, you should act promptly as there are strict limitations for making an application before the court. The circumstances of the facts effect how statutory time limit restrictions apply.
Total and Permanent Disablement Insurance (TPD) is designed to provide a lump sum benefit to the claimant in the event of a medically diagnosed event that renders them unable to work again.
The question of who has duty of care, and therefore who is at fault, is the main issue with negligence leading to a sports injury.
The National Redress Scheme (the Scheme) was created in response to recommendations by the Royal Commission into Institutional Responses to Child Sexual Abuse (Royal Commission). The Royal Commission listened to thousands of people about the abuse they experienced as children and the Scheme was designed for victims of institutional abuse.
Introduction
Although the legislation relating to Financial Agreements seems clear-cut, Financial Agreements are often overturned or set aside by the Court for a variety of reasons. This makes it more difficult to guarantee that a Financial Agreement will indeed be ‘binding’. When considering the application and utility of Financial Agreements in practice, it is therefore prudent to weigh the advantages of entering into a Financial Agreement against the drawbacks or risks associated with it.
Introduction
On American television shows and in movies, the term ‘pre-nup’ is often thrown about. You may be interested to know that there is actually no such thing as a pre-nuptial agreement in Australia. Rather, under Australian law, people can enter into a Financial Agreement at any stage of their relationship to deal with their financial settlement or financial support after the breakdown of the relationship.
We often find that directors are unaware of an important section of law: Division 269 to Schedule 1 of Taxation Administration Act 1953 (Cth). This places a positive obligation on Directors to cause the company to meet its pay-as-you-go (PAYG) and superannuation guarantee charge (SGC) liabilities or to take action to ensure that the corporation takes certain steps.
As already identified in a previous article titled, How to Restructure your Business: Part One, the broad insolvency process in Australia can be broken down into 2 stages:
On 14th March 2019, Commissioner Chris Jordan AO addressed the Tax Institute’s 34th National Convention and highlighted several key points for professionals to learn from. These will be outlined in this article.
Australian businesses are increasingly engaging workers overseas attempting to overcome skill shortages or simply lowering labour costs. Opening offices overseas or establishing overseas joint ventures usually involves Australian companies sending Australian management overseas and then, along with hiring local workers, establishing overseas branches to assist in their Australian operations. But advances in technology are progressively making it unnecessary for Australian businesses to relocate employees overseas, they can simply ‘hire and fire’ overseas workers from the comfort of their Sydney-based HQ offices.
The insolvency process in Australia can be broken down into two stages.
Suppliers asking a Business Owner or Director for a personal guarantee is a well-trodden path.
The duty of disclosure requires all those in family law to provide all information relevant to the family law proceedings. In family law financial cases this means that those involved are required to provide ongoing relevant information such as bank statements, tax returns and financial reports. However, it is not uncommon for some to be reluctant in disclosing relevant information. Afterall, if you disclose an asset then that asset may form part of the family law proceedings. So, it becomes difficult for those who are trying to get accurate and up to date information on those assets.
Introduction
The Australian family law system is currently undergoing many changes, leading to a highly politicised and uncertain environment that has only exacerbated issues with the court system. While it may seem that governments and lawyers alike are the only beneficiaries of the inefficiencies of the family law jurisdiction, one form of alternative dispute resolution is on the verge of making a great resurgence that may make clients the real winner.
The PPSA is a regime established by the Personal Property Securities Act 2009 (Cth) (PPSA) and the Personal Property Security Regulations 2010 (Cth).
The Australian Law Reform Commission in 1988 in its General Insolvency Inquiry set out the range of purposes for insolvency law in Australia which largely revolved around the efficiency and administrative process rather than the possible rehabilitation, restructuring and turnaround possibilities.
We all would like to live in a world where there is no fighting or violence, but the truth is that in Australia currently, at least one woman dies from domestic violence a week. Often domestic violence is kept secret within the walls of the home, with family and friends unaware. We must be more educated and socially aware to offer support and help people suffering this danger. Victims should not feel ashamed and know that there is support available to help them change their circumstances.
Setting up a company is relatively easy these days. If you fill out the right form and pay the right fee, you can have a company before the week is out. However, one of the more mundane details on the form – listing the registered office – could actually be the undoing of your company, or your clients’ companies, if you fail to keep it updated.
Quite often we have clients referred to us to sell their business.
The sale can be for a variety of reasons. They may be retiring, unwell, looking to downsize operations or may have been approached by a larger Company. Whatever the reason, it is common that the purchaser only wants the ‘good’ and not the ‘bad’ while our client (the seller) wants the good and to dispense with the bad.
Spousal maintenance is ongoing financial support paid by a party of a marriage to their former partner in circumstances where the former partner is unable to support themselves. In de facto relationships, this is called de facto partner maintenance. For the purposes of this article, both types of maintenance will be referred to as ‘spousal maintenance’.
It is not uncommon in family law proceedings for a party to post on social media about their separation. It is so common in fact, that many may think that venting on social media, or indeed any media available to the public, is acceptable. This could not be further from the truth.
For the first time in over 40 years an inquiry has been made into the family court system. The Family Court system has been criticised as ‘painstakingly slow’ and ‘prohibitively expensive’ time and time again. To remedy this, the government has proposed a merger between the Family Court of Australia (FCoA) and the Federal Circuit Court of Australia (FCC) without waiting for the release of the Australian Law Reform Commission’s final report, which is scheduled for 31 March 2019.
Claims for psychiatric harm are becoming more common due to social change and awareness. There has been an influx of claims being made against employers for not protecting their employees from exposure to psychiatric harm. These claims are being made on the basis that an employer owes their employee a duty of care. Duty of care is the obligation to ensure the safety or well-being of others.
Santos Ltd, Australia’s second largest independent oil and gas producer, recently lost an appeal in the Supreme Court of Queensland: Court of Appeal against BNP Paribas.
In 2018, ABC’s Four Corners program investigated the grip of the sugar industry on global policy efforts to cease the rise of obesity. The epidemic of obesity has been a major problem in Australia, with some advocating for a sugar tax to solve the problem. The program focused on some of the tactics that companies who use excessive amounts of sugar in their products utilised to skew the public’s perception of sugar.
