Personal Property Security Register – Tips to protect your position
When a customer is insolvent, or when you are trying to collect a debt, it is often too late to secure your position. We would recommend all clients consider the benefits of PPSR registrations for their business at an early stage. There are many aspects to utilising the PPSR and ensuring that your company’s position […]
Commercial Property Tender Process
Implied terms When a party makes a formal request for tenders (the offer) and that request is met with a complying tender bid (the acceptance) then a ‘process contract’ is formed completely separate from the principal agreement for the sale of property or for construction services. When a separate process contract arises there are several […]
10 Tips for Landlords Entering into a Commercial Lease
We’ve separately written about some of the things tenants should consider when entering into a new lease. It is equally important that a landlord takes care when negotiating and preparing a new lease. Here are our top 10 tips for a landlord who is entering into a new lease agreement. 1. Seek advice early We suggest that […]
Directors’ Duties
These duties have become increasingly important in light of the recent financial downturn. When there is financial uncertainty, and investors or creditors suffer losses, directors are more likely to make decisions which may be challenged. Recently there have been numerous reports of the Securities Commission taking proceedings against directors of finance companies for misleading investors. […]
Upcoming Changes to the Fair Trading Act
Background In August 2021, Parliament enacted a number of amendments to the Fair Trading Act 1986. Some minor changes were of immediate effect, with major changes coming into force from 16 August 2022. A key change coming into force this year is an extension of existing protections against unfair contract terms. What’s changing? Previously, such […]
Recent changes to the Overseas Investment regime
The recent changes replace the emergency notification provisions introduced under urgency in 2020 in response to the Covid-19 pandemic. The changes also streamline aspects of the OIO application process by removing some “lower risk” transactions and by simplifying investor requirements including the “investor test” and benefits tests. One significant change is the introduction of the […]
Directors and Personal Guarantees: Managing Your Personal Exposure
Personal guarantee A company director that signs a guarantee to support or guarantee the obligations of a company means that the director will be personally liable for the company’s debt, obligations and commitments if that company is unable to meet its obligations. Personal guarantees are given by directors of companies quite routinely, especially for small […]
Read First, Tick Second
Michael Hill Jeweller (Australia) Pty Ltd (Michael Hill) has been ordered to pay AUD $2,259,971.40 (plus interest and costs) to its packaging supplier Gispac Pty Ltd (Gispac), for breaching the supplier’s terms and conditions. In 2014, Michael Hill signed three new sale agreements with Gispac as part of an international rebrand. The sale agreements included […]