STATUTORY DEMAND THRESHOLD INCREASED TO $4,000 FROM 1 JULY 2021

STATUTORY DEMAND THRESHOLD INCREASED TO $4,000 FROM 1 JULY 2021

The Corporations Amendment (Statutory Minimum) Regulations 2021 increase the threshold at which a creditor can issue a statutory demand on a company from $2,000 to $4,000. The increase will come into...

Seller’s rights of termination of “off the Plan” contracts under a sunset clause in Queensland

Property boom-increased values The current property boom has brought into focus the rights of a seller to terminate an” off the plan”  contract where registration of the plan (and other requirements)...

Ready for the end of the Financial Year?

In the lead up to the end of the financial year, there is always a rush to get matters finalised and for loose ends to be tied up. In this rush, it can be easy for tasks to be missed. To assist in...

Case Update: Unfair preferences – DOCA defence by ATO unsuccessful

In the March 2021 case, In the matter of Western Port Holdings Pty Ltd (receivers and managers appointed) (In Liq) [2021] NSWSC 232, the NSW Supreme Court has confirmed when payments made to the ATO...

Case Update: Unfair Preferences Payments made by Third Parties

Under section 588FA of the Corporations Act 2001 (Cth), a liquidator is entitled to claw back payments made by a company in the lead up to its liquidation that unfairly prefer or prejudice the...

Casual Employment Defined

The Full Federal Court in Workpac Pty Ltd v Rosatto [2020] FCAFC 84 on 20 May 2020, prompted calls for urgent legislative review because it threw into uncertainty the status of casual employees and...

COVID-19 Financial Assistance for Small and Medium Businesses in 2021

On 11 March 2021, the Federal Government announced the SME Recovery Loan Scheme (Recovery Loan Scheme), which will come into effect on 1 April 2021 and operate until 31 December 2021 and aims to...

Director Resignations: New Laws Apply from 18 February 2021

From 18 February 2021 a company director will not be able to backdate their resignation more than 28 days or resign and leave a company without a director. Backdating resignations was a common tactic...

Business Due Diligence

Business Due Diligence

This article will explain the reason why a due diligence should be undertaken in the sale andpurchase of a business. Why do a due diligence? There are a few reasons why a due diligence is important...

Business Due Diligence

Instalment Contracts and Forfeiture of Deposits

A recent matter reminds us all that in a hot real estate market and rising prices, any delays in settlement can be a fundamental breach. However-not all may be lost if there is an instalment contract...