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Media stories abound about the spiralling value of real estate, particularly in Sydney, and the pressures young people face in getting a foot hold into the market. Many of our clients are in a position to help their children into the property market but care and careful planning are needed if unintended financial consequences are to be avoided. Let’s assume that you own an investment [...]
A director has an array of obligations or duties towards the company and its shareholders that must be adhered to pursuant to common law and statute. There are circumstances such as when the company is insolvent or is at risk of insolvency where duties are also owed to creditors and other members of the public. Obligations imposed by the Corporations Act 2001 (Cth) include: The [...]
The High Court's recent decision in Peter Mann & Anor v Paterson Constructions Pty Ltd HCA 32 has limited the circumstances in which a builder can bring a claim in quantum meruit. A claim by a builder or other contractor in quantum meruit is a claim for the reasonable value of work done. Prior to the decision in Mann v Paterson, if a builder chose [...]
An Advance Care Directive is a written statement of your wishes for your future health care. It comes into effect only if you are incapable of making health care decisions for yourself or communicating your wishes. Why make an advance care directive? You may have already appointed an Enduring Guardian to make decisions about your personal care and to give formal consent to medical treatment [...]
This concern is often expressed to us by clients who have been assisting their parent to manage their financial and health affairs. A combination of factors has combined to heighten this concern and among them are: People are living longer;There is a greater acceptance of, and tendency to form, new romantic relationships late in life; andThe enormous increase in value of most residential properties has [...]
Since 2010, the Australian Consumer Lawhas provided protection for consumers and small businesses against unfair contract terms (UCTs) contained in standard form contracts. In November 2020, following consultation with the public, legislators announced a further strengthening of the UCT protections. The UCT protections will continue to apply only to standard form contracts issued to consumers and small businesses. What are unfair contracts? A term contained [...]
What is the PPSR? The Personal Property Securities Register (PPSR) is the official government register of security interests in personal property. When a person or business borrows money or purchases personal property on credit terms (such as a car or items of stock), the debt secured by that property is registered on the PPSR. The register acts as an online public noticeboard detailing all registered [...]
The Family Court of Australia and the Federal Circuit Court of Australia have established a priority list to deal with urgent family law matters. The list was originally set to run for a number of months during the height of the pandemic but has been expanded to help address urgent cases continuing to arise that are directly affected or escalated by issues related to the [...]
Why is the Government looking to merge the two courts? The Government is proposing a change the current structure of the Family Court system – which currently operates in the Federal Circuit Court of Australia and the Family Court of Australia. The Government wants to unify the two separate courts into would become the Federal Circuit and Family Court of Australia. Under the outlined system [...]
What is a shareholder agreement? Properly drafted shareholders agreements provide a clear framework of agreed principles across a range of issues. The owners of a business operated by a company should execute a shareholders agreement as soon as possible and preferably before commencement of trade. Shareholders agreements provide various benefits throughout the establishment and operation of a business, covering important issues such as who can [...]
