201720.11
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Testamentary Trusts – asset protection and wealth transfer

For an increasing number of high net worth individuals with complex professional and personal affairs, the question of how best to approach long term estate planning and in particular, what is likely to be the best way to both transfer and preserve wealth for the benefit of successive generations of family, is becoming an important…

201720.11
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Termination by Electronic Media – Pitfalls and Best Practice

The rise in the use of technology means the way we can communicate with each other in our personal and working lives has expanded, almost beyond belief. The ways in which termination of employment can occur have also expanded, but is it lawful to terminate an employee using electronic media? Requirement for written notice Under…

201720.11
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Does your business have a Will?

Most people recognise the importance of having a Will to determine how their estate is distributed when they pass. If you are self-employed, a partner or co-director, having a ‘Will’ or succession plan for your business is equally important. Think about what may happen to your business when a key partner dies or is incapacitated….

201716.10
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Traps to avoid in Commercial Leases

Commercial leases form part of many business transactions and commercial property is a popular investment choice. Whether you are a tenant or landlord, there is much to consider when entering into a commercial lease. Some commercial leases are classified as ‘retail’ and fall under specific legislation operating in various States. With the increase of retail…

201716.10
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Being Declared Bankrupt – What You Need to Know

One of the possibilities of coming into financial strife is that a person may have to deal with bankruptcy. Bankruptcy can have long term adverse effects on a person’s credit rating and ability to borrow money in the future. As such, it is crucial to be informed about bankruptcy and its effects. What is bankruptcy?…

201716.10
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Replacing Appointors and Guardians of Discretionary Trusts

An increasing number of individuals, especially those with complex professional and personal affairs, are using discretionary trusts as part of both their day to day wealth management and also as part of their approach to long term planning. Discretionary trusts can be an excellent vehicle for the management and distribution of assets and income and…

201714.09
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What are your options if your company is insolvent?

If your company is in financial difficulty and heading towards insolvency, there are options available which allow a company to be guided through its financial distress. The best option for your company depends on the solvency of the company and the broad range of director duties and obligations. In this article, we examine the three…

201714.09
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A cautionary tale for directors and officers

The collapse of Storm Financial Limited (Storm) occurred in the wake of the Global Financial Crisis of 2008 (GFC) and reads like a textbook cautionary tale for directors and officers. Background Emmanuel and Julie Cassimatis established Storm and at all relevant times held all shares in the company and were the only executive directors. Prior…

201701.08
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What is a Company Charge?

Essentially, a company charge is a security interest held by a lender over the personal property of a company. The charge is given by the company (the chargor) to the lender (the chargee) to secure payment of a debt or obligation. A charge does not give the lender a legal interest in the property by…