201818.07
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How an ABN error cost a company $23 million

The Personal Property Securities Act 2009 (Cth) (PPSA) provides a national framework for registering interests in personal property. These interests are recorded on a central register known as the Personal Property Securities Register (PPSR). Registration on the PPSR is an integral step in securing, protecting and enforcing a financial interest in property. However, the requirements…

201818.07
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Dying intestate – the perils of not making a Will

A valid Will determines how your estate is dealt with after you die. Your Will can appoint an appropriate family member or trusted friend to administer your estate (your executor), nominate guardians for young children, determine who will receive your assets and give direction for specific funeral and burial arrangements. Without a Will, the finalisation…

201813.06
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Changes to Personal Property Securities Act – PPS Leases

Changes to the Personal Property Securities Act were enacted following the passing of the Personal Property Securities Amendment (PPS Leases) Act 2017 on 20 May 2017. The date is important and has many repercussions. What leases are affected by the changes? Any leases or bailments entered into after 20 May 2017 are subject to the…

201813.06
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How do you determine if a company is insolvent?

The answer to the question “How do you determine if a company is insolvent?” is important because there are serious consequences for a director if debts are incurred after the company has become insolvent, including civil penalties, compensation proceedings and criminal charges. However, it is often difficult to know when a company has crossed the…

201813.06
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Why you should read online terms and conditions

The rapid pace at which technology is progressing means more of us are ‘transacting’ in a global environment. International online contracts are commonplace for businesses and consumers – whether we are purchasing fashion accessories through online retail outlets, subscribing to industry-specific software, or booking business flights or family holidays. Traditionally, contracts were formed where parties…

201830.04
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Do you know when to update your Will?

Do you know when to update your Will? Most people are aware that a valid Will determines how their assets are dealt with after they are gone. Wills generally provide for the appointment of a trusted executor/s and gifts to chosen beneficiaries. They may also appoint guardians for minor children and give direction for specific…

201830.04
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Time to review your credit card charges

Under the Competition and Consumer Act 2010 (Cth) businesses may be fined for excessive credit and debit card payment surcharges. A payment surcharge is defined as: an amount charged, in addition to the price of goods or services, for processing payment for the goods or services; or an amount (however described) charged for using one…

201830.04
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Is one director’s signature sufficient in an agreement?

The valid execution of a document is usually critical to its enforceability. Whether one director’s signature is sufficient to validate an agreement turns on the company’s constitution and statutory provisions regarding the exercise of company powers and the proper execution of documents. Dealing with company officers The Corporations Act 2001 (Cth) provides guidance for third…

201820.03
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Can company directors divert business opportunities?

A director’s position in a company is one of power and trust. As a consequence, a director has a duty to act in good faith and in the best interests of the company. A director’s obligations are determined by statute under the Corporations Act 2001 (Cth) and by his or her fiduciary duties under the…