News

What to do if you can’t find your trust deeds

Losing a trust deed is not something anyone plans to do. Not only is a lost trust deed inconvenient it can also have serious consequences. Even though it may be possible for the trust to continue operating, without having the trust deed, it may be very difficult, if not impossible, for trustees to be certain that they are administering the trust in accordance with the terms of the trust deed. When a trust deed goes missing there is always a...

Read More
Leave to proceed against company in liquidation

The insolvency of a company often leads to its liquidation whether instigated voluntarily or by court order. A liquidator is appointed to ascertain and bring in company assets (if any) and convert those assets into cash for distribution amongst the company’s creditors in accordance with the Corporations Act 2001 (Cth) (the Act). The liquidator has broad powers to take over the company’s affairs. The liquidator will ascertain debts, pay creditors, enter arrangements, bring or defend proceedings on the company’s behalf,...

Read More
What happens to employee entitlements when a business is sold

There is much to consider when buying or selling a business. Of significant importance is, what happens to the employees of the enterprise once it is sold? The sale of a business can be a curious time for existing employees and the incoming business owner – it is likely that neither parties have previously worked together and are unfamiliar with each other’s leadership and expertise. Personalities and attributes aside, it is important for the parties to a business transaction to...

Read More
The scope of fiduciary duties as a director once you resign

A director is a fiduciary of the company and must act in good faith and in the company’s best interests. The personal interests of a director must not conflict with those of the company. These duties arise in equity, at common law and under statute and do not cease upon a director’s termination. However, the scope and duration of an ongoing duty is not always apparent, posing the question of when it will be permissible for an outgoing director to...

Read More
The process of obtaining Probate

Probate is a grant made by a Court that ‘proves’ the Will of a deceased person and vests title to estate assets in the executor/s. This is the official process that allows the executor to deal with the deceased’s estate. As the legal personal representative of the estate, the executor must determine the assets and liabilities, liaise with debtors, creditors and beneficiaries, sell, transfer and distribute assets and finalise the estate in accordance with the Will. The executor is often...

Read More
How to keep your legal costs down – our top tips

If your business is involved in a commercial dispute, your biggest concerns are likely to be the financial losses that your organisation and its officers could suffer, and the size of your legal bill. Commercial disputes can be disruptive, emotional and exhaust resources that should otherwise be spent for the advancement of the enterprise. By following the tips below however, you can help keep a lid on your legal costs while assisting your lawyer to provide considered and relevant advice...

Read More
Anti-Phoenixing Laws and Director Penalty Notices Important Updates for Directors

Company directors should note new laws increasing their exposure to personal liability for certain debts and creating new criminal offences and civil penalties under the Corporations Act 2001 (Cth). The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020, as the title suggests, targets phoenix activities that rob the Australian economy and place companies engaging in illegal conduct at an unfair advantage. Below we summarise some key provisions and their impact on company directors. Director Penalty Notices (DPNs) may now be...

Read More
Accessing digital assets – estate planning essentials

The recent death (or purported death) of Gerald Cotton, former Chief Executive Officer of Canadian cryptocurrency exchange company, Quadriga CX, emphasises the importance of planning your electronic after-life. Mr Cotton’s death in India at the age of 30, has not only raised suspicion as to its authenticity (and allegations of an exit scam), but reiterated the chaos that can be created if digital assets have not been considered in an estate plan. Mr Cotton was the sole custodian of encrypted...

Read More
Asset Protection

IN ESSENCE ASSET PROTECTION INVOLVES TAKING STEPS TO PROTECT YOUR PERSONAL AND BUSINESS ASSETS FROM OR AGAINST POTENTIAL RISKS. A lot of people don’t think of doing anything about asset protection until they are in the midst of a legal battle or have fallen behind financially and are at risk of losing their assets. By then it is often much too late to do anything effective. Asset protection works best when you are proactive and plan ahead. We encourage people...

Read More
Power of Attorney Abuse

A Power of Attorney is a legal document authorising a person to act for you and make binding decisions on your behalf.  A Power of Attorney is usually prepared: to facilitate and complete transactions when you are unavailable to do so, for example while travelling; to get help with essential activities such as managing finances, withdrawing funds, paying bills and arranging goods and services, particularly as you become older and less mobile; to ensure somebody you trust can look after...

Read More