Legal News
Changes to the Home Building Act (NSW)
On 19 October 2011, the New South Wales Parliament passed legislation that makes a number of changes to the Home Building Act 1989 (NSW) (“the Act”). Please find some of the changes outlined below.
ATO winding up lots of companies
Last week (week ending 29 January 2012) despite the public holiday, the ATO and WorkCover issued just under 200 Winding Up Notices. Australian companies may be wound up by the Court if creditors are pursuing the debt owed. In these cases the creditor was ATO or WorkCover.
How does Bankruptcy affect you?
Bankruptcy refers to the situation where an individual is unable to meet their financial obligations and repay accrued debt. It occurs when an individual does not have enough money/assets to pay creditors or a debt that is owed. However, it is not to be confused with the American term in which ‘bankruptcy’ is used for companies and not individuals.
Insolvency and your Business
Insolvency law has become a generic term for what used to be called company liquidations and bankruptcy. As defined by the Corporations Act, insolvency is the inability to pay debts, as they fall due, out of the debtor’s company resources and refers specifically to businesses and companies. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.
The Legal side of Redundancy: What businesses need to know
Under the National Employment Standards (NES), an employer who is defined as a small business employer is not required to provide redundancy pay. However, an employer may have redundancy pay obligations under an industrial instrument or contract of employment.
Contesting a Will
The passing of a loved one is a particularly emotional and devastating time. This can be made all the more horrific if there is any kind of dispute against the Will of the deceased. Disputes often arise when parties that are associated with the deceased person disagree with the intentions as contained in the Will. In NSW, you have to meet certain criteria in order to be eligible to contest a Will. If the Will excludes or does not make adequate provision for ‘eligible persons’ to whom the deceased owes a moral obligation, a Will can be overridden by the current legislation. Applications must be made within 12 months of the death.
Due Diligence in Occupational Health and Safety
Under Section 8 of the Occupational Health and Safety Act 2000 (OHS), all employers have a duty of care to their employees. The most effective way of meeting this duty of care is to integrate health and safety concerns into your planning and implementation strategies. All employers are required to take ‘due diligence’ in the workplace. At its most basic, that simply means that you take care.
What Does Bankruptcy Really Mean?
In the September quarter of the year alone, Australia saw 5,677 new bankruptcies. Bankruptcy occurs when an individual does not have enough money or assets to pay their debts, and is entered into by a formal process. Only individuals can be declared bankrupt – when a company enters a similar state it is termed ‘insolvent’ and may face liquidation.
Taking the Next Big Step - Is Franchising for You?
Franchising has become one of the most progressive and dynamic business sectors in Australia. With estimated revenue of $128 billion in 2010, franchising has become a significant part of the Australian business scene and a valuable contributor to our economy. If you are thinking about going into business for yourself, but aren’t sure whether you should attempt it on your own or buy a franchise business; then you need to weigh up all the important factors before you make any decisions.
Considering a Trust?
A trust is an entity where a person (trustee) holds and governs property or other assets guided by the terms of a trust deed for the gain of another person or persons – the beneficiaries of the trust. A trust is not a separate legal entity like a company. All transactions in respect of the trust are undertaken by the trustee. Consequently, a transaction entered into by the trustee is a personal obligation.
