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 […]
Personal liability for company directors
A company is an association incorporated under the Corporations Act 2001 (Cth) (the “Act”). The effect of incorporation gives the company a separate entity, distinct from its directors and shareholders. It can enter into contracts, sue and be sued in its own right. The Australian Investment and Securities Commission (“ASIC”) is the Government body authorised […]
The power of a Statutory Demand
If you are in business, whether it’s in the capacity of a company director, in management or if you represent a company as its accountant, you must know of the power of a Statutory Demand issued pursuant to the Corporation Act 2001 (Cth) (the “Äct”). This article sets out the huge benefits in using this […]
How to find the right lawyer in a commercial dispute case
If your business or one you know is facing litigation, either because another party is threatening it, or because you feel you have a right to take action, what do you do first and where do you seek help? It has been said that litigation is a game in which the court is the umpire. […]
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? […]
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 […]
Section 553C Set-off against preference claims
The ‘dreaded’ section 553C set-off All liquidators in Australia are likely aware of section 553C (the Section) of the Corporations Act 2001 (Cth) (Act). The reason I say ‘dreaded’ is because where a liquidator brings a preference claim, notwithstanding that; the onus is on the liquidator to prove that the company paying the monies was […]
HAVE A DEBT CLAIM UNDER $20,000.00?
HAVE A DEBT CLAIM UNDER $20,000.00? BE AWARE OF CHANGES TO JURISIDICTIONAL LIMITATIONS AND PROCEDURES IN THE SMALL CLAIM JURISDICTION. On 28 February 2019, the monetary limit of the Local Court of NSW in the Small Claims Division increased from $10,000.00 to $20,000.00. Those that have claims under $20,000.00 need to be aware of the […]