This article sets out the prohibition on insolvent trading by company directors in section 588G of the Corporations Act 2001 (Cth), reviews the safe harbour defence, and provides a summary of the [...]
This article explains what is an 'ipso facto' clause, how these clauses are problematic for companies that are struggling and what a stay on these clauses will mean for Australian companies.
For the first time, on 6 September 2017, the ACCC instituted Federal Court proceedings enforcing the new laws. The first cab off the rank being JJ Richards & Sons Pty Ltd (JJ Richards), against [...]
On 20 May 2017, the Personal Property Securities Amendment (PPS Leases) Act 2017 (Cth) (Amendment) came into effect. This is the third amendment to the Personal Property Securities Act 2009 [...]
OneSteel Manufacturing Pty Ltd (OneSteel) rented a crushing and screening plant from Alleasing Pty Ltd (Alleasing), pursuant to a lease agreement it signed in 2014 which had a six-year term. The [...]
An indemnity is a contract by one party to keep another harmless against loss. It transfers risk from one party to another to compensate for loss. Some businesses assume that throwing in a broad, [...]
Consumer credit industry, beware! ASIC is targeting the responsible lending laws across the credit industry. Recently, payday lender Nimble Australia Pty Ltd (Nimble) failed to meet its [...]
The Personal Property Securities Act 2009 (Cth) (PPSA) commenced on 30 January 2012. However, many financiers and lessors are still unaware of its importance or have simply decided to ignore its [...]