Safe Harbour & Directors’ Liability for Insolvent Trading

On 19 September 2017 amendments, to the Corporations Act 2001 commenced which create a “safe harbour” for Directors to protect them from personal liability for debts incurred by an insolvent company in certain circumstances. Why the need for Safe Harbour Prior to the amendments, the provisions of the Corporations Act governing corporate insolvency focused on … Read more

Common Misconceptions about Contracting in the Building & Construction Industry and what to do to avoid getting caught out.

When I ask clients whether a written contract was in place or whether variations had been documented, too often I receive the following response “no there was no contract, we just agreed to it” or “I didn’t think it was necessary it was a small job“. Firstly, it is an incorrect assumption that just because … Read more

Why ignorance of loan balances can lead to tax nightmares.

Do you own a private company? Have you received payments not accounted for as wages or salaries this financial year? As 30 June approaches it is time to ensure your business affairs are in order. This includes ensuring you have Division 7A Loan Agreements in place, where necessary. What is Division 7A? Division 7A of … Read more

Consequences of not making Effective Business Contracts

As an Accredited Specialist in Commercial Litigation I have dealt with all kinds of business disputes. By far the most common cause of commercial disputes is the failure of the parties to adequately record the terms of their agreement in writing. This is particularly common in the building and construction industry. When there is an … Read more

Risks of not making a legal Buy/Sell Agreement

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Funding the Purchase Price under a Business Succession Plan CGT & Insurance Proceeds Self Ownership of Personal Insurance Implications for Self Ownership … Read more

Why Asset Protection is fundamental to proper Estate Planning

Is Asset Protection Relevant for Me? We all work hard to accumulate wealth to fund our lifestyle and retirement and tp provide a head start for our loved ones but most people do not take adequate steps to protect their wealth from unforeseen events or third party claims,. People who carry on a business, have … Read more

Introduction to Business Succession Planning

Congratulations on taking the first step to protect your interest in your co-owned business. Business Succession Planning is essential for protecting your interest in a co-owned business and is an integral part of every business co-owner’s individual Estate Planning. “Business Succession Planning” means: Planning for the sale or purchase of a co-owners’ interest in a … Read more

What is a Buy/Sell Option Agreement?

  Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? A Buy/Sell Option Agreement is an agreement between co-owners of a business granting each other options to buy or sell their respective interests upon the occurrence of specified Option Events. The Option Events are typically: the Death of a co-owner; the Permanent Disablement … Read more

What is a Shareholders’ Agreement?

Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement A Shareholders’ Agreement (similar to a Partnership Agreement) is an Agreement between two (2) or more co-owners of a business setting out their agreements with respect to the management and control of … Read more

Why do I need a Shareholders’ Agreement (Partnership Agreement)?

  Introduction to Business Succession Planning What is a Buy/Sell Option Agreement? Why do I need a Buy/Sell Option Agreement? What is a Shareholders’ Agreement? Why do I need a Shareholders’ Agreement (Partnership Agreement)? Anyone who is a co-owner in a business should have a Shareholders’ Agreement (if the business is carried on by a … Read more