Changes to the Law on Unfair Contract Terms will come into effect from 12 November 2016

Between 1 January 2011 and 31 December 2014 the Australian Competition and Consumer Commission ("ACCC") was contacted by 1,375 small businesses to complain about unfair contracts. From 12 November 2016 small businesses will benefit from changes to the current laws governing unfair contract terms as a result of the T...

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Date posted: 2016-10-24 | Comments(0)

Accounting firm sued for its client’s wrongdoing - Fair Work and third-party liability

In a first of its kind, the Fair Work Ombudsman has commenced proceedings against an accounting firm for its involvement in contraventions of workplace laws committed by its client (Fair Work Ombudsman v Blue Impression Pty Ltd & Ors MLG2721/2015) ("Blue Impression"). The client of the accounting firm (Ezy Account...

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Date posted: 2016-09-23 | Comments(0)

Shorter Bankruptcies to Save the Economy? ARITA concedes that the Government’s proposed Insolvency Reform could leave the system open to rorting

Welcome to the Ideas Boom reads the tagline for the Commonwealth Government’s National Innovation & Science Agenda’s webpage. Under the heading Insolvency Law Reform the reasons behind the proposed changes to our personal and corporate insolvency legislation are explained (our emphasis): More often than not, ent...

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Date posted: 2016-04-07 | Comments(0)

The effect of section 560 of the Corporations Act 2001 (Cth); obtaining priority as a creditor

When can a person (possibly a director or shareholder) of a company in liquidation obtain priority status as a creditor for loans to the company? Section 560 of the Corporations Act 2001 (Cth) (the "Act") provides that a person who advances funds to a debtor company, for the purpose of enabling that company to pay wages,...

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Date posted: 2016-03-15 | Comments(0)

A New Resolution at the First meeting of Creditors under Administration

Hancock, in the matter of Tarleton & Peters Pty Limited (Administrator Appointed) [2015] FCA 1058 (24 September 2015) and Hancock, in the matter of Tarleton & Peters Pty Limited (Administrator Appointed) (No 2) [2015] FCA 1232 ("Tarleton") We have observed that many Administrators only call for ...

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Date posted: 2016-03-15 | Comments(0)

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