Not being able to pay your debts as and when they fall due is a position many individuals find themselves in. While some are able to trade their way out of such situations many are not able to do so. This article discusses the options available to individuals that are unable to pay their personal continue reading
A Guide to Voluntary Administration, Receivership, and Liquidation in Australia As a business owner, the thought of your company facing financial difficulties can be overwhelming. Corporate insolvency is a complex area of law that can have serious consequences for your business. Understanding the different types of corporate insolvency and how they work is crucial for continue reading
Before delving into the different types of corporate insolvency, it is important to understand the legal framework that governs insolvency in Australia. The main piece of legislation that deals with corporate insolvency is the Corporations Act 2001 (Cth) (the Act). The Act sets out the rules and procedures for dealing with companies that are in continue reading
Creditors often ask whether they are entitled to lodge a caveat over a debtor’s property as a mechanism for securing payment of outstanding debts. While it is in force, a caveat prevents the registration of certain dealings affecting the land in relation to which it is lodged. Relevantly, a registered caveat will prevent the transfer continue reading
Recovering loss of bargain damages following termination of a lease Most commercial leases contain clauses outlining the circumstances in which: the tenant will be in breach; and the landlord will be entitled to terminate the lease and recover any resulting loss or damage. Subject to certain restrictions and notice requirements1, termination in reliance on an continue reading
The application of the Special Wives’ Equity on the enforceability of personal guarantees It is common for the family home and other significant assets to be registered solely in the name of a wife in circumstances where her husband operates a business or is otherwise at risk of claims made by third party creditors (the continue reading
Writing Requirements for Contracts for the Sale of Land and the Electronic Transactions Act Section 59 of the Property Law Act 1974 (Qld) (“Property Law Act”) stipulates that a contract for the sale or other disposition of an interest in land must be in writing and signed to be enforceable. Other Australian jurisdictions have similar continue reading
The recoverability of costs is a significant factor in legal proceedings. Most commercial agreements contain clauses seeking to indemnify an innocent party absolutely against any legal costs that might be incurred because of another party’s breach. Unfortunately, clauses of this type are regularly recycled from existing precedents, without any regard to the relevant authorities and continue reading
