Introduction Debanking is the process whereby a bank closes all a customer’s accounts, such that the customer can no longer operate them. This can apply to both business and retail customers. It means that unless the customer keeps transactional accounts at another financial institution, it risks becoming financially destitute, for an unknowable period of time,… Read More
Setting Up New Companies / Units / Sales offices All types of business entities are relatively inexpensive and straight forward to set up in Australia. Generally, international investors, foreign head offices and other parties from outside Australia will choose to set up a local company. The most common type of company which overseas investors set… Read More
In brief If an equipment lessee fails to register a sub-lease under the PPSA it risks losing its rights to the equipment whilst remaining bound by its obligation to make lease payments to the initial lessor. The problem The practice of sub-leasing equipment under the Personal Property Securities Act (PPSA) has been an unresolved issue… Read More
In brief In August 2022 the Federal Court gave judgment in the unfair contract terms (“UCT”) case launched nearly two years ago by the Australian Competition and Consumer Commission (“ACCC”) against Fujifilm Business Innovation (formerly Fuji-Xerox) (“Fujifilm”) The judgment declared many well understood equipment finance terms to be unfair and hence unenforceable. Because Fujifilm had… Read More
Summary In March the Federal Court decided that part of the security granted under a standard form supply contract was unfair and so void and unenforceable. The part of the security deemed void was a typical ‘all monies’ charging clause. This clause was found to be unfair because it was additional to other specific security… Read More