ASIC’s review of unfair terms in small business loan contracts – impact on equipment financiers In March 2018 ASIC released one of its periodic ‘Reports’ on how it considers various laws and regulations should work. Report No. 595 comprises a review of the changes the 4 major banks have made to their small business loan… Read More
What happens if a company’s sole director/shareholder dies? SME business people such as finance brokers usually relish the freedom from legal formality afforded by the sole director/shareholder company model. This innovation was introduced by amendments to the former Corporations Law in the mid-1990s. Since that time a company can validly exist without having to have… Read More
Can employees sign a contract to bind their company? In daily business life it is often the case that a company employee who holds either an administrative, purchasing or financial position is entrusted with the responsibility of negotiating a contract. Then, when the negotiations are complete, that person is the individual required to sign the… Read More
The financing of lease contracts by way principal and agent (“P&A”) agreement is a common commercial technique to enhance for the supply of business equipment in Australia. The P&A structure permits a sale of goods where a transaction might not otherwise be possible. For example, a customer may not be able afford to acquire the… Read More
What is positive credit reporting and does it matter? From 1 July 2018 the major banks (and any other authorised deposit taking institutions (ADI’s) with assets of at least $100 billion) will be required to supply to credit reporting bodies (CRBs) both negative and positive (‘comprehensive’) credit information about their open and active accounts. This… Read More