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
There was much media attention given recently to a decision of Australia’s High Court involving bank fees charged by the ANZ Bank, Andrews v Australian & New Zealand Banking Group Limited (‘the Bank case”). The main reason for the publicity was that the Court’s decision could affect just about everyone who has a bank account…. Read More