Legal Pitch
SMALL BUSINESSES GET MORE PROTECTION – EXTENSION OF UNFAIR CONTRACT TERM LAWS
The Commonwealth Government has recently passed the Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015 (Cth). The new law will come into effect on 12 November 2016. Looked at one way, the new law will extend a similar protection already available to consumers under the Australian Consumer Law, to small businesses. All small businesses will need to understand how this law will apply to their business agreements. What is a small business contract? A small business contract is defined to mean: at the time the contract is made, one or more of the parties to the contract… Read More
WHAT THE JAMES HARDIE SAGA MEANS FOR SMALL TO MEDIUM-SIZED COMPANIES
In February 2001, James Hardie Industries Limited made an announcement on the ASX. It claimed that it had established a foundation fully funded to meet asbestos injury claims caused by products manufactured by two companies in the James Hardie Group. It soon became apparent that the foundation was actually significantly short-funded, and the directors who allegedly approved the announcement have since undergone long-running litigation to determine the nature and extent of their liability. In the latest installment to the proceedings, ASIC has won its appeal in the High Court which reinstates the original declaration that by failing to personally verify… Read More