Legal pitch articles
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
MAKE THE NEW PPSR SYSTEM WORK FOR YOUR BUSINESS
The new regime under the Personal Property Securities Act 2009 (Cth) (PPSA) is of much relevance to your business if you provide loans, lease equipment or supply goods on retention of title terms. However, simply registering your interest on the Personal Property Securities Register (PPSR) is only a starting point and without more, you may still be at risk of losing your claim on the property. 1. PROVIDE DETAILED DESCRIPTIONS OF THE PROPERTY THAT IS SECURING YOUR LOAN Vague or general descriptions of property in the PPSR may make it too difficult for administrators to identify what exactly is subject… Read More
INCREASED PRE-APPROVAL OBLIGATIONS ON CREDIT LICENSEES
One of the provisions under the Consumer Credit and Corporations Legislation Amendment (Enhancements) Act 2011 introduces amendments to the National Consumer Credit Protection Act 2009 (the Act), which will limit, from 1 March 2013, what a credit licensee can do prior to carrying out a suitability assessment and verification of a potential consumer under sections 129 and 130 of the Act. Under the current Act, prior to carrying out both a suitability assessment and a verification of a consumer, licensees are prohibited from: entering a credit contract; increasing the credit limit of an existing credit contract. After the amendments commence,… Read More
PROPOSED REFORMS TO EU DATA PROTECTION LAW
Does your business operate in a European union (EU) member state? Or do you provide services to EU residents? On 25 January 2012, European Commissioner Vivian Reading announced proposed reforms to EU data protection law, which had not been previously amended for 17 years. In this time, technological developments and the explosion of internet use has brought data privacy concerns to the fore. The reform aims are twofold: to increase the protection of personal information; by introducing a single set of rules to apply across the EU and to any organisation offering services to EU residents, to reduce the administrative… Read More
THE BIGGEST REFORMS TO PRIVACY LAW IN 20 YEARS ARE ON THE WAY…
On 23 May 2012, the Commonwealth government introduced the Privacy Amendment (Enhancing Privacy Protection) Bill 2012 (the Bill) into Parliament. If the Bill is passed the new law is intended to strengthen the existing Commonwealth Privacy Act 1988 (Cth) (the Act), and as a result impose more stringent obligations on the way organisations, both Government and private, collect, store, use and disclose ‘personal information’. The proposed changes represent the biggest shake up to privacy law in Australia in over 20 years. Many organisations that currently collect, store, use and disclose ‘personal information’ should already be aware of the existing Act… Read More
6 TIPS FOR BUYING ‘OFF-THE-PLAN’ PROPERTY
Buying ‘off the plan’ property can be an exciting time for prospective buyers, but care must be taken to navigate the special considerations that come with buying ‘off the plan’. These tips will help you focus on what’s important when making the decision to buy ‘off the plan’. WE’VE SUMMARIZED 6 IMPORTANT TIPS WHEN CONSIDERING BUYING ‘OFF THE PLAN’ 1. The contract is king What you are buying does not yet exist and so all ‘off the plan’ purchases run the risk of turning out quite different from expectations. It is very important that the contract of sale is carefully… Read More
A SHIFT IN REGIME. IS YOUR BUSINESS PREPARED?
AN UPDATE ON PROPERTY SECURITIES LAW The Commonwealth Personal Property Securities Act 2009 (the “Act”) has fundamentally changed the way ‘security interests’ over personal property (excluding land) are taken in Australia. It has also fundamentally changed what a ‘security interest’ is. The Act has effectively replaced over 70 pieces of Commonwealth, State and Territory laws. At first glance, the Act might sound like a great topic for lawyers to talk about but the reality is that this Act is actually having a dramatic impact on how most (if not all) businesses take security in Australia. It is a very good… Read More