Archive for the ‘Commercial Law’ Category

Raising Finance Illegally – Debentures

Author: Michael Adendorff

Thursday, August 21st, 2008

In April 2008, the former directors of International Finance Corporation Pty Ltd (in liquidation) (IFC) were found guilty on several charges following investigation by the Australian Securities and Investments Commission (ASIC).
The directors were charged with having aided IFC issuing debentures to investors in breach of the Corporations Act.
The charges related to 22 debentures offered and [...]


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Patent Searches Made Easier
Media Release Issued By Senator The Hon Kim Carr
Minister For Innovation, Industry, Science And Research

Author: Michael Adendorff

Thursday, August 21st, 2008

On 28 April 2008  “… an innovative new online database developed by IP Australia that makes the breadth of Australian inventions more accessible …” was introduced.
AusPat allows a one-stop access to Australian patent applications since 1979.  Previously those researching Australian patent literature had to work across several unconnected databases.  
The Minister is reported to have said [...]


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Describe What You Sell Very Carefully

Author: Michael Adendorff

Thursday, August 21st, 2008

The common law rule is that any difference between the land described in the contract and the land to be actually conveyed constitutes a defect that entitles the purchaser to rescind. Vendors must be careful to protect themselves with effective defects clauses to avoid having contracts terminated in reliance on this rule. 
In Vella v Ayshan [...]


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2020 Summit Tax Changes

Author: Michael Adendorff

Thursday, August 21st, 2008

The “Australia 2020 Summit — Initial Report” is available at: 
www.australia2020.gov.au/report/index.cfm
The Initial Report foresees, amongst others: 
A national and holistic tax system that is fair, simple and efficient to support the global competitiveness of Australia’s economy.
A comprehensive review of state and federal taxes within two years. This includes measures to simplify taxes and reduce inefficient taxes. 
Tax exemption [...]


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Rudd’s Tax Review And GST Rate Rise Temptation

Author: Michael Adendorff

Thursday, August 21st, 2008

Prime Minister Kevin Rudd has suggested a “root and branch” review of the tax system.  However, the GST rate will not change.  By world standards, Australia’s GST rate is modest.
There is nothing new, again by world standards, in politicians suggesting tax system reviews.  See David Martin’s work on Tax Simplification elsewhere on this website and my summary [...]


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Financial Agreement Set Aside

Author: Michael Adendorff

Thursday, August 21st, 2008

In Black and Black (2008) FLC 93-357 a financial agreement provided that the parties would purchase a home together after the wife received the proceeds of her personal injuries claim. If they separated, the home was to be sold and the net proceeds of sale divided equally between them.
The husband wished to have the agreement [...]


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Boardroom Radio

Author: Michael Adendorff

Thursday, August 21st, 2008

www.brr.com.au
Boardroom radio was set up in 2005 to broadcast and archive the briefings of chief executives.  Reportedly modern technology means there is no reason why the information could not be made available to a wider audience.  The service presently has an average of 300,000 listeners per month and close to 300 companies - about two [...]


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Specific Performance Absent Any Breach

Author: Michael Adendorff

Thursday, August 21st, 2008

In a 2008 case the Court of Appeal considered whether a decree for specific performance should have been made when there was no breach of contract, or a reasonable apprehension of breach.
The appellant vendor was a share-title home unit company. The vendor and purchaser entered a contract for the purchase of shares allowing the purchaser [...]


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How Not To Exercise A Purchase Option

Author: Michael Adendorff

Wednesday, August 20th, 2008

The following case illustrated that it often helps to talk to a solicitor about the terms of a contract before acting on what you thought was right.
  
A purchase of shares in a retailer company fell through because the buyers failed to follow the prescribed procedure after exercising their option to purchase. In this case a [...]


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