It is common for directors of companies to be required to provide a director's or personal guarantee to guarantee the performance of a company's obligations under contracts entered into by the company. In the absence of a personal guarantee, a director of a company is only...
In many instances, property owners and/or property developers will need to access neighbouring land in order to undertake construction works on their own land, or to carry out work to services which service their own land. In the normal course, in the first instance discussions with...
From 30 January 2012, the Personal Properties Securities Register (PPSR) replaced a number of Commonwealth, state and territory government registers for security interests in personal property and became the single national source of registered security interests in personal property. Security interests which were previously recorded on...
Often people believe that pre-contractual negotiations cannot amount to a binding contract where no formal contract has been signed. However, two recent cases have found binding contracts do exist in relation to leases and sale contracts, without the parties signing formal documents. Email exchanges can often result...
When establishing a Self Managed Super Fund (SMSF) you can have the individual members as trustees or otherwise you can have a corporate trustee. The corporate trustee may cost a few extra dollars in the short term, but there are good reasons why we would...
For any business owner, they need to think about their eventual exit in order to maximise the return they get from the business. A business owner should regularly review and assess the business through the eyes of the potential buyer. We set out below some of...
A common dilemma facing purchasers of property is what to do when the seller fails to fulfil their contractual obligations prior to completion. A purchaser's response will often be dictated by market conditions, for example, in a rising market (such as we are in at...
A company constitution does not adequately protect shareholders in the event of a dispute between members. It is not compulsory to have a properly formulated Shareholder Agreement but it is highly recommended for all companies. When a person is entering into a business relationship by way of...
Retail and commercial leases normally include provisions setting out the tenant's specific insurance obligations. Typically a failure to adhere to these obligations will result in a breach of the lease. Additionally, most leases require the tenant to 'indemnify' the landlord against certain losses or occurrences...
An essential component of a lease is that the tenant have 'quiet enjoyment' of the leased premises. The concept of 'quiet enjoyment' distinguishes leases from licence agreements. While most commercial leases include a specific provision granting the tenant 'quiet enjoyment', the right is in any...