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Guarantees – not always a guaranteed outcome

It is not uncommon for a lender to rely upon a guarantee from a husband and wife as an important element in assessing whether or not to give finance. In a recent decision of Agripay Pty Limited v The Estate of Murray Andrew Byrne & Anor, the Queensland Supreme Court had to consider whether a wife was liable as guarantor to a lender for the...

Foreign Investment Policy amendments: further clarity and scope for non-notifiable investment

On 30 June 2010, the Foreign Investment Review Board (FIRB) published the Australian Government’s revised Foreign Investment Policy (New Policy). The New Policy is the result of a sharp increase in investment proposals by foreign investors, mainly driven by significant investment in the resources industry by Chinese owned...

Knowing your limits

A body corporate is a creature of statute. That means that it can only do what legislation allows it to do. In recent times we have been engaged by both bodies corporate and disaffected owners to advise on matters where body corporate spending has allegedly gotten out of control. These circumstances giving rise to this increased spending have...

Do not forget your option

The actual length of the term of a management rights agreement can be expressed in two very different ways. Some agreements are simply for a set term (ie ten years from 1 June 2010 to 31 May 2020). If that is the case, the term is set for that period. There is nothing more that you need to do to secure it. Other agreements are drafted as a...

Changes to director penalty notices – directors beware if there are unpaid taxes

We recently (19 April 2010) sent a newsflash concerning changes to the ATO’s power to require security. The clamping down on unpaid taxes and the increased focus on phoenix avoidance continues with amendments just made to the Income Tax Assessment Acts. These amendments have been introduced pursuant to the Tax Laws Amendment (Transfer of...

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