Articles

Proposed changes to financial reporting requirements for companies limited by guarantee become law

Background behind the amendments Prior to financial reporting requirement amendments, all companies limited by guarantee were required to prepare an audited financial report in accordance with the Corporations Act 2001 (Cth). Most companies limited by guarantee are not-for-profit entities. These companies are relatively small and therefore did...

When do you tell your body corporate you are selling?

Conventional wisdom in the management industry is not to tell your body corporate you are selling until your contract is unconditional. This is put forward for a number of reasons, which includes: if the sale falls over, the committee might regard you differently in terms of work ethic, supervision etc; there could be costs incurred...

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...

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