On 28 March 2017, the Australian Federal Government released draft legislation in relation to two major reforms intended to encourage turnaround, restructuring and business rescue. The main focus in this article will be on the operation of ipso facto clauses. These clauses allow one party to a contract to terminate the agreement upon the occurrence … Continued
Once the Treasury Laws Amendment (2017 Measures No. 9) Bill 2017 has been enacted, the responsibility for paying GST on certain real estate transactions will shift from developers to purchasers. From 1 July 2018, purchasers of new residential premises or land within a subdivision in Australia may need to remit part of the purchase price … Continued
Be aware when proving Your Claim as a Creditor in an Insolvent Estate from South African Perspective?
It is interesting how the differences in insolvency law from one country to another affects creditors’ decisions when lodging their Formal Proof of Debt Form (“POD”) in an insolvent Estate. I was stunned when I received an email from one of the creditors of a Bankruptcy refusing to provide me with his POD, he was … Continued
A Statutory Declaration is a written statement which a person swears, affirms or declares to be true in the presence of an authorised witness. In the case of 470 St Kilda Road Pty Ltd v Robinson, the Federal Court found the declarant of a Statutory Declaration as to a contractor’s payment of subcontractors, workmen and … Continued