In the recent decision of ASIC v Vocation Limited (In Liquidation) [2019] FCA 807, the Federal Court found three directors personally liable under section 180 of the Corporations Act 2001 (Cth) for allowing Vocation Limited to breach its statutory obligations as an ASX listed entity.
Dr Anthony Lynham, Minister for Natural Resources, Mines and Energy has introduced legislation to Parliament to establish an independent safety and health regulatory body funded by a levy on Queensland resources companies.
From 1 July 2019, any not-for-profit organisations operating as a trading or financial corporation will be required to comply with the new whistleblower protection regime under Part 9.4AAA of the Corporations Act 2001 (Cth).
Amendments to the Corporations Act 2001 have doubled the threshold requirements for large proprietary companies. The changes set out in the Corporations Amendment (Proprietary Company Thresholds) Regulations 2019 increase the thresholds that determine whether a proprietary company is considered ‘large’ for the purposes of financial reporting for that financial year. The new threshold requirements are effective from 1 July 2019.
In business it is not uncommon for a director of a company to be owed money by that company. If the commercial relationship breaks down, the director may think it is an option to serve a creditor’s statutory demand on the debtor company.
The Personal Properties Securities Register (PPSR) will be seven years old on 30 January 2019; accordingly, security interests with seven year registration periods will, unless renewed, expire from 30 January 2019.
Digital currency exchange providers will be forced to enrol and register with Australian Transaction Reports and Analysis Centre (AUSTRAC) under new laws that came into effect on 3 April 2018.
The European Union’s (EU) new data privacy legislation, the General Data Protection Regulation (GDPR), commenced on 25 May 2018 and some Australian businesses may be affected.
Often private companies are collectively owned by families, friends or close business associates who, at incorporation, saw little need to enter into stakeholder agreements to provide them with access to company information.
The Privacy Amendment (Notifiable Data Breaches) Act 2017 (Cth) was enacted by Federal Parliament last year to establish a mandatory data breach notification scheme in Australia. The scheme will commence on 22 February 2018.
On 11 September 2017, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 was passed by the Senate. The Bill features two key changes to the Corporations Act
In a recent consent decision handed down by the Federal Court, eight terms in a JJ Richards & Sons Pty Ltd standard form contract used to contract with small businesses were declared unfair and void.