When a loan is secured by guarantees given by more than one person, disputes can often arise between co-guarantors as to who should bear the burden of paying out the loan, and in what proportions.
In the recent case of In the matter of Future Developments Pty Ltd [2014] NSWSC 1712, the New South Wales Supreme Court heavily scrutinised an accountant’s administrative procedures before deciding to dismiss an application to set aside a statutory demand.
Debts claimed in statutory demands must be due and payable to the creditor named in the statutory demand.
In a recent Western Australian case, Australian Regional Wholesalers Pty Ltd v Gardiner [2014] WASC 439, a supplier was owed a significant amount by its customer. To deal with this, the supplier took a very common approach and stopped supply.
In the recent case of Commonwealth Bank of Australia v Doggett the Supreme Court of Victoria held that certain provisions of the Code of Banking Practice (Code) applied to the guarantors. The Code applies to individuals and to small businesses as defined in the Code.
When a debtor owes money to a creditor, it is not uncommon for the debtor to propose that the creditor be paid from the proceeds of a sale or other transaction where the debtor is to receive a payment.
In York Civil Pty Ltd v Coleman Rail Pty Ltd [2014] SASC 122 a joint venture agreement had come to an end. The parties were in dispute regarding their respective liabilities to contribute to the losses of the joint venture.
Implications for bailment, consignment and retention of title creditors with a PMSI. In Re Arcabi Pty Ltd (Receivers & Managers Appointed) (in liq) [2014] WASC 310 a receiver who had been appointed by a bank under its security interest carried out extensive enquiries to ascertain whether goods held by the company were subject to any security interest under the Personal Property Securities Act 2009 (Cth) (PPSA).
A decision of the Victorian Court of Appeal in Vasudevan v Becon Constructions (Australia) Pty Ltd [2014] VSCA 14 has the potential to significantly broaden the power of a liquidator to attack a company transaction under section 588FDA of the Corporations Act 2001 (Act) where there are ‘indirect benefits’ to a director or close associate of a director of the company.
Whether your foreign judgment can be enforced in Australia will depend on the type of judgment and the country where the judgment is obtained. The Foreign Judgments Act 1991 (Cth) (FJA) enables foreign judgments from prescribed courts in specified countries to be registered under the FJA in Australia.
The ATO has many enforcement measures it can use for the collection of tax-related liabilities from a company. These include director penalty notices, garnishee notices and freezing orders. When a taxpayer has defaulted on a lodgement obligation, the ATO can make an assessment of the overdue obligation.
Deficient advertising is not saved by the information memorandum. In a recent case involving a rural property in Queensland, the mortgagee failed to comply with its duty to take reasonable steps to obtain market value because the mortgagee’s advertising did not adequately refer to the water rights relating to the property and their tradability.