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JHK Legal Commerical Articles

The Abolishment of the Peak Indebtedness Rule

Posted By Anna Hendriks on July 15, 2021
The Abolishment of the Peak Indebtedness Rule

On 10 May 2021, in a historical Australian decision, the Full Federal Court handed down a decision which abolished the peak indebtedness rule and found that a liquidator cannot apply the peak indebtedness rule in unfair preference claims involving running accounts. The Full Court held that if there is a continuing business relationship involving multiple…

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VOIDABLE PREFERENCES: THE LATEST ON LIQUIDATORS’ CLAW BACK ON PAYMENTS MADE DURING A DEED OF COMPANY ARRANGEMENT

Posted By Hayley Tibbie on June 30, 2021
VOIDABLE PREFERENCES: THE LATEST ON LIQUIDATORS’ CLAW BACK ON PAYMENTS MADE DURING A DEED OF COMPANY ARRANGEMENT

The Supreme Court of New South Wales judgment of Re Western Port Holdings Pty Ltd (receivers and managers appointed)(in Liq) [2021] NSWSC 232 (“Western Port”) has provided liquidators with more comfort to pursue an unfair preference claims against recipients of third party payments and payments made during the course and operation of a Deed of…

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An Important Reminder for Property Purchases through your Self-Managed Superannuation Fund

Posted By Simone Wilson on June 15, 2021
An Important Reminder for Property Purchases through your Self-Managed Superannuation Fund

If you are considering purchasing a property through your self-managed superannuation fund (‘SMSF’), it is essential that prior to entering into any contract of sale you determine whether you need to put in place a custodian arrangement. In this article we provide a brief overview of the Limited Recourse Borrowing Arrangements for SMSFs contained in…

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Supplier Alert: New Consumer Disclosure Obligations Business Owners Ought to Know

Posted By Rania Kassir on June 8, 2021
Supplier Alert: New Consumer Disclosure Obligations Business Owners Ought to Know

Consumer law is susceptible to constant change and business owners should continuously and actively keep up to date with these amendments to ensure the fulfilment of their obligations and mostly importantly, to avoid any punitive penalties. This article raises some awareness concerning new disclosure requirements indorsed within the Fair-Trading Act 1987 (NSW) as of 1…

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Buying a Property in Australia: FIRB Approval

Posted By Christine Cherian on May 16, 2021
Buying a Property in Australia: FIRB Approval

Buying a property in a new country can always come with its challenges. The FIRB regime is a complex area that needs to be considered when foreign persons begin the property process. This article will provide an overview of FIRB and aspects to take note of. The Foreign Investment review board is a regulatory framework…

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Application of Presumption of Advancement on the family home

Posted By Elyzia Menounos on May 4, 2021
Application of Presumption of Advancement on the family home

What is the presumption of advancement? In Australia, the general rule is that in circumstances where property is transferred between people who do not have any of these relationships, it gives rise to a presumption of a resulting trust in favour of the donor (the person who transferred the property). A resulting trust means that…

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Heightened Risks for Directors: The End of Temporary Relief

Posted By Kristina Ghobar on April 29, 2021
Heightened Risks for Directors: The End of Temporary Relief

As the challenges of the COVID-19 pandemic continue, many businesses have innovated and adjusted their business models to stay afloat. With the changes came temporary measures and stimulus packages to ease the pressure and burden businesses would face. Many of those measures have now come to an end. The outlook for 2021 has normality in…

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A Decade of the Competition and Consumer Act 2010

Posted By Sabrina Austin on March 25, 2021
A Decade of the Competition and Consumer Act 2010

2021 marks the 10-year anniversary of the commencement of the Competition and Consumer Act 2010 (Cth) (“CCA”), which came into effect on 1 January 2011. With an increased focus on greater consumer and small business protection, the CCA has been heralded by the Australian Competition & Consumer Commission (“ACCC”) as a milestone achievement in Australian…

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Business Interruption Insurance: A Potential Shining Light for Insureds Amidst a Year of Difficulty

Posted By Rod Lindquist on February 26, 2021
Business Interruption Insurance: A Potential Shining Light for Insureds Amidst a Year of Difficulty

The Covid-19 pandemic caused an array of difficulty for Australian business both small and large. One of these difficulties in the current pandemic landscape is the loss of earnings to a business as a result of temporary closure to their business premises. Often these business closures were unavoidable and/or forced upon traders by the Government.…

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Unregistered Leases are Not Enforceable – A Ridiculous Notion

Posted By Cody Niezgoda on February 3, 2021
Unregistered Leases are Not Enforceable – A Ridiculous Notion

For most, entering into a lease of any sort is an exercise in the basics of contract law.  There will be an invitation to treat from the Lessor consisting of the premises or land and subsequent rental amount.  This invitation will be met with an “offer” from the Lessee (often recorded in a “non-binding” Offer…

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Insolvency

Insolvency

Worried you might lose your business, your livelihood or your home?

If you are the owner or director of a company that cannot meet its financial obligations you might be trading insolvent and you are right to be very concerned.

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What Is Insolvency?

What Is Insolvency?

Insolvency is a term that applies to both companies and to individuals who can no longer meet their financial obligations, however personal insolvency (also known as bankruptcy) only applies to individuals.

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The 7 mistakes people make when they hire an insolvency lawyer

The 7 mistakes people make when they hire an insolvency lawyer

If you’re not sure whether you need to hire an insolvency lawyer or not…it probably means you do.

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