When a business is seeking to raise capital or advertise as being for sale financial forecasts are often made in a way so as to appeal to the target audience – investors or potential buyers. In some cases however, the forecasts made do not translate into reality giving rise to potential legal consequences. As forecasts are indicators often relied used by investors to make decisions on whether or not to invest, statements that are incorrect may amount to misleading and deceptive conduct under the Australian Consumer Law (ACL) (being Schedule 2 to the Competition and Consumer Act 2010 (Cth)) and have potentially serious legal consequences. [Read more…]
Archives for July 2018
De-encryption laws to make tech giants cooperate with law enforcement
20 July 2018 by
Updated 4 October 2018 – see De-encryption De-encryption Bill currently before Joint Committee
According to the ABC website, in the next few weeks Cyber Security Minister Angus Taylor is poised to present new legislation which once passed will require technology companies and multinationals to assist law enforcement to access encrypted data of “suspected criminals and terrorists”. Currently, the bill is not yet before parliament but should appear on its website once officially announced.
In February, the government has indicated its plans to tackle criminal use of encryption with the Honourable Peter Dutton MP stating in an address to the National Press Club:
“Law enforcement access to encrypted communications should be on the same basis as telephone and other intercepts,
in which companies provide vital and willing assistance in response to court orders.” [Read more…]
Enforcing overseas judgments in Australian Courts
19 July 2018 by
Globalisation and the advent of the internet has meant that it is becoming more common for businesses to contract with entities in different countries or jurisdictions. In this article we consider the circumstances where parties to a cross-border contract are involved in litigation overseas, and the prevailing party seeks to enforce the judgement in Australia. [Read more…]
Ipso facto clauses lose effectiveness post 1 July 2018
12 July 2018 by
Standard form termination clauses such as “ipso facto clauses” (Ipso Facto Clauses) will need to be drafted with greater care in commercial contracts entered into after 1 July 2018. The Treasury Laws Amendment (2017 Enterprise Incentives No 2) Act 2017 (Cth) (Amending Act) was passed amending the effectiveness of Ipso Facto Clauses that are “self-executing provisions” (Self-executing Provisions).
This legislation also enacted the “safe harbour provisions” (Safe Harbour Provisions), which generally attempts to provide directors with some protection against liability for insolvent trading in certain situations if they are attempting to restructure the business.
