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What exactly is a section 293 direction?
There are several reasons why a shareholder may require financial information, primarily they are denied access to the ‘accounts’ so as to make informed decision about the company. The Corporations Act 2001 (Cth) (Act) provides various mechanisms for shareholders to obtain financial and accounting information about a company, to allow them to access full and…
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Director’s misuse of funds held to be oppressive
This article explores shareholder oppression, examining Section 232 of the Corporations Act 2001 (Cth) and Martin v Australian Squash Club Pty Ltd (1996) 14 ACLC 452, to understand the cumulative effect of individual acts.
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Electronic document execution by directors
The Federal Government has issued a ruling allowing companies to sign documents electronically until 6 November 2020. Find out more about how this ruling affects your business.
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Arbitration clauses in building disputes
The QCAT decision of 4D Electrical Qld v Greyburn Pty Ltd [2020] QCAT 74 shows arbitration can be a more efficient alternative to Court/tribunal litigation. Courts uphold contractual obligations agreed to by parties, proving arbitration is a viable option.
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Standing down employees – when can it be done?
This article provides an overview of the legal framework around standing down employees without pay. It examines the Fair Work Act 2009 (Cth) and relevant case law, and emphasises the importance of consulting with employees and exploring alternative arrangements.
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What are sophisticated investors?
This article provides an overview of the requirements for a person to be a sophisticated investor under the Corporations Act 2001 (Cth) and the Corporations Regulations 2001 (Cth). It covers the definition of ‘person’, the Assets Test and Income Test, Australian Securities and Investments Commission (ASIC) guidance, and the complexities of self-managed super funds.
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Data breaches: what is serious harm?
This article looks at the notifiable data breaches scheme, and the factors to consider when determining if an eligible data breach would likely result in serious harm. It also provides an in-depth look at the Office of the Australian Information Commissioner observations in its ‘Notifiable Data Breaches Statistics Report’.
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New Fair Work information statement
In December 2019, the Fair Work Ombudsman updated the Fair Work Information Statement (FWIS). The new FWIS sets out information for businesses about the conditions of employment for new employees. Businesses must issue a copy of the FWIS to all new employees before, or as soon as possible after, they commence employment. This article discusses…
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Insolvent trading – prison for former Kleenmaid director
Former Kleenmaid director, Andrew Young, sentenced to nine years in prison for fraud, criminal insolvent trading and causing $330,000 to be withdrawn from company bank account. Learn more about Australian Securities and Investments Commission (ASIC)’s actions to ensure directors meet their obligations and the consequences of allowing companies to trade whilst insolvent.
Commercial law
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