Following the wide-ranging economic impact of COVID-19, the Australian Federal Government has passed temporary amendments to insolvency, bankruptcy and corporations laws to provide relief for businesses. The changes made, contained in Schedule 12 to the Coronavirus Economic Response Package Omnibus Act 2020 (Cth) (the Act)
Read MoreThe State Taxation Acts Amendment Act 2019 which was recently enacted has resulted in significant changes to the “economic entitlement” provisions of the Duties Act 2000. Under the changes, a residential developer will be deemed to have acquired an ‘economic entitlement’ to any income, rent or profits generated from the land and will be subject to a duty as if they had acquired a beneficial ownership interest in the land.
Read MoreThe new ipso facto regime enacted by the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 in 2017 amends the Corporations Act 2001 (Cth) (Act) by introducing a “stay” to the enforcement of contractual ipso facto provisions that are triggered upon the occurrence of certain insolvency related events. The amendments apply to all contracts entered into on and from 1 July 2018.
Read MoreContractors often experience significant delays in receiving payment during the course of a construction project or do not receive payment at all.
Read MoreSmall businesses can often find themselves at the mercy of one-sided contracts. However, the new unfair contract legislation discussed below is about to change that.
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