Author: Tom Wood

14 May 2013

Self Managed Superannuation funding for Business Wills

I recently read an article which highlighted the potential benefits for clients using their Self Managed Superannuation Fund (SMSF) to fund their buy/sell agreement (also commonly referred to as a Business Will). The concept is simple. Instead of each business owner effecting an insurance policy on their own life, for a Business Will the policies are owned by […]

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9 May 2013

The Pie Face Franchise Dispute

Three franchisees of the fast-food chain Pie Face have threatened to launch legal action against the franchisor on grounds of being misled over costs and profits when they first purchased their respective franchises. The franchisees claim their trading figures during the first seven months of trading were totally different to those initially projected by the […]

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11 April 2013

Buying a Franchised Business

Franchised businesses differ from other businesses in a number of ways. They offer the ability to run your business using the franchisor’s “system” in a way that allows you to gain benefit from the name, marks, brand, image, and general “know-how” of a well established and generally more expansive organisation. Whilst operating a franchised business […]

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1 November 2012

Selling a Franchised Business

Selling your franchised business can be a complex and stressful exercise. The transaction tends to be more complex than the sale of a non-franchised business sale due to the third-party influence of the Franchisor, who under most franchise agreements will have the final say in whether or not your sale can proceed. In some circumstances, […]

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3 October 2012

What is Repudiation of a Contract?

I have had a number of clients recently approach me in relation to contractual disputes. Often we need to consider whether repudiation has taken place. Repudiation of a contract occurs where one party renounces his or her obligations under a contract. The principle revolves around the concept that parties should be ready, willing and able […]

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21 May 2012

Is an agreement to lease binding?

An important case to decide whether a Letter of Intention to Lease was a binding legal document was heard in the Brisbane District Court on 30 April 2012. The key consideration was whether the letter was a binding legal document or simply an application to lease to enable the Landlord to assess the Tenant’s “lease-worthy […]

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9 May 2012

The National Business Names Register

The new National Business Names Register will commence on 28 May 2012 under the administration of the Australian Securities and Investment Commission (“ASIC”). Here is how it will affect your business: 1. A National System If your business name is currently registered in multiple States, it will now be registered nationally, and you will only need […]

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7 December 2011

Urgent Alert Australian Businesses – Are you ready for PPSA?

The Personal Property Securities Act (“PPSA”) will come into effect early in 2012. This legislation is very important and you need to act now. It will dramatically alter the way in which security over personal property can be protected. “Personal property” is any property, whether tangible or intangible, e.g. machinery and equipment, inventory, motor vehicles, […]

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5 September 2011

The Personal Property Securities Act – important changes for businesses supplying goods on credit

Businesses and individuals that provide finance secured by personal property, or who supply goods on a retention of title (ROT) basis, should be aware of the introduction of the Personal Property Securities Act. The new legislation will require that, where businesses are supplying goods on credit, their interest should be registered on the new Personal […]

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26 April 2011

The End of Ratchet Clauses – Amendments to the Retail Shop Leases Act

Rent payable by a Lessee in a retail shop lease can now decrease at a market review. A clause in a lease which prevents the lease decreasing is commonly known as a Ratchet Clause. The Retail Shop Leases Act has been amended by inserting a provision that makes a ratchet clause in a retail shop […]

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