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Competitions and Consumer Amendment (Payment Surcharges) Act 2016
Competitions and Consumer Amendment (Payment Surcharges) Act 2016 An amendment to the Competitions and Consumer Act 2010 (Cth) was recently commenced on 25 February 2016. The amendment is called the Competitions and Consumer Amendment (Payment Surcharges) Act 2016. The primary objective of the amendment is to regulate the cost of payment surcharges when using…
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When will a contract which has not been formally executed will be considered binding and concluded?
Take home points 1. An agreement may considered formed and concluded, notwithstanding the fact that the formalities of execution have not yet been complied with, if the conduct of the parties indicate an intention to be bound to the agreement. 2. Contractors need to take care where they only intend to be bound on the…
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Concurrent Bankruptcy
It is a creditor’s worst nightmare, supplying goods or services to a person and not having them pay you in return. Bankruptcy is one such tool creditors use in order to recover the debt against them. A problem arises for the creditor when upon inspection of the National Personal Insolvency Index they discover the person…
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Reconsider, Baby: Investigating proof of debts and going behind court judgments
When can liquidator (or trustee in bankruptcy) reject a proof of debt? In dealing with distressed companies and estates, liquidators and trustees are faced with competing claims and a limited number of assets in which to meet those competing claims. The situation is further complicated by the increasing costs involved in administering the estate or…
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