It is a standard term of a lease or terms and conditions of trade for the supply of goods or services, that a personal guarantee be provided to ensure that a business pays its debts. A personal guarantee is usually provided by the company director and can be any or Read more…
A Garnishee Order is a form of enforcement action that can be used for the recovery of a court-ordered judgment debt. It can be served on a third party who owes monies to the debtor, directing that the third party pay that money to the entity that issued the Garnishee Notice, rather than the debtor.
It could happen to you.
You will only discover you have been dealing with a purple fictitious character after you have provided the service/delivered the goods and not been paid.
Below is a checklist of what to do when entering into any agreements. (more…)
CAN A DIRECTOR’S CLAIM FOR UNPAID WAGES BE SET OFF AGAINST WHAT THAT DIRECTOR OWES TO THE COMPANY?
Once a company is placed into liquidation, section 556 of the Corporations Act (2001)(Cth) (Corps Act) sets out the order for payments of debts due and owing by the company.
We recently advised a client on the importance of entering into written, enforceable agreements with its customers.
Our international client had supplied stock over a number of years to an Australian-based customer. However, our client’s written supply agreement was entered into with a ‘group of companies’, described here in generic terms as follows (the ABC Group) and not with an actual legal entity, being either an individual or a company with an Australian Company Number (ACN). (more…)
HOW DO YOU RECOVER A DEBT THAT REMAINS OUTSTANDING PAST THE SPECIFIED TERMS/DATE OF PAYMENT?
Each customer will respond in a different way to phone calls, demands, legal proceedings, entry of Court judgments and enforcement of judgments, which may be by way of bankruptcy proceedings on an individual, or liquidation/winding up proceedings on a company debtor. (more…)