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…)
DOES GST APPLY TO SETTLEMENTS OR JUDGMENTS OF COURT LITIGATED CLAIMS?
When parties enter into Terms of Settlement for a litigated claim, it is not in itself a taxable supply which attracts GST. (more…)
Shareholders of a small private company usually rely on their personal relationships with each other to manage the business.
Death, disability or the bankruptcy of one of the shareholders could require a transfer of the shareholder’s stock to existing shareholders, as opposed to the deceased shareholder’s beneficiaries inheriting those shares. (more…)