Media

News Archive

If you enter into business agreements with small businesses, you will need to be alert to upcoming changes to unfair contract term protections. In November 2015, the federal government introduced amendments to the Competition and Consumer Act 2010 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) to extend unfair contract protection laws to small business contracts. The protections currently apply to consumer contracts.

 

Foreign Investment Policy Update Presentation

There have been changes to Australia's foreign investment policy.

Are you affected?

Due Diligence in Business Acquisitions Presentation

Some tips and observations

Leaker Partners

As of the 1st October 2015 leases and bailments of ‘serial numbered goods’ (motor vehicles, water craft and air craft) for a term of less than 1 year, entered into after 1 October 2015, no longer have to be registered on the Personal Property Securities Register (“PPSR”).

The Supreme Court of Victoria in its decision in the case of Carrafa, Gountzos & Lofthouse v Doka Formwork Pty Ltd [2014] VSC 570 (Relux Case), has confirmed that:

  1. a lease of goods for an indefinite term is a ‘PPS lease’ where the lessor is regularly engaged in the business of leasing goods; and
  2. if the ‘PPS lease’ is not registered within the time frames set by the Personal Property Securities Act (2009) (PPSA), interest in the leased goods may vest in the lessee upon its liquidation.

In our March article, we outlined the Government’s proposed changes to Australia’s Foreign Investment Policy with the aim of strengthening the integrity of the foreign investment framework.  These proposed changes related to application fees and penalties.

On 2 May 2015 the Government confirmed these changes will be made, and they will take effect from 1 December 2015.

The Government has also proposed a new definition of ‘agribusiness’ and ‘agricultural land’ which will likely be introduced at a later date.