A closer look at discretionary testamentary trusts
A testamentary trust is created by a will, and occasioned upon the death of the will maker. It can take the form of a discretionary or fixed trust. A discretionary trust is one where the trustee has discretion as to which one (or more) of the named beneficiaries will share in the annual income of
Members rights to financial records
The following Article is from Bruce Gotterson’s regular article in Club Life Members rights to financial records If you ask people in the Club Industry whether a member can access and look at the financial records of the Club you will get as many saying yes as saying no. So what is the answer? The
Personal Properties Securities Act
By Allan McDougall September 27, 2011 Background The commencement date for the Commonwealth Government’s long-awaited Personal Property Securities Act (PPSA) has now been pushed back to 30 January 2012. However, because of the dramatic and far-reaching changes the PPSA will introduce it very much remains timely and appropriate for business people to inform themselves of
Update on tax and corporations law
By Tony Salier August 31, 2010 A recent judicial decision and an amendment to the Corporations Act have significant implications for trustees and shareholders respectively. Bankworth Olive Grove –v- DCT (2010) QCA 80 and its effect upon trustees. In Bankworth Olive Grove –v- DCT (2010) QCA 80, the Queensland Court of Appeal held that the
High Court Rules on Bank Fees
There has been much media attention on a recent decision of the High Court of Australia: Andrews v Australian & New Zealand Banking Group Limited
‘Equity Bias’ and the Prudent Trustee
Over the past few years a falling stock market together with increased volatility in financial assets generally have brought the investment strategies of Australian superannuation fund trustees into particular focus. This is not just because a portion of employees’ wage and salary incomes must by law be diverted away from present day consumption into long
The Hiring of Mining Equipment Under the PPSA
One of the many industries that the Personal Property Securities Act (PPSA) impacts upon is equipment hire, specifically hirings to the mining industry. Such hirings usually comprise lease, chattel mortgage or term purchase contracts involving multi-million dollar “big-ticket” trucks and diggers, colloquially known as “yellow goods”. These goods constitute serial numbered property under the PPSA.
Are you Being Served… a Subpoena?
Clubs are frequently served with subpoenas by courts and tribunals requiring the production of documents in proceedings in which the club is not a party. This article provides an overview of the steps which a club should take when served with a subpoena. Types of Subpoenas There are usually three types of subpoenas which are
What is Mediation?
What is mediation? Mediation is a form of dispute resolution whereby the parties attempt to negotiate a settlement of their dispute with the assistance of an independent person called a mediator. The mediator will often have a background in law. Mediation can either be employed as an alternative to litigation or as a means of
Is your head in the sand? Understanding legal & financial risk
CDI’s latest round of seminars, Legal & Financial Risk Management, explores a range of topical issues currently affecting club directors. Packed with essential information to help navigate yourself successfully around the boardroom table, don’t delay in securing your place today. The buoyancy of the current market, combined with changing dynamics for the hospitality sector, make
The PPSA and Interests in Land
Landlords and tenants would be forgiven for thinking they need not worry about the new Personal Property Securities Act 2009 (PPSA), which commenced on 30 January 2012. After all, the new law refers to personal property, not land, so there should be no problem. However the PPSA has implications for real estate as well. In
Retention of Title Clauses in Supply Contracts
A possible short-term consequence of the Commonwealth government’s new Personal Property Securities Act (PPSA) will be to cause small business suppliers relying on retention-of-title (ROT) clauses as security for payment to lose out to big banks in any contest for money left over by a customer in financial distress. This is potentially the effect of