Forum Law News - Issue #12 July-August 2012
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At Forum Law we know that it's vital to stay up to date with the latest legal developments that are relevant to your industry, workplace or personal circumstances. In our Forum Law News we describe some of the recent cases that may be of interest, and link to the full outlines of the cases and how their decisions affect the relevant laws, on our website.

Company Law News

A change of direction regarding the rights of creditors

A reversal of a prior decision regarding the rights of creditors to pursue directors personally under the Corporations Act s1324(10)

Last year’s decision of the Supreme Court of Queensland in Phoenix Constructions (Qld) Pty Ltd v Coastline Constructions (Aust) Pty Ltd [2011] QSC 167 was a landmark decision, in that the decision represented the first time that damages had been awarded to a creditor of a company under Section 1324(10) of the Corporations Act, for the alleged breach of duty by a director.

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Responsibilities of de facto company directors

Look like a duck, quack like a duck - expect to be roasted like a duck

In Grimaldi v Chameleon Mining NL (No. 2) [2012] FCAFC 6, the Full Federal Court recently considered the duties and liabilities of a non-executive individual who informally exercises corporate powers and functions of the kind that are normally reserved for properly appointed directors of the company.

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Contract Law News

The new Personal Property Securities Act and your obligations

Before you enter into a guarantee update your knowledge on how the new Personal Property Securities Act affects your obligations

In the past we have provided articles and information on the Personal Property Securities Act [PPSA], which came into force earlier this year. As previously outlined, the PPSA requires the registration of a security interest in any personal property which secures the performance of an obligation, including obligations created through loan agreements.

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Intellectual property and the PPSA

Intellectual property qualifies as “personal property” and can be secured

Under the Personal Property Securities Act regime, intellectual property and intellectual property licences are both classes of collateral in which a security interest may be created and registered.

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Property Law News

Grants and concessions for first home owners

Need some help with a new purchase?

Starting on 1 July 2012, the NSW Government introduced the New Home Buyers’ Grant of $5,000 which is applicable to newly built or off-the-plan homes valued at up to $650,000 and vacant land for constructing a new home, where the vacant land is valued at up to $450,000.

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When an option to renew notice is not a notice

Exercising an option to renew a commercial or retail lease

In the recent decision of Kavia Holdings Pty Ltd v Suntrack Holdings Pty Ltd [2011] NSWSC 716, the Supreme Court of NSW considered the circumstances in which the purported exercise of an option to renew a lease via email will be validly done.

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If you would like to discuss any of these issues or if you require any legal advice or assistance please contact us at Forum Law on +61 2 9560 3388 or email us.


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