Thursday, September 20, 2012
FREE INFORMATION NIGHT - Buying & Selling Property
FREE INFORMATION NIGHT - Buying & Selling Property
WHEN: 10 October 2012
TIME: 6PM
WHERE: 64 Pinelands Road, Sunnybank Hills QLD
Join local Solicitor GEORGE HATZIS for a free seminar on Wednesday the 10th of October 2012 at 6.00pm at our Sunnybank Hills office for anyone requiring further information on purchasing or selling property.
Topics include:
- Basic provisions of the Contract
- Knowing what questions to ask
- Pitfalls and how to avoid them
- Investing in Property - what you need to know
- Capital gains/negative gearing issues
Book now! as seats are limited: email marketing@hatzis.com.au or call Toll Free on 1300 428 947 to reserve your seat.
Sunday, September 2, 2012
FREE INFORMATION NIGHT - Small Business
FREE INFORMATION NIGHT - Small Business
WHEN: 12 September 2012
TIME: 6PM
WHERE: 64 Pinelands Road, Sunnybank Hills QLD
Join local Solicitor GEORGE HATZIS for a free seminar on Wednesday the 12th of September 2012 at 6.00pm at our Sunnybank Hills office for anyone requiring further information on setting up a small business.
Topics include:
Starting a small Business - first steps
Leasing - what you need to know
Business Structures - your options
Employee relations - your rights and obligations
Risk Management - protect your non-business assets
Book now! as seats are limited: email marketing@hatzis.com.au or call Toll Free on
1300 428 947 to reserve your seat. Or RSVP on our Facebook page
WHEN: 12 September 2012
TIME: 6PM
WHERE: 64 Pinelands Road, Sunnybank Hills QLD
Join local Solicitor GEORGE HATZIS for a free seminar on Wednesday the 12th of September 2012 at 6.00pm at our Sunnybank Hills office for anyone requiring further information on setting up a small business.
Topics include:
Starting a small Business - first steps
Leasing - what you need to know
Business Structures - your options
Employee relations - your rights and obligations
Risk Management - protect your non-business assets
Book now! as seats are limited: email marketing@hatzis.com.au or call Toll Free on
1300 428 947 to reserve your seat. Or RSVP on our Facebook page
Thursday, July 12, 2012
Wills & Estate Planning Seminar
FREE INFORMATION NIGHT - Wills & Estate Planning Seminar
WHEN: 22 August 2012
TIME: 6PM
WHERE: 64 Pinelands Road, Sunnybank Hills QLD
Join local Solicitor GEORGE HATZIS for a free seminar on Wednesday the 22nd August 2012 at 6.00pm at our Sunnybank Hills office for anyone requiring further information on these important issues.
Topics include:
Arranging your affairs for maximum benefit
Superannuation and your Will
Debts and future income in the event of death
Structuring your assets to minimise risk to your business
It's not all about you - having your Will prepared will save alot of heartache for those who love you.
Book now! as seats are limited: email marketing@hatzis.com.au or call Toll Free on
1300 428 947 to reserve your seat. Or RSVP on our Facebook page
WHEN: 22 August 2012
TIME: 6PM
WHERE: 64 Pinelands Road, Sunnybank Hills QLD
Join local Solicitor GEORGE HATZIS for a free seminar on Wednesday the 22nd August 2012 at 6.00pm at our Sunnybank Hills office for anyone requiring further information on these important issues.
Topics include:
Arranging your affairs for maximum benefit
Superannuation and your Will
Debts and future income in the event of death
Structuring your assets to minimise risk to your business
It's not all about you - having your Will prepared will save alot of heartache for those who love you.
Book now! as seats are limited: email marketing@hatzis.com.au or call Toll Free on
1300 428 947 to reserve your seat. Or RSVP on our Facebook page
Sunday, February 12, 2012
Personal Property Security Act (PPSA)
Are you Ready for PPSA?
In 2009, the government passed new legislation called the Personal Property Securities Act (“PPSA”) which has only come into effect as at 30 January 2012. It dramatically alters the way we deal with personal property and the way in which security over personal property can be protected.
Under the PPSA, “Personal Property” is any property except land, fixtures to land and some statutory licences. For example machinery and equipment, inventory, motor vehicles, shares, book debts, receivables, stock, crops, trademarks and patents are all forms of personal property. Your family home will not be personal property under the PPSA.
The PPSA will regulate any “Security Interest” in personal property. The scope of what can constitute a security interest under the PPSA is wide and will include a number of interests which the current law does not recognise as security interests. If you do not protect your existing or future rights in personal property you risk losing your security interest in that property.
The PPSA will affect most businesses and individuals. This bulletin sets out some areas affected by PPSA. If you have transactions in any of these areas or interests in personal property, you should urgently seek advice about what steps you should take to protect your interests, if any.
A new register, called the Personal Property Securities Register (“PPSR”) will commence on 30 January 2012. Existing registered security interests are in the process of being “migrated” from the existing Federal, State and Territory registers (e.g. ASIC charges, REVS, Bills of Sale) to the PPSR.
In 2009, the government passed new legislation called the Personal Property Securities Act (“PPSA”) which has only come into effect as at 30 January 2012. It dramatically alters the way we deal with personal property and the way in which security over personal property can be protected.
Under the PPSA, “Personal Property” is any property except land, fixtures to land and some statutory licences. For example machinery and equipment, inventory, motor vehicles, shares, book debts, receivables, stock, crops, trademarks and patents are all forms of personal property. Your family home will not be personal property under the PPSA.
The PPSA will regulate any “Security Interest” in personal property. The scope of what can constitute a security interest under the PPSA is wide and will include a number of interests which the current law does not recognise as security interests. If you do not protect your existing or future rights in personal property you risk losing your security interest in that property.
The PPSA will affect most businesses and individuals. This bulletin sets out some areas affected by PPSA. If you have transactions in any of these areas or interests in personal property, you should urgently seek advice about what steps you should take to protect your interests, if any.
A new register, called the Personal Property Securities Register (“PPSR”) will commence on 30 January 2012. Existing registered security interests are in the process of being “migrated” from the existing Federal, State and Territory registers (e.g. ASIC charges, REVS, Bills of Sale) to the PPSR.
Security interests that are not currently registrable (e.g. chattel leases, bailments, retention of title, commercial consignments, and vendor finance arrangements) have some protection for a period of two years after the commencement date. You should register these security interests on the PPSR within that two year period if your interest in the personal property is to last longer than two years. However, in some cases, there are additional steps that a secured party should take during this transitional period to protect its interest. This will depend on the nature of the interest.
Whilst there are exceptions, it is essential in most instances to register your security interests in order to obtain priority. By registering your security interest you can prevent another person taking ownership of your goods, particularly if they become insolvent (with some limited exceptions). Any delay in registering your security interest or inaccuracy in the registration could be disastrous. New security interests created after commencement must be registered quickly (there are strict time limits for some securities) and in some cases may be registered before the transaction is completed.
We are keen to provide any advice you may need in order to protect your security interests. Unless you tell us about your security interests we cannot provide the advice.
Failure to protect security interests could be expensive. Because of the significant changes to the law, we urge you to think seriously about the matters raised in this bulletin and contact us if you would like further information.
Monday, October 17, 2011
Guarantee Advice - Fixed Fee Service
We recommend our clients do their homework before committing to going guarantor for another party.
Bank documents are very detailed and therefore it is imperative to fully understand what your requirements and obligations are BEFORE committing to any application.
We deal with financiers of every type every day and know what their requirements are. Let us do the homework for you to allow you to make an informed decision of what you are entering into.
Have confidence that all bases have been covered and that you can be protected before you sign a guarantee.
We offer a speedy turnaround for any advice given and a fixed fee service giving you certainty before you sign the guarantee.
Be informed! Talk to us today about your needs before signing a contract.
Bank documents are very detailed and therefore it is imperative to fully understand what your requirements and obligations are BEFORE committing to any application.
We deal with financiers of every type every day and know what their requirements are. Let us do the homework for you to allow you to make an informed decision of what you are entering into.
Have confidence that all bases have been covered and that you can be protected before you sign a guarantee.
We offer a speedy turnaround for any advice given and a fixed fee service giving you certainty before you sign the guarantee.
Be informed! Talk to us today about your needs before signing a contract.
Tuesday, June 14, 2011
Changes to Lot Entitlements and Disclosure in Community Management Statement
Recent changes to the Body Corporate and Community Management Act (BCCMA) in April of this year have made it compulsory for owner’s registering a Community Management Statement (CMS) to outline and record the principles behind the calculation of the contribution and interest schedule lot entitlements. We will now deal with each lot entitlement category separately.
Contribution Lot Entitlements
Pursuant to section 66(db) of the BCCMA, when establishing a scheme, the owner must disclose in the CMS, among other things, the following:
· The contribution schedule principle under section 46(7) on which the contribution schedule lot entitlements have been decided;
· If the contribution schedule lot entitlements have been decided in accordance with the equality principle and are not equal, explain why they are not equal; and
· If the contribution schedule lot entitlements have been decided in accordance with the relativity principle, include sufficient details about the principle to show how the individual contribution schedule lot entitlements for the lots were decided by using it.
The two principles to be used, as provided for in section 46A, are the equality principle and the relativity principle.
The equality principle for deciding contribution schedule lot entitlements for the lots included in a community titles scheme is the principle that the lot entitlements must be equal, except to the extent to which it is just and equitable in the circumstances for them not to be equal.
The relativity principle for deciding contribution schedule lot entitlements for the lots included in a community titles scheme is the principle that the lot entitlements must clearly demonstrate the relationship between the lots by reference to one or more particular relevant factors.
Interest Lot Entitlements
Pursuant to section 66(dc) of the BCCMA, when establishing a scheme, the owner must disclose in the CMS, among other things, the following:
· if the interest schedule lot entitlements reflect the respective market values of the lots, state that the interest schedule lot entitlements reflect the respective market values of the lots; or
· if the interest schedule lot entitlements do not reflect the respective market values of the lots, explain why the interest schedule lot entitlements do not reflect the respective market values of the lots.
The interest schedule lot entitlements must comply with the market value principle pursuant to clause 46B and if they do not comply with the market value principle, you must explain why.
The market value principle for deciding interest schedule lot entitlements for the lots included in a community titles scheme is the principle that the lot entitlements must reflect the respective market values of the lots, except to the extent to which it is just and equitable in the circumstances for the individual lot entitlements not to reflect the respective market values of the lots.
These changes have only come into effect as of April this year, and therefore, in order to ensure that you are receiving up-to-date and practical legal advice, come and see the Commercial Team at Hatzis Lawyers and we will be more than happy to assist you.
Contribution Lot Entitlements
Pursuant to section 66(db) of the BCCMA, when establishing a scheme, the owner must disclose in the CMS, among other things, the following:
· The contribution schedule principle under section 46(7) on which the contribution schedule lot entitlements have been decided;
· If the contribution schedule lot entitlements have been decided in accordance with the equality principle and are not equal, explain why they are not equal; and
· If the contribution schedule lot entitlements have been decided in accordance with the relativity principle, include sufficient details about the principle to show how the individual contribution schedule lot entitlements for the lots were decided by using it.
The two principles to be used, as provided for in section 46A, are the equality principle and the relativity principle.
The equality principle for deciding contribution schedule lot entitlements for the lots included in a community titles scheme is the principle that the lot entitlements must be equal, except to the extent to which it is just and equitable in the circumstances for them not to be equal.
The relativity principle for deciding contribution schedule lot entitlements for the lots included in a community titles scheme is the principle that the lot entitlements must clearly demonstrate the relationship between the lots by reference to one or more particular relevant factors.
Interest Lot Entitlements
Pursuant to section 66(dc) of the BCCMA, when establishing a scheme, the owner must disclose in the CMS, among other things, the following:
· if the interest schedule lot entitlements reflect the respective market values of the lots, state that the interest schedule lot entitlements reflect the respective market values of the lots; or
· if the interest schedule lot entitlements do not reflect the respective market values of the lots, explain why the interest schedule lot entitlements do not reflect the respective market values of the lots.
The interest schedule lot entitlements must comply with the market value principle pursuant to clause 46B and if they do not comply with the market value principle, you must explain why.
The market value principle for deciding interest schedule lot entitlements for the lots included in a community titles scheme is the principle that the lot entitlements must reflect the respective market values of the lots, except to the extent to which it is just and equitable in the circumstances for the individual lot entitlements not to reflect the respective market values of the lots.
These changes have only come into effect as of April this year, and therefore, in order to ensure that you are receiving up-to-date and practical legal advice, come and see the Commercial Team at Hatzis Lawyers and we will be more than happy to assist you.
Tuesday, May 17, 2011
Taking on Employee's with New Business
Using a standard Business contract - Considerations regarding employees when buying an existing business.
When purchasing an existing Business an important factor to take into consideration is the retention or not of the existing employees and key personnel of the business - whether you are to retain them or not !
It may be imperative for you to keep certain staff members on for the continued success of the business or on the other hand, you have may your own trained and ready to go group of staff waiting to start.
No matter which road you take, it is vitally important to ensure the Business Contract reflects your intention in this regard. The Standard REIQ Business Sale Contract (Second Edition) provides for a schedule of employees in the business. You must then notify the Seller in writing as to the employees you wish to employ and those you do not.
Under standard condition 18.3 you must then offer employment on specific terms and conditions to those employees to commence on the Settlement Date on no less favorable terms than their existing employment. This is normally understood.
What is not normally understood - If you do not offer employment on the specified terms and conditions to the Seller’s employees, then you will be responsible for any redundancy payments made to the employee by the Seller and further will need to indemnify the Seller for any other loss or claim by or relating to the redundancy of that employee – standard condition 18.5.
Furthermore, for the employees who do accept your offer of employment, the Standard Conditions state that the Seller only reimburses you (by way of adjustment at settlement) for 70% of the aggregate value of the employee’s entitlements such as sick leave, annual leave and long service leave – standard condition 18.8.
These clauses, among many others, should be seriously considered and if necessary negotiate changes with the seller prior to signing the Contract to protect your interests and ensure that you are not out of pocket unnecessarily.
As part of our service come and see the Commercial team at Hatzis Lawyers before you sign any business purchase contract so that we may advise you on issues such as this and make the appropriate changes to the Contract with our custom made special conditions or assist you with the negotiations.
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