What happens when a company goes into administration?

Operating your business or investments through a company provides a lot of protection for those operating the company, known as directors. However, increasingly, in Australia the protection of directors is being wound back. Directors can be liable for some company’s debts, such as, PAYG and staff superannuation. Also, if the company trades insolvently and certain occupational health and safety penalties.

Contracts are everywhere in our life, from simple sale and purchase agreements, service supply, property leasing, to employment, banking and investments. Like many of us, you may have been stuck in a contract and wanted to get out. Can you? There are different ways to end a contract. However, contracts are binding legal instruments, so a free exit ticket may not always be available.

One of the most satisfying tasks we perform at Lynn and Brown Lawyers is to work with our clients to either purchase or sell a business. We all know how stressful it is buying or selling a property and hoping to achieve a successful outcome. These stresses are no different to those that exist around buying or selling a business, particularly if that business is one you have built from scratch or the business that you are looking to buy is as a result of a significant lifestyle change or ambition for the next stage of your career.

A shareholders’ agreement is a contract signed by the shareholders of a company, which regulates their obligations and rights, as well as what should happen if certain situations arise. 

A good lawyer, with experience, can often foresee things others could not. Sometimes there is nothing you can do about an unforeseeable event happening after you agree to a contract, but there are some things you can do to ensure your contract is as well drafted as possible. We have decades of experience on contract disputes. We will use this experience to protect you.

If you are thinking of starting a business, you will need to consider the different business structures available to you and work out which structure will best suit your needs. In Australia, businesses are commonly structured as sole traders, companies, partnerships, discretionary trusts and unit trusts. It is important to seek professional advice (from a lawyer, accountant, or business adviser) before deciding which business structure to use.

A contract requires fundamental factors to be a valid contract: (a) An offer; (b) Acceptance; (c) Consideration; (d) Intention to enter into a legally binding arrangement.

Do you rent a retail or commercial property and want to end the lease? The first thing you should always do is check the terms of your lease agreement. Different agreements may include different methods for termination or different situations that allow you to terminate the lease. Landlords can usually terminate a lease if the tenant is late with rental payment for 7 days or if the tenant materially breaches the lease and does not rectify the breach after being notified for 14 days. These are standard lease clauses, but each case will turn on the actual lease.