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Getting your Business Ready for Sale
- 14 May 2019
Rebecca Hegarty, Peter Stewart
A business owner might look towards selling their business for a variety of reasons. The choice might be triggered by an expression of interest, or simply a decision based on the ripeness of the market. Sometimes, the sale is forced on a business owner due to circumstances outside their control or having come out of a dispute between business partners. To get the most value for your business, it is important to conduct due diligence in order to ensure that it is ready for sale. This article outlines Coleman Greig's top 5 tips for getting your business 'sale ready'.
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PPSA: Correcting Errors and Extending Time
- 15 Mar 2019
Rebecca Hegarty
Since the Personal Property Securities Act 2009, creditors have looked to perfect their security interests by registering them on the PPSR. Here’s what you should consider when it comes to PPSA registrations.
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Is Your PPSR Registration About to Expire?
- 31 Jan 2019
Rebecca Hegarty
With the Personal Property Securities Register (PPSR) having officially turned 7 years old as of 30 January 2019, Coleman Greig would like to remind our commercial clients that as of and from 30 January 2019, all 7 year PPSR registrations have started to expire.
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Franchising vs Licensing: Making the Right Choice for Your Business
- 12 Dec 2018
Catherine Sedgley
With the current climate, the terms ‘franchising’ and ‘franchise’ can often leave a bad taste in one’s mouth. As such, business owners looking to either expand or leverage a successful business in order to achieve further growth will often explore alternative models, such as licensing. While ‘franchising’ and ‘licensing’ may mistakenly be used interchangeably, they are two distinctly different concepts.
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Update on the Parliamentary Inquiry into Franchising
- 12 Dec 2018
Catherine Sedgley
It is difficult to ignore the immense amount of press surrounding the recent parliamentary enquiry into the franchising sector and the effectiveness of the Franchising Code of Conduct. The Senate Committee, chaired by Michael Sukkar, has set themselves the task of discovering whether amendments to the Code would result in a more cohesive sector and provide greater support to franchisees.
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A few months on: What has the Notifiable Data Breach Scheme taught us?
- 19 Nov 2018
James Ferguson
With the Notifiable Data Breach Scheme having now been in operation for close to 9 months, Coleman Greig has decided to take a detailed look at what the current statistics are saying, as well as what organisations are able to glean from them in order to effectively protect both themselves and their clients from cyber-attacks.
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Lessons learnt, so far, from the Hayne Royal Commission
- 19 Nov 2018
Michael Adams
There has been a lot of recent publicity surrounding Kenneth Hayne's Royal Commission into the Misconduct of Banking, Superannuation and Financial Services Industry. Although the Commission commenced on 14th December 2017, and is meant to be completed by February 2019, the publishing of the 'Interim Report' on 28 September 2018 delivered a lot of food for thought for both accountants and financial planners.
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How will the “Whistleblower Bill” affect Australian companies?
- 9 Nov 2018
If the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 is passed by the parliament, new legislation will see major amendments to the Corporations Act 2001, creating an expanded regime under which both public and large private corporations will be required to implement internal whistleblower policies.
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2018-19 Franchise Agreement and Franchise Disclosure Document Update - Don't Delay, time is running out!
- 9 Oct 2018
Catherine Sedgley
Under the Franchising Code of Conduct, a Franchisor is required to update their Disclosure Document annually, within 4 months following the end of the financial year. If your financial year ends 30 June, the Disclosure Document for your franchise network needs to be updated on or before 31 October 2018.
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Introducing the ASIC Supervisory Cost Recovery Levy Act 2017
- 23 Aug 2018
Peter Stewart
The Australian Securities and Investments Commission (ASIC) has recently put in place a new industry funding regime based on the 'user pays' principle. The ASIC Supervisory Cost Recovery Levy Act 2017 aims to fund ASIC's operation through charging entities that both require and benefit from the commission's regulation.
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Deceptively Similar Trade Marks and the Trade Mark Opposition Process
- 7 Jun 2018
What happens if someone is trying to register a trade mark that is too similar to your own? How can you prove that it is similar? What are your rights and how can you enforce them?
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GDPR in Australia – is Your Business Compliant?
- 7 Jun 2018
Peter Stewart
The European Union's ('EU') new General Data Protection Regulation ('GDPR') came into effect on 25 May 2018. Whilst Europe is over 14,000km from Australia's sandy shores, its data protection laws are only a click away.
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Ipso Facto Clauses – There's change on the way
- 22 May 2018
Rebecca Hegarty
An important change in law arising from the raft of recent Insolvency reforms concerns enforcement of 'ipso facto' clauses in contracts. As the change will impact on how you contract and do business with your customers, it is important to both understand the change and put measures in place to deal with it.
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Franchising Vs Licensing Your Business – Considering Your Options
- 22 Mar 2018
Peter Stewart
Are you ready to grow your business, but you’re not sure whether to look towards licensing or franchising? Peter Stewart takes a look at the pros and cons of both options.
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Passing Off Intellectual Property: Private Label Brands Misleading Consumers
- 22 Mar 2018
Catherine Sedgley
In late 2017, the Federal Court of Australia heard the case of Moroccanoil Israel Ltd v Aldi Foods Pty Ltd - a matter which has highlighted a number of issues relating to intellectual property infringement and passing-off, which owners of private label brands can potentially face in the marketplace.
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Is Your House in Order? New Data Breach Regime laws take effect on 22 February 2018
- 15 Feb 2018
Peter Stewart
Incoming legislation relating to mandatory notification for data breaches comes into effect from 22 February, 2018. Once in effect, the new regime will require agencies and organisations that are subject to the Privacy Act 1988 to notify both the Office of the Australian Information Commissioner (OAIC) and affected individuals in cases where there has been a confirmed ‘eligible data breach’ of personal information.
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The Unfair Preference Claim and the Third Party Payer
- 7 Dec 2017
Rebecca Hegarty
How often are you, as an unsecured creditor, on the receiving end of an Unfair Preference Claim? It is prudent to look at whether you received the payments from the Company and whether they were a party to the transaction.
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Our top 5 Christmas debt collection tips
- 22 Nov 2017
Rebecca Hegarty
As we enter the Yuletide season, avoid the strain that it brings by seeking to recover unpaid debts early.
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Are you doing your due diligence when buying your business?
- 21 Nov 2017
Peter Stewart
Buying a business, whether it be a franchise or not, is a huge investment for most people. Due diligence will reveal important information about whether the business is the right investment for you.
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Indemnity clauses: a cautionary tale for businesses
- 14 Nov 2017
Mario Rashid-Ring
The recent NSW Court of Appeal Decision, CSR Limited v Adecco (Australia) Pty Ltd, illustrates the risks of an ambiguously drafted indemnity clause, as well as the circumstances in which a Court may determine if an indemnity clause continues to operate after the formal expiration of a fixed term contract.
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Intellectual Property Licence Agreement Dispute between Kraft and Bega
- 14 Nov 2017
An interesting development out of the United States, involving a dispute between Kraft-Heinz and Bega Cheese Limited which is now before the New York Federal Court is highlighting the importance of properly drafted Intellectual Property Licence Agreements.
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Bondi Wash brand at sea with international trade mark dispute
- 8 Sep 2017
A recent development, involving the iconic Bondi Beach, has reinforced the importance of protecting your trade mark globally if your business is looking to expand into global markets.
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Industry recognition for expertise and impact
- 6 Sep 2017
Warrick McLean
Coleman Greig is thrilled with the recent recognition of two of its Principals, Malcolm Gittoes-Caesar and Caroline Hutchinson, in industry awards.
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GST and the supply of a going concern
- 8 Aug 2017
Peter Stewart
It’s 17 years since the introduction of the Goods and Services Tax (GST), but the 'going concern' exemption still causes some confusion amongst parties in a sale of a business transaction.
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Key Changes to the Retail Leases Act – 1 July 2017
- 8 Aug 2017
Dean Claughton
On 1 July 2017, several key changes were made to the Retail Leases Act in New South Wales that effect both landlords and tenants around the state. These changes have been in draft form for a substantial amount of time, and so it was no surprise when the legislation came into effect.
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Professor Michael Adams joins Coleman Greig Lawyers as Special Counsel
- 8 Aug 2017
Warrick McLean
The Coleman Greig team is excited to announce that Professor Michael Adams is joining the firm as Special Counsel.
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Registering business names for clients
- 20 Jul 2017
Peter Stewart
As an accountant you are most likely considered the trusted advisor/‘sounding board’ for many of your clients - a role that may see you advising them on new business pursuits. As part of this process, you are probably often instructed to register new business names. To make this process as smooth as possible for your client, keep the following in mind.
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The Diverted Profits Tax
- 20 Jul 2017
Peter Stewart
The Diverted Profits Tax came into effect on 1 July 2017, and aims to ensure that the tax paid by significant global entities properly reflects the economic substance of their activities in Australia.
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New appointments
- 3 Jul 2017
Warrick McLean
Coleman Greig is thrilled to announce the promotion of four of our talented lawyers.
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Protecting Your Business on Social Media
- 19 Jun 2017
It’s always risky business to engage in social commentary about political matters or trending topics for the obvious reason that it can turn really bad, really quickly. Minimise your risk with a social media policy and brand protection.
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ACCC not shying away from its 2017 ‘hit list’; Murray Goulburn, Apple and unfair contract terms
- 8 May 2017
Peter Stewart
The ACCC has commenced a number of proceedings on misleading and deceptive practices, unconscionable conduct, and unfair contract terms affecting small businesses.
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Coleman Greig joins international network of law firms
- 8 May 2017
Caroline Hutchinson, Peter Stewart
Coleman Greig is excited to announce that we have become the only Australian law firm to become a member of First Law International (FLI), a global network of over 75 independent full-service, high quality law firms.
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Update: Standards Australia put AS 11000 on hold
- 8 May 2017
Raymond Frangi
As of 4 April, Standards Australia has announced that key proposed changes to the Australian Standards General Conditions of Contract for building contracts were "not supported by the full spectrum of interests."
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What does “without prejudice” mean?
- 8 May 2017
Laura Bazouni
The term, “without prejudice” seems to promise the remarkable ability to prevent statements that are conceded by one party to another from being relied upon in Court proceedings. In actual fact, “without prejudice” is a tool to assist parties to settle their disputes outside of Court.
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Franchisors, it’s not worth waiting…act now to meet your workplace obligations
- 5 Apr 2017
Peter Stewart
As a franchisor, whatever the size of your franchise system, it is important that you minimise the risk to your brand by taking practical steps to help your franchisees understand and meet their obligations.
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The Courts shaping Security of Payments
- 16 Mar 2017
Nick Kallipolitis
Is a reference date a precondition to the making of a valid payment claim? The recent High Court decisions for Southern Han Breakfast Point Pty Ltd (in Liquidation) v Lewence Construction Pty Ltd [2016] HCA 52 sheds some light.
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Hot off the press - Change proposed to definition of a Personal Property Securities Lease
- 8 Mar 2017
Rebecca Hegarty
A Bill is currently before the House Representatives which proposes an amendment to the Personal Property Securities Act 2009. The Personal Property Securities Amendment (PPS Leases) Bill 2017 (the Bill), as its name suggests, seeks to change what will fall within the definition of a Personal Property Securities Lease.
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ABN or ACN - A valuable lesson on registering under the Personal Property Securities Act
- 21 Feb 2017
Rebecca Hegarty
A recent decision handed down on 31 January 2017 in the Supreme Court of New South Wales has highlighted the importance of attention to detail when it comes to registering security interests on the Personal Property Securities Register (PPSR), and in accordance with the Act and its Regulations.
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What do you mean I’m not covered? I have insurance!
- 21 Feb 2017
Caroline Hutchinson, Mario Rashid-Ring
All too often, a business is left without insurance cover because the liability may fall under an indemnity so what are indemnity clauses and why do they matter?
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Landmark agreement sets new standard for the franchise industry
- 12 Dec 2016
Peter Stewart
An agreement reached between the Fair Work Ombudsman and 7-Eleven last week is set to introduce a new standard for franchising in Australia.
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On the boil – Pastacup in hot water as the ACCC takes action for failure to disclose
- 12 Dec 2016
Peter Stewart
In September, the ACCC announced that it had commenced proceedings in the Federal Court against Morild Pty Ltd and its former director, Stuart Bernstein. Morild Pty Ltd is the current franchisor of Pastacup, a Western Australia-based ready-to-eat pasta business.
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Tick tock, tick tock: Extension of Time claims fall foul to strict time bars!
- 12 Dec 2016
Nick Kallipolitis
The decision in CMA Assets Pty Ltd v John Holland Pty Ltd [No 6] [2015] WASC 217, has reinforced the position that contractors MUST comply with the terms of a contract – for example, time and notice provisions - otherwise they risk losing fundamental rights and claims available in the contract such as Extension of Time claims (EOT).
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What’s in a term? Points to consider when negotiating your lease
- 12 Dec 2016
Andrew Grima
An important concept to consider when negotiating a lease is the length of your term as ramifications can arise in regards to the term of lease - including how the term can affect the value of your business, particularly when goodwill is driven by location.
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Employee Entitlements on transfer of business – an art form or a science?
- 17 Nov 2016
Stephen Booth, Peter Stewart
Any business sale or purchase is likely to involve the transfer of employees from one entity to another. Tight and clear drafting up front will go a long way towards ensuring that there is no dispute as to the nature and extent of adjustments to the purchase price at completion.
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Unfair terms for standard form contracts are now in force
- 17 Nov 2016
Laura Bazouni
Breach of the new unfair terms for standard form contract provisions could not only land you in Court as a Defendant but you could also be on the receiving end of an ACCC enquiry.
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Franchisors, it’s time to think about updating your Disclosure Document!
- 14 Sep 2016
Peter Stewart
As a franchisor, under the Franchising Code of Conduct, you’re required to update your Disclosure Document annually, within four months after the end of the financial year. If the financial year for your franchise business wrapped up on 30 June, then you will need to update your Disclosure Document on or before Monday 31 October, 2016.
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A new frontier for Security of Payments
- 12 Sep 2016
Nick Kallipolitis
The Supreme Court of NSW recently expanded the ability of a respondent to challenge an adjudication determination, in the decision of Probuild Constructions (Aust) Pty Ltd v Shade Systems Pty Ltd.
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Impact of the Unfair Contract Terms Legislation on Standard Form Construction Contracts
- 12 Sep 2016
Raymond Frangi
The new small business unfair contract term legislation on 12 November 2016,1 has raised questions on whether provisions in standard form construction contracts may be caught under the legislation.
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In the firing line: Misleading and deceptive conduct
- 9 Aug 2016
Peter Stewart
E-cigarette retailers, Social-Lites Pty Ltd and Elusion New Zealand Limited, health insurer Medibank and H.J. Heinz Company Australia Ltd are some of the latest culprits under investigation by the Australian Competition and Consumer Commission (ACCC) for misleading and/or deceptive representations to consumers.
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Product recall obligations for consumers, retailers and suppliers
- 9 Aug 2016
Stephen Booth, Peter Stewart
Stringent safety standards bind all manufacturers, particularly in developed countries like Australia. However, sometimes consumer goods or products slip through this net, occasionally with disastrous consequences! Here's what consumers, retailers and suppliers need to know.
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We’re in dispute – How do we fix this?
- 9 Aug 2016
Caroline Hutchinson
We are often asked to steer clients through their disputes. However, they do not always want to take the most aggressive option –usually litigation. Depending on the nature and circumstances of the particular conflict our clients are facing, we often recommend and adopt alternative dispute resolution (ADR) methods.
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Dispute resolution for franchisors and franchisees
- 4 Aug 2016
Peter Stewart
The changes to the Franchising Code of Conduct (the Code) has seen more onerous good faith obligations for both franchisors and franchisees. To ensure that both parties comply with such obligations, the Code now requires franchisors and franchisees to attempt to resolve disputes prior to terminating the agreement on foot. These are the most frequently asked questions my clients ask me when a dispute occurs.
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Is your franchise ready for the new unfair contract regime?
- 4 Aug 2016
Peter Stewart
Many of you will have heard about the impending new unfair contract regime which will be implemented later this year, from 12 November. Here's what you need to know from a franchising perspective.
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Do you know where your Constitution or Trust Deeds are?
- 30 Mar 2016
Your company's constitution and the deed for your trust are the rule books by which you must operate the business. If you don't know what these documents say about all manner of issues, your business can be hamstrung.
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When employees go rogue: How to protect your confidential information and intellectual property
- 2 Mar 2016
Stephen Booth, Lisa Qiu
In January, Justice Bromberg of the Federal Court of Australia, handed down a judgment following an urgent application by BlueScope Steel to stop a disgruntled former employee, from leaking confidential information and intellectual property, to competitors.
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Nurofen manufacturer experiences headache over misleading conduct
- 16 Dec 2015
Nurofen has been a well-loved and trusted pain relief brand…until now. The manufacturer of the brand, Reckitt Benckiser, faces millions in fines following the outcome of proceedings in the Federal Court over products in its Nurofen specific-pain range.
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Shareholder agreements – why should we have one?
- 30 Nov 2015
Peter Stewart
If you and your fellow shareholders are never going to argue, if you’ll always agree on how your shares should be valued, if you have a common view about how to fund your business and a shared view about how a shareholder should act in relation to the business when they cease to be a shareholder, then you most probably don’t need a shareholder agreement. For those of us who are mortal, however, putting a shareholder agreement in place in the good times, when each shareholder is in agreement, is a prudent approach to managing the shareholder relationship.
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Small businesses to benefit under proposed changes to the Australian Consumer Law
- 30 Nov 2015
Nick Kallipolitis
The Federal Government has committed to extending the unfair contract terms legislation to cover small businesses which is intended to come into force in 2016. Find out what impact this will have on your business.
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Are you really the ruler of your own domain?
- 29 Oct 2015
Mario Rashid-Ring
Whilst domain names are important in a technical sense in that they serve as a link to websites, their real value – particularly in a business context – is actually much greater.
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Termination for Convenience in Construction Contracts
- 29 Oct 2015
Raymond Frangi
Depending on whether you are a contractor or principal, a Termination for Convenience (TFC) clause can have both positive and negative effects so it's important to consider the potential implications before entering into a contract.
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Considering joining a Board? Here are four things to consider
- 21 Sep 2015
Peter Stewart
Joining a Board can be an exciting and enriching experience. On the flip side, it can also become overwhelming and require more of your resources than originally anticipated. Before making the leap to Board membership there are a few things you should consider to help you make the most of the opportunity.
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Cut price pizzas result in class action
- 21 Sep 2015
Peter Stewart
Slashing pizza prices has resulted in a class action against Pizza Hut by its own franchisees. The action, which began in late July this year, followed a move which dropped some pizza prices by half by Pizza Hut’s parent company, Yum! Brands. The ex-franchisees involved in the class action have based their claim on the two companies having engaged in unconscionable conduct and breaching their duty to ensure that franchisees (and Yum! Brands) make a profit.
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Making sure your lease is franchise ready in nine easy steps
- 21 Sep 2015
Andrew Grima
Many of our franchising clients are also tenants of premises. A big driver of the value of the franchise brand and its liability are the terms and conditions of leases of the premises occupied by your franchise businesses. Therefore, a big question you must ask yourself, is to what extent do your leases allow for a smooth transition from franchisor to franchisee, prevent duplication, and manage risk? Here are some easy steps to ensure your lease is more franchise ready.
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Personal Property Securities leases: Change is on the way
- 24 Aug 2015
Rebecca Hegarty
A change is on the way that will affect which Personal Properties Securities (PPS) leases you may need to register on the Personal Property Securities Register (PPSR). Under an amendment to the Personal Property Securities Act 2009 (Cth) (PPSA), a PPS lease of serial numbered goods where the term is 90 days or more but less than 1 year, will escape the need for PPSR registration - without potential risk of loss of goods.
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The Devil is in the Details – two questions you need to consider when entering a contract
- 24 Aug 2015
Caroline Hutchinson
When it comes to the law, every contract must contain certain basic elements to be valid. Unfortunately, it’s easy to ignore these details, and if things go wrong, you can be one small step away from battling it out in court. The following questions are key when considering forming any contract: Who are the parties to the agreement and, who is getting what and for how much?
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Are your Contract Terms Unfair? It might be Time for a Review
- 27 Jul 2015
Peter Stewart
A proposed change to legislation put forward for discussion before the Commonwealth Government on 24 June 2015 could affect the terms that you include in many of your usual business agreements. The change, if enacted, is intended to tackle the potential for small businesses to be disadvantaged by unfair contract terms which are enforced in common business agreements. This would see amendments to the current provisions Australia Securities and Investment Commission Act 2001 (ASIC Act) and the Competition and Consumer Act 2010 (CCA).
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Registration of Business Names: “Potato, potahto, Tomato, tomahto.“
- 27 Jul 2015
Peter Stewart
The Business Names Registration (Availability of Names) Determination 2015 kicked in on 17 July 2015 and sets out the rules for determining if a business name is identical or nearly identical to another name. These rules aim to reduce the risk of the public being misled by nearly identical business names.
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Plain English Guide to Buying and Selling a Business
- 1 Jul 2015
Buying or selling a business is a major decision (for both parties). Regardless of whether you are the seller or the buyer of a business there are a number of considerations that you should take account of to ensure a successful outcome.
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Plain English Guide to Intellectual Property
- 1 Jul 2015
It is becoming increasingly common for intellectual property to be one of the most valuable assets of a business. Indeed, in many cases it is the most valuable asset of a business. It follows that the steps a business takes to protect its intellectual property can have a significant bearing on its goodwill and its ability to fully exploit the intellectual property.
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Plain English Guide to Personal Property Securities Act - PPSA and PPSR
- 1 Jul 2015
The PPSA commenced on 30 January 2012, bringing with it significant changes to the area of security interests taken in personal property (generally, non-land assets).
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Plain English Guide to Shareholders and Partnership Agreements
- 1 Jul 2015
Establishing a business is a challenging process. When two or more parties come together with a shared vision, it is common to focus on setting up the business in a logistical sense first and then selling and marketing the product or service.
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Plain English Guide to The Responsibilities of a Director
- 1 Jul 2015
Being appointed as a Director of a company is very important. Not only does it increase your personal day-to-day responsibilities, it also increases the responsibility and accountability you have to the company and its shareholders.
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Beware! Recent Developments to Security of Payment Act NSW Claims
- 18 Jun 2015
Nick Kallipolitis
There are a couple of important lessons to learn from the recent case of Patrick Stevedores Operations No.2 Pty Ltd v McConnell Dowell Constructors (Aust) Pty Ltd [2014], where the Supreme Court explored two very important features of the Security of Payments Act (SOPA) legislation in NSW.
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Product Recalls: Keeping on the right side of the ACCC
- 28 Apr 2015
Stephen Booth, Peter Stewart
The Competition and Consumer Act requires recall of consumer goods which in themselves, or because of a reasonably foreseeable use or misuse of the goods, will or may cause injury to a person.
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Unconscionable Conduct - A $500,000 mistake
- 28 Apr 2015
Peter Stewart
As a result of breaching the Franchising Code of Conduct, the Federal Court slapped the wrists of Franchisor, South East Melbourne Cleaning Pty Ltd, with a $500,000 penalty.
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Coleman Greig named finalist in 2015 Australasian Law Awards
- 23 Mar 2015
Peter Stewart
Coleman Greig has been named a finalist in the 2015 Australasian Law Awards in the category of 'Australian Boutique Firm of the Year'.
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I'll See You in Court – Four things to consider before litigating
- 23 Mar 2015
Caroline Hutchinson
In this article we look at how we can help you plan the best possible approach to dealing with a commercial dispute – one that will increase your chances of spending the least amount of time and money, and ultimately getting the best commercial outcome.
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Changes to the NSW Home Building Act - How it Affects You!
- 12 Mar 2015
Nick Kallipolitis
In mid-2014, the NSW Parliament passed the Home Building Amendment Bill 2014 with most of the amendments starting on 15 January 2015.
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New Social Media Guidelines Released by Interactive Advertising Bureau Australia (“IAB”) – Should businesses adopt them or proceed with caution?
- 26 Aug 2013
On 29 April 2013, the IAB (the peak industry body for online advertising in Australia) released Social Advertising Best Practice Guidelines (“Guidelines”) for paid social advertising.
These Guidelines comprise of:
paid media – where a financial investment is made to place a marketing message. An example would include a sponsored blog post;
owned media – which is owned and controlled by a brand such as social media business pages and mobile apps; and
earned media – which is driven by consumers sharing conversations and engagement on social networks and blogs.
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Security of Payment: New Arsenal for those seeking Payment
- 4 Jul 2011
Rebecca Hegarty
Are you a contractor in the building and construction industry, or one offering related goods and services in NSW? If you are, then read how the recent amendments to the Building and Construction Industry Security of Payment Act 1999 NSW (the “Act”) may affect you!