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Commercial Leases – Covid-19 Emergency Response Declaration 2021
Contact: Mark Poretti In response to the COVID-19 lockdown across the ACT, the ACT Government recently introduced the Leases (Commercial and Retail) COVID-19 Emergency Response Declaration 2021, which provides the framework under which COVID affected businesses and not-for-profit organisations can negotiate the terms of their commercial leases with their landlords. The Declaration re-introduces the requirement […]
Prudent Searches
How do I know if the seller has “good title” to what I am buying? How far into the history of a property do I need to look to ensure I know all of the restrictions that apply? In Deguisa v Lynn [2020] HCA 39, the High Court unanimously held that the current certificate of […]
Changes to Stamp Duty in the ACT – Implications for Buyers and Developers
Earlier this week, the ACT Government announced a number of changes to the Stamp Duty regime, commencing 1 July 2021. These changes will have impacts on the property market in Canberra, affecting both buyers and developers. The Changes The main change is that anyone purchasing an “off the plan” apartment or townhouse valued at up […]
Accessorial Liability of Professional Advisers
Contact: Maurice Falcetta When providing legal advice or financial advice, all advisors should be mindful of their accessorial liability. It is easy to be too involved in helping a client particularly when they are in a difficult position. It is important to understand the boundaries. In the corporate context, section 79 of the Corporations Act […]
Compulsory Acquisition in the ACT – A Case Note
Chung Yi – Case Note In September, the ACT Civil and Administrative Tribunal handed down a decision about compensation for compulsorily acquired land by the Territory. Trinity Law represented the Applicant, Chung Yi Developments Pty Ltd, in their application to ACAT for review of what was deemed to be a rejection of Chung Yi’s claim […]
New High Court judgment on purchaser’s duty to inquire – Deguisa v Lynn [2020] HCA 39
Contact: Sarah Mason-Jones Is a purchaser of land required to examine historical certificates of title in search for signs that the past owners have entered in restrictive covenants burdening the land? Can a purchaser of land rely only on what has been disclosed on the current certificate of title and is not bound to […]
The Importance of Vendor Warranties
Contact: Mark Poretti In most business sales, the humble vendor warranty is often overlooked and understated in its value to the purchaser. This is despite the significant consequences if a vendor breaches these warranties (e.g. termination of contract and damages). In this article we review the importance of vendor warranties and how a tailored approach […]
Anti-Phoenixing Provisions
Contact: Maurice Falcetta In February of this year, a new amending act was passed: Treasury Law Amendment (Combating Illegal Phoenixing) Act 2020: An act to amend the law relating to corporations and taxation, and for related purposes (the Act). The amendments affect primarily the Corporations Act 2001 (Cth) by introducing new offences for illegal phoenix activity, primarily […]
The HomeBuilder Grant and Stamp Duty Waivers
The HomeBuilder Grant and Stamp Duty Waivers A combination of Territory and Commonwealth government initiatives are creating great incentives to buy for purchasers looking at blocks of new land, off-the-plan apartments or townhouses. Stamp Duty Waivers For Contracts exchanged between 4th June 2020 and 30th June 2021, the ACT Government has implemented a new stamp […]
Ipso Facto Reforms
Contact: Maurice Falcetta On 1 July 2018, amendments to the Corporations Act 2001 (Cth) came into effect, commonly called the ‘ipso facto reforms’. These amendments were designed to protect companies experiencing financial difficulties that are taking steps to combat potential insolvency to assist them with successfully restructuring. How to recognise an ipso facto clause An ipso […]