Amendments to the Trading (Allowable Hours) Act 1990 (TAH Act) have been approved by Parliament following the passing of the Education (Overseas Students) Bill 2018 (QLD) (Education Bill) earlier this month.
This document provides information about changes to trading hour restrictions in Queensland, Australia. The Trading (Allowable Hours) Amendment Bill 2017 reduces restrictions by standardizing trading hours for most shops to open from 8am to 9pm on weekdays and with different hours on weekends. It also expands exemptions for some shop types and tourist areas. The changes are aimed to boost the economy by increasing GDP and supporting additional jobs while protecting workers. Contact details are provided for a real estate team at MinterEllison law firm to address any queries about how the new law may impact businesses.
QCA upholds 'pass through' of Qld land tax for commercial leases - 30 Septemb...Property Developments
This document lists the contacts for the Gold Coast real estate team at the law firm MinterEllison, including partners, associates, graduates, and paralegals. It then provides a summary of a recent court case from Queensland, Australia that upheld landlords' ability to pass on land tax costs to commercial tenants as of June 2010, overriding a previous prohibition. This decision clarifies that landlords can now pass on post-June 2010 land tax for leases signed between 1992 and 2009, providing the lease allows for recovery of land tax costs.
The transfer of a business between legal entities is generally treated as the 'transfer of a going concern' (TOGC). In such cases, the transfer is ignored for VAT purposes as if there is no supply when the assets are transferred.
Hitherto, HMRC did not accept that the transfer of a business in or out of a VAT group could qualify as a TOGC where the business was conducted solely within the VAT group.
The case of Intelligent Managed Services Ltd challenged that view at the Upper Tribunal and the company was successful in its appeal.
Disclosure Series Part 1 - POA Disclosure Requirements for Residential SellersProperty Developments
This is Part 1 of our information series on disclosures for residential sales. Stay tuned for future information on the other disclosure requirements that may affect you!
Relaxed requirements for written notice under the Environmental Protection Ac...Property Developments
This document summarizes a recent court case that relaxed the notice requirements under the Environmental Protection Act 1994. The court found that electronic access to documents containing information about site contamination satisfied the notice requirement. Specifically:
1) The case involved the sale of a contaminated development site where the buyer later tried to rescind the contract, claiming it did not receive proper notice of the contamination under the EPA.
2) However, the court found that notice was given, as documents in an online data room describing the contamination were electronically accessed by an employee of the buyer before the contract was signed.
3) This decision confirmed that notice can take many forms under the EPA, including electronic access to relevant documents, and does not
Payment of deposits by electronic funds transfer - the importance of careful ...Property Developments
This document provides contact details for the Gold Coast real estate team at the law firm MinterEllison. It also summarizes a recent court case, Long v Hijazi, that addressed the timing of electronic funds transfers for property deposits. The case found that deposit clauses must be clear about timing for EFT payments, as funds may take time to process through third parties. Parties should allow sufficient time in contracts for EFTs to avoid disputes over whether deposits were paid on time. Careful drafting of deposit clauses is important to specify the expected timing of payments.
The document summarizes changes to Australia's GST withholding regime for new residential property transactions that take effect from July 1, 2018. Under the new rules, buyers will be responsible for withholding and paying the GST to the ATO at settlement rather than developers. The amount payable will be either 1/11th of the contract price or 7% if the margin scheme applies. The changes will have cash flow implications for developers. The ATO has provided a draft ruling with guidance, and developers should address the new requirements in contracts going forward.
Australian jurisdictions to align with new National Mortgage Form commencing ...Property Developments
The document discusses the introduction of the National Mortgage Form 2A (NMF) across Australian jurisdictions including Queensland. As of March 2nd 2018, any mortgages lodged for registration in Queensland must use the new NMF, except for those executed before this date using the old Form 2. The introduction of the NMF is part of a national initiative to standardize mortgages and accommodate e-conveyancing. Mortgagees must still comply with verification of identity requirements for mortgagors. The new NMF does not impact other land title dealings or registered standard mortgage terms. Advice is offered to practitioners to review documents in light of the changes.
This document provides information about changes to trading hour restrictions in Queensland, Australia. The Trading (Allowable Hours) Amendment Bill 2017 reduces restrictions by standardizing trading hours for most shops to open from 8am to 9pm on weekdays and with different hours on weekends. It also expands exemptions for some shop types and tourist areas. The changes are aimed to boost the economy by increasing GDP and supporting additional jobs while protecting workers. Contact details are provided for a real estate team at MinterEllison law firm to address any queries about how the new law may impact businesses.
QCA upholds 'pass through' of Qld land tax for commercial leases - 30 Septemb...Property Developments
This document lists the contacts for the Gold Coast real estate team at the law firm MinterEllison, including partners, associates, graduates, and paralegals. It then provides a summary of a recent court case from Queensland, Australia that upheld landlords' ability to pass on land tax costs to commercial tenants as of June 2010, overriding a previous prohibition. This decision clarifies that landlords can now pass on post-June 2010 land tax for leases signed between 1992 and 2009, providing the lease allows for recovery of land tax costs.
The transfer of a business between legal entities is generally treated as the 'transfer of a going concern' (TOGC). In such cases, the transfer is ignored for VAT purposes as if there is no supply when the assets are transferred.
Hitherto, HMRC did not accept that the transfer of a business in or out of a VAT group could qualify as a TOGC where the business was conducted solely within the VAT group.
The case of Intelligent Managed Services Ltd challenged that view at the Upper Tribunal and the company was successful in its appeal.
Disclosure Series Part 1 - POA Disclosure Requirements for Residential SellersProperty Developments
This is Part 1 of our information series on disclosures for residential sales. Stay tuned for future information on the other disclosure requirements that may affect you!
Relaxed requirements for written notice under the Environmental Protection Ac...Property Developments
This document summarizes a recent court case that relaxed the notice requirements under the Environmental Protection Act 1994. The court found that electronic access to documents containing information about site contamination satisfied the notice requirement. Specifically:
1) The case involved the sale of a contaminated development site where the buyer later tried to rescind the contract, claiming it did not receive proper notice of the contamination under the EPA.
2) However, the court found that notice was given, as documents in an online data room describing the contamination were electronically accessed by an employee of the buyer before the contract was signed.
3) This decision confirmed that notice can take many forms under the EPA, including electronic access to relevant documents, and does not
Payment of deposits by electronic funds transfer - the importance of careful ...Property Developments
This document provides contact details for the Gold Coast real estate team at the law firm MinterEllison. It also summarizes a recent court case, Long v Hijazi, that addressed the timing of electronic funds transfers for property deposits. The case found that deposit clauses must be clear about timing for EFT payments, as funds may take time to process through third parties. Parties should allow sufficient time in contracts for EFTs to avoid disputes over whether deposits were paid on time. Careful drafting of deposit clauses is important to specify the expected timing of payments.
The document summarizes changes to Australia's GST withholding regime for new residential property transactions that take effect from July 1, 2018. Under the new rules, buyers will be responsible for withholding and paying the GST to the ATO at settlement rather than developers. The amount payable will be either 1/11th of the contract price or 7% if the margin scheme applies. The changes will have cash flow implications for developers. The ATO has provided a draft ruling with guidance, and developers should address the new requirements in contracts going forward.
Australian jurisdictions to align with new National Mortgage Form commencing ...Property Developments
The document discusses the introduction of the National Mortgage Form 2A (NMF) across Australian jurisdictions including Queensland. As of March 2nd 2018, any mortgages lodged for registration in Queensland must use the new NMF, except for those executed before this date using the old Form 2. The introduction of the NMF is part of a national initiative to standardize mortgages and accommodate e-conveyancing. Mortgagees must still comply with verification of identity requirements for mortgagors. The new NMF does not impact other land title dealings or registered standard mortgage terms. Advice is offered to practitioners to review documents in light of the changes.
Breach of Cross Conditional Contracts - Does this give the Seller a right to ...Property Developments
This document provides contact details for members of the Gold Coast real estate team at MinterEllison, along with a summary of a recent court case about breach of cross conditional property contracts. The case, Steer v Burchill, involved a seller who claimed the right to terminate a contract and keep the buyer's deposit when the buyer's existing property contract was cross-conditional on another contract. The court found that the seller no longer had the right to terminate under the contract condition because the condition's deadline had been extended, and the warranty about no impediments to completion no longer applied. The decision highlights the importance of carefully drafting contract conditions and specifying what happens with deposits if conditions are not met.
Queensland's capital city left out of property valuations in 2018!Property Developments
The document summarizes the Queensland Valuer-General's announcement that new property valuations will not be issued in 2018 for homes in Brisbane and many other local government areas. Only 22 of Queensland's 62 rateable local government areas will receive new valuations in 2018, with less than 30% of rateable properties being valued. This is the first time in 8 years that Brisbane will not be included in the annual property valuations. The decision means that the most recent valuations will remain in effect until the next round of valuations. The Property Council of Australia disapproves as homeowners in areas like Brisbane facing a slowing market will continue paying rates and taxes based on earlier peak valuations.
Property Law Review Issues Paper - Consistency between the BCCMA and BUGTA - ...Property Developments
This document provides contact details for members of the Gold Coast real estate team at MinterEllison and summarizes a property law issues paper from Queensland University of Technology. The issues paper examines consistency between the Body Corporate and Community Management Act 1997 and the Building Units and Group Titles Act 1980, which still governs some developments. It considers options like transitioning these developments to be governed by the more modern later act, which could reduce red tape but may have unintended consequences. The issues paper concludes that any legislative changes would be an extensive process requiring significant time and resources.
ANZ and Westpac partnered with IBM and Scentre Group to trial using blockchain technology to digitize bank guarantees for commercial property leasing. The trial was successful, allowing landlords, tenants, and banks to request, amend, cancel, pay, and view bank guarantees digitally. However, the parties concluded more work is needed including collaborating with regulators and legal experts before fully implementing digital bank guarantees.
The Queensland Government has introduced a 1.5% land tax surcharge on absentee landowners, effective July 1, 2017. An absentee owner is defined as a person who does not ordinarily reside in Australia and has been away from Australia for more than 6 months in the relevant financial year. The surcharge is expected to raise an additional $20 million in revenue for Queensland in 2017-2018. Other Australian states have also introduced absentee landowner surcharges, including New South Wales at 2% and Victoria at 1.5%.
Changes to the foreign resident capital gains withholding tax regime - 1 Augu...Property Developments
The document summarizes changes to Australia's foreign resident capital gains withholding tax regime that took effect on July 1, 2017. The key changes include increasing the withholding rate from 10% to 12.5% of the purchase price and decreasing the threshold for when withholding applies from $2 million to $750,000. These changes will result in more real estate transactions being subject to withholding tax and higher amounts withheld when the obligation arises. Transactions entered into before July 1, 2017 will still be subject to the prior rules even if they settle after that date. Advice is available on how the changes may impact parties involved in foreign resident real estate transactions.
2017 Budget brings 50% cap on foreign investment in new developments - 17 Jul...Property Developments
The document provides contact details for members of the Gold Coast real estate team at MinterEllison, along with information about recent changes to foreign investment in new property developments in Australia. Specifically, it summarizes that the 2017 Federal Budget introduced a 50% cap on foreign investment in new developments, limiting potential sales to foreign buyers. This cap will be applied as a condition for developers obtaining a New Dwelling Exemption Certificate, though developers can still sell over 50% if individual foreign buyers obtain approval. Contact is provided for any needing advice on the implications of these changes.
New Bill retrospectively restores prohibition on passing land tax onto tenant...Property Developments
This document provides contact information for members of the Gold Coast real estate team at MinterEllison, along with a summary of the Revenue Legislation Amendment Bill 2017 (Qld). The Bill retrospectively restores the prohibition on landlords passing on the cost of land tax to tenants for leases entered between 1992 and 2009. It applies this prohibition retrospectively to any land tax costs passed on after June 30, 2010. The Bill was passed on June 16, 2017. It aims to prevent landlords from unfairly recovering the cost of land tax from tenants twice. The Bill has some transitional provisions for landlords who have already passed on land tax costs to tenants.
Relief refused due to defect in Notice to Remedy Breach of Covenant - 20 June...Property Developments
This document lists the contact information for members of the Gold Coast real estate team at the law firm MinterEllison, including their names, titles, phone numbers, and email addresses. It then provides a summary of a recent court case, Tyrell & Anor v Jesbro Enterprise Pty Ltd, where the court held that a notice to remedy breach of a lease was invalid because it failed to include all of the information in the approved statutory form, specifically a note about the landlord's right to re-enter the property. The summary concludes by advising readers to contact the firm if they need advice on this case or assistance with retail leasing matters.
Vacancy charges for foreign owned vacant residential properties - 12 June 2017Property Developments
This document lists contact details for the Gold Coast real estate team at the law firm MinterEllison, including names, titles, phone numbers, and emails. It then provides a summary of new Australian legislation introducing an annual vacancy charge for foreign-owned vacant residential properties. The vacancy charge will apply to properties purchased by foreign persons after May 9, 2017 that are not occupied or genuinely available for rent for at least six months per year. The amount of the charge will be equivalent to the foreign investment application fee paid. The Australian Tax Office will administer the charge and foreign persons must annually report property use.
This document lists the contacts for the Gold Coast real estate team at MinterEllison, an Australian law firm. It then summarizes a recent court case, Flown Pty Ltd v Goldrange Pty Ltd, where a landlord's unperfected security interest in a tenant's plant and equipment was not upheld against the tenant's administrator when the tenant went into administration. The landlord had loaned money to the tenant to purchase the equipment but failed to register the security interest under the Personal Property Securities Act. The court found the landlord did not take proper possession of the equipment before the administration, so the unperfected security interest passed to the administrator.
This document lists the contact details of real estate professionals at the Gold Coast office of MinterEllison, an Australian law firm. It then summarizes changes to New South Wales retail leasing laws, including removing the minimum 5-year lease term, excluding some non-retail premises, and clarifying procedures for lease assignments and landlord consent. The changes impact both landlords and tenants by increasing landlord disclosure obligations but also giving landlords more flexibility to withhold consent in some cases. Tenants obtain new compensation and clarification rights regarding landlord consent and disclosure as well. Readers are invited to contact the firm for advice on implications of the reforms.
This document provides contact information for the Gold Coast real estate team at MinterEllison, including names, titles, phone numbers, and emails of team members. It also summarizes a discussion paper released by the Queensland Department of Housing and Public Works seeking public feedback on housing issues in Queensland to assist in developing a 10-year housing strategy, with a community engagement session scheduled for the Gold Coast on June 1, 2016. People can provide submissions until May 20 by email or post.
This document provides contact information for the Gold Coast real estate team at the law firm MinterEllison, including names, titles, phone numbers, and emails for members of the team such as partners, associates, graduates, and paralegals.
It also summarizes new Queensland legislation that will require all homes to have smoke alarms that meet updated standards by certain deadlines. The Fire and Emergency Services (Domestic Smoke Alarms) Amendment Bill 2016 will require smoke alarms to be photoelectric, interconnected, and powered by long-life batteries by 2022 when homes are sold or rented. The changes are aimed at reducing fire fatalities. Homeowners will need to ensure their smoke alarms comply with the new laws.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Breach of Cross Conditional Contracts - Does this give the Seller a right to ...Property Developments
This document provides contact details for members of the Gold Coast real estate team at MinterEllison, along with a summary of a recent court case about breach of cross conditional property contracts. The case, Steer v Burchill, involved a seller who claimed the right to terminate a contract and keep the buyer's deposit when the buyer's existing property contract was cross-conditional on another contract. The court found that the seller no longer had the right to terminate under the contract condition because the condition's deadline had been extended, and the warranty about no impediments to completion no longer applied. The decision highlights the importance of carefully drafting contract conditions and specifying what happens with deposits if conditions are not met.
Queensland's capital city left out of property valuations in 2018!Property Developments
The document summarizes the Queensland Valuer-General's announcement that new property valuations will not be issued in 2018 for homes in Brisbane and many other local government areas. Only 22 of Queensland's 62 rateable local government areas will receive new valuations in 2018, with less than 30% of rateable properties being valued. This is the first time in 8 years that Brisbane will not be included in the annual property valuations. The decision means that the most recent valuations will remain in effect until the next round of valuations. The Property Council of Australia disapproves as homeowners in areas like Brisbane facing a slowing market will continue paying rates and taxes based on earlier peak valuations.
Property Law Review Issues Paper - Consistency between the BCCMA and BUGTA - ...Property Developments
This document provides contact details for members of the Gold Coast real estate team at MinterEllison and summarizes a property law issues paper from Queensland University of Technology. The issues paper examines consistency between the Body Corporate and Community Management Act 1997 and the Building Units and Group Titles Act 1980, which still governs some developments. It considers options like transitioning these developments to be governed by the more modern later act, which could reduce red tape but may have unintended consequences. The issues paper concludes that any legislative changes would be an extensive process requiring significant time and resources.
ANZ and Westpac partnered with IBM and Scentre Group to trial using blockchain technology to digitize bank guarantees for commercial property leasing. The trial was successful, allowing landlords, tenants, and banks to request, amend, cancel, pay, and view bank guarantees digitally. However, the parties concluded more work is needed including collaborating with regulators and legal experts before fully implementing digital bank guarantees.
The Queensland Government has introduced a 1.5% land tax surcharge on absentee landowners, effective July 1, 2017. An absentee owner is defined as a person who does not ordinarily reside in Australia and has been away from Australia for more than 6 months in the relevant financial year. The surcharge is expected to raise an additional $20 million in revenue for Queensland in 2017-2018. Other Australian states have also introduced absentee landowner surcharges, including New South Wales at 2% and Victoria at 1.5%.
Changes to the foreign resident capital gains withholding tax regime - 1 Augu...Property Developments
The document summarizes changes to Australia's foreign resident capital gains withholding tax regime that took effect on July 1, 2017. The key changes include increasing the withholding rate from 10% to 12.5% of the purchase price and decreasing the threshold for when withholding applies from $2 million to $750,000. These changes will result in more real estate transactions being subject to withholding tax and higher amounts withheld when the obligation arises. Transactions entered into before July 1, 2017 will still be subject to the prior rules even if they settle after that date. Advice is available on how the changes may impact parties involved in foreign resident real estate transactions.
2017 Budget brings 50% cap on foreign investment in new developments - 17 Jul...Property Developments
The document provides contact details for members of the Gold Coast real estate team at MinterEllison, along with information about recent changes to foreign investment in new property developments in Australia. Specifically, it summarizes that the 2017 Federal Budget introduced a 50% cap on foreign investment in new developments, limiting potential sales to foreign buyers. This cap will be applied as a condition for developers obtaining a New Dwelling Exemption Certificate, though developers can still sell over 50% if individual foreign buyers obtain approval. Contact is provided for any needing advice on the implications of these changes.
New Bill retrospectively restores prohibition on passing land tax onto tenant...Property Developments
This document provides contact information for members of the Gold Coast real estate team at MinterEllison, along with a summary of the Revenue Legislation Amendment Bill 2017 (Qld). The Bill retrospectively restores the prohibition on landlords passing on the cost of land tax to tenants for leases entered between 1992 and 2009. It applies this prohibition retrospectively to any land tax costs passed on after June 30, 2010. The Bill was passed on June 16, 2017. It aims to prevent landlords from unfairly recovering the cost of land tax from tenants twice. The Bill has some transitional provisions for landlords who have already passed on land tax costs to tenants.
Relief refused due to defect in Notice to Remedy Breach of Covenant - 20 June...Property Developments
This document lists the contact information for members of the Gold Coast real estate team at the law firm MinterEllison, including their names, titles, phone numbers, and email addresses. It then provides a summary of a recent court case, Tyrell & Anor v Jesbro Enterprise Pty Ltd, where the court held that a notice to remedy breach of a lease was invalid because it failed to include all of the information in the approved statutory form, specifically a note about the landlord's right to re-enter the property. The summary concludes by advising readers to contact the firm if they need advice on this case or assistance with retail leasing matters.
Vacancy charges for foreign owned vacant residential properties - 12 June 2017Property Developments
This document lists contact details for the Gold Coast real estate team at the law firm MinterEllison, including names, titles, phone numbers, and emails. It then provides a summary of new Australian legislation introducing an annual vacancy charge for foreign-owned vacant residential properties. The vacancy charge will apply to properties purchased by foreign persons after May 9, 2017 that are not occupied or genuinely available for rent for at least six months per year. The amount of the charge will be equivalent to the foreign investment application fee paid. The Australian Tax Office will administer the charge and foreign persons must annually report property use.
This document lists the contacts for the Gold Coast real estate team at MinterEllison, an Australian law firm. It then summarizes a recent court case, Flown Pty Ltd v Goldrange Pty Ltd, where a landlord's unperfected security interest in a tenant's plant and equipment was not upheld against the tenant's administrator when the tenant went into administration. The landlord had loaned money to the tenant to purchase the equipment but failed to register the security interest under the Personal Property Securities Act. The court found the landlord did not take proper possession of the equipment before the administration, so the unperfected security interest passed to the administrator.
This document lists the contact details of real estate professionals at the Gold Coast office of MinterEllison, an Australian law firm. It then summarizes changes to New South Wales retail leasing laws, including removing the minimum 5-year lease term, excluding some non-retail premises, and clarifying procedures for lease assignments and landlord consent. The changes impact both landlords and tenants by increasing landlord disclosure obligations but also giving landlords more flexibility to withhold consent in some cases. Tenants obtain new compensation and clarification rights regarding landlord consent and disclosure as well. Readers are invited to contact the firm for advice on implications of the reforms.
This document provides contact information for the Gold Coast real estate team at MinterEllison, including names, titles, phone numbers, and emails of team members. It also summarizes a discussion paper released by the Queensland Department of Housing and Public Works seeking public feedback on housing issues in Queensland to assist in developing a 10-year housing strategy, with a community engagement session scheduled for the Gold Coast on June 1, 2016. People can provide submissions until May 20 by email or post.
This document provides contact information for the Gold Coast real estate team at the law firm MinterEllison, including names, titles, phone numbers, and emails for members of the team such as partners, associates, graduates, and paralegals.
It also summarizes new Queensland legislation that will require all homes to have smoke alarms that meet updated standards by certain deadlines. The Fire and Emergency Services (Domestic Smoke Alarms) Amendment Bill 2016 will require smoke alarms to be photoelectric, interconnected, and powered by long-life batteries by 2022 when homes are sold or rented. The changes are aimed at reducing fire fatalities. Homeowners will need to ensure their smoke alarms comply with the new laws.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
What are the common challenges faced by women lawyers working in the legal pr...lawyersonia
The legal profession, which has historically been male-dominated, has experienced a significant increase in the number of women entering the field over the past few decades. Despite this progress, women lawyers continue to encounter various challenges as they strive for top positions.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Legislative amendments to fix trading hours glitch set to commence on 30 March 2018
1. GOLD COAST REAL ESTATE TEAM CONTACTS TO EMAIL A MEMBER OF OUR TEAM USE FIRSTNAME.LASTNAME@MINTERELLISON.COM
Bryce Melville Rebecca Sheppard Yvette Mason Shona Condon Marieanne Golubinsky Mark Borg Meaghan Brodie Danika Cardon-Smith
PARTNER SENIOR ASSOCIATE ASSOCIATE ASSOCIATE GRADUATE GRADUATE PARALEGAL LAW CLERK
T: +61 7 5553 9424 T: +61 7 5553 9490 T: +61 7 5553 9400 T: +61 7 5553 9530 T: +61 7 5553 9539 T: +61 7 5553 9512 T: +61 7 5553 9411 T: +61 7 5553 9484
20 March 2018
Property Developments
Legislative amendments to fix trading hours glitch set to commence on 30 March 2018
Amendments to the Trading (Allowable Hours) Act 1990
(TAH Act) have been approved by Parliament following the
passing of the Education (Overseas Students) Bill 2018
(Qld) (Education Bill) earlier this month.
The TAH Act Amendments
Several amendments were made to the TAH Act last
year to overhaul Queensland’s retail trading hours.
These amendments commenced on 31 August 2017.
In our ‘Open All Hours!’ Property Developments article from
30 August 2017, we highlighted that the amendments:
• reduced the restrictions on trading hours; and
• created ‘standardised’ hours for ‘non-exempt shops’
such as supermarkets, department stores and fashion
stores – being 8am to 9pm (weekdays) across
Queensland (except for shops in south-east
Queensland and ‘tourist areas’).
In the course of passing the amendments to the TAH
Act, a provision permitting non-exempt shops to
continue to trade on Easter Saturday (public holiday) in
regional areas without seven-day trading was
inadvertently omitted.
This meant that all non-exempt shops in areas without
seven-day trading would have had to close for the
period commencing Good Friday until Easter Monday.
The areas which would have been affected included Mt
Isa, Goondiwindi, Chinchilla, Kingaroy, Roma, Childers,
Blackwater, Bowen, Ayr, Charters Towers, Proserpine,
Mission Beach, Cloncurry, Weipa, Nanango, Oakey,
Home Hill, Pittsworth, Charleville and Longreach.
The Introduction of the Education Bill
Parliament announced that it was never its intention to
stop non-exempt shops from trading on the Easter
Saturday public holiday.
The Education Bill was therefore introduced on 15
February 2018 to (amongst other things) rectify the
inadvertent omission of the provision permitting non-
exempt shops to continue to trade on Easter Saturday in
the TAH Act.
The Education Bill was passed by the Legislative
Assembly on 6 March 2018 and received Royal Assent
on Friday 16 March 2018.
Further information
The amendments to the trading hours will commence on
30 March 2018 (being the day before Easter Saturday).
*Disclaimer
The information contained in this update is intended as a guide only. Professional advice should be
sought before applying any of the information to particular circumstances. While every reasonable
care has been taken in the preparation of this update, MinterEllison does not accept liability for any
errors it may contain.