Getting the lessor’s consent to a transfer of lease – shortcuts and extra protection under the Retail Leases Act

A transfer of lease involves among other things,  obtaining the consent of the lessor.  This consent may be difficult and time consuming to obtain from an uncooperative landlord. After all, if a landlord already has a tenant and is receiving rent, what motivation to they have to consent to an assignment or transfer of the lease to another lessee? (assignment or transfer are two terms that are used interchangeably). Fortunately the Retail Leases Act 1994 (NSW) contains shortcuts and protections for the lessee looking to assign, provided they know how to make use of the provisions. They are not automatic in their operation. Read more of this post

Changes to Ability of a Company to Pay Dividends

The ability of a company to pay dividends has changed and is potentially much more difficult from 28 June 2010. 

The compliance burden on small companies has also increased in that dividends can now only be paid (amongst other criteria) where company accounts prepared in accordance with accounting standards show that company assets exceed liabilities.  This is the case even where the company is not required to prepare accounts in accordance with the accounting standards. Read more of this post

National Credit Reform – A Benefit for Consumers and Brokers alike

You may be aware that the Finance Industry is undergoing major credit reform.

This is being driven largely by the Australian Securities & Investment Commission (ASIC) with input from industry bodies such as the Mortgage and Finance Association of Australia (MFAA).

 It will result in a more professional industry, as at times the industry has been portrayed in a negative manner, due primarily to the deeds of a minority of unqualified brokers. Read more of this post