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Sophisticated and Professional Investors – What are they?

The Corporations Act 2001 (Cth) (“The Act”) in s708(8) states that an offer of shares does not need a disclosure statement if the investor is a sophisticated investor. The Corporations Regulations 2001 (“The Regs”), Reg 6D.2.03 goes on to advise that a sophisticated investor is one with assets of $2.5m, gross income of $250,000 and…

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VBA Show Cause process

From 1 September 2016, the VBA introduced a show cause process to replace the existing Building Practitioner Board (BPB) disciplinary process. The new process allows the VBA to take disciplinary action against a registered building practitioner (a practitioner) where it “reasonably believes” that one or more of the grounds set out under section 179 (1)…

201804.01
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Is it a Penalty Clause?

Is it a Penalty Clause? Is someone trying to hold you liable for breaching a clause which you believe may be a penalty? Many commercial contracts have clauses that stipulate compensation in the event that a contractual term or an obligation is breached. The general rule is that if the clause is a liquidated damages…