201804.01
2

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…

201804.01
0

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)…

201510.27
0

Employee Share Schemes – ‘Golden Handcuff’ or Reward for Past Services?

This is our second article in our series of articles on Employee Share Scheme (“ESS”). The characterisation of ESS has affected whether benefits under option schemes should proportionately reflect the period of employment during the operation of scheme. The case of Canizales v Microsoft Corporation (2000) 99 IR 426 (‘Canizales’) involved a Microsoft executive from…

201510.27
0

Employee Share Schemes – Introduction

Are you an employee being invited to participate in an employee share scheme? Or perhaps you are an employer considering an employee share scheme as part of the remuneration package offered to employees. If so, read our three article series to get an overview of employee share schemes (“ESS”). ESS enable employers to remunerate their…

201510.27
0

Unexpected Increases in the Contract Price

Are you a builder who has experienced the owner continuously requesting variations to the Contract? If so, did you know that if the contract price has increased by more than 15% there is a legal remedy pursuant to the Domestic Building Contracts Act 1995 (Vic) (the “Act”)? Builders would be prudent to remember that the…

201510.20
2

Convertible Notes – Issues in Insolvency – MurdockCheng Legal Practice

Convertible Notes – Issues in Insolvency – MurdockCheng Legal Practice Have you ever wondered what a convertible note is or whether it is suitable for your company to issue them? Or how they operate when a company becomes insolvent? A convertible subordinate loan note (“convertible note”) is a short term debt security that carries a…

201508.17
0

Inadequate Designs & Specifications – What do you do?

Imagine this scenario – you are in the middle of completing a home building contract and you discover that something in the architect‟s plans is not quite right – perhaps they neglected to specify an essential component in the plans, or perhaps the plans would not adhere to the Building Code of Australia („the Code‟)….