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In our previous article (Understanding the Distinctions: Voluntary Administration and Liquidation) we considered two avenues available to businesses that are experiencing financial difficulties and verging on insolvency. While administration and liquidation have been the traditional means of dealing with financially distressed businesses, the 1 January 2021 saw the introduction of the Small Business Restructuring process.

The main policy reason behind this initiative is to allow company directors to retain control of the business, property and affairs while working with a restructuring practitioner to develop a restructuring plan that is to be entered into with creditors.

Eligibility:

Companies are generally eligible for restructuring if:

the total liabilities of the company do not exceed $1 million;
no company director has been a director of a company who has undergone restructuring in the last 7 years; and
the company has not undergone restructuring or simplified liquidation process within the last 7 years.

Restructuring Process:

Appointing a restructuring practitioner

Where the company meets the eligibility criteria and the directors have resolved that the company is (or is likely to be) insolvent, then they may appoint a restructuring practitioner by writing. The practitioner must be a registered ASIC liquidator and the appointment cannot be revoked by either the company directors or its creditors.

Restructuring plan and restructuring proposal

A restructuring plan is created and executed by the company directors with the assistance of a restructuring practitioner. The plan identifies relevant company property and specifies how it is to be dealt with. The directors must also prepare a restructuring proposal statement that includes a Schedule of Debts and Claims.

Restructuring proposal period

The company executes the restructuring proposal typically within 20 business days from the date that the restructuring began. After its execution, the restructuring practitioner provides the company’s creditors with a company of the plan and the proposal statement. The creditors must then decide whether to accept the restructuring plan.

Acceptance of the plan

Once accepted, the plan is binding on all parties. Until termination, a person bound by the plan cannot make (or proceed with) an application for the winding up of the company. No other enforcement process can be taken against the company in relation to its property for the recovery of a debt or claim.

This provides the company with some breathing room to continue operating and discharge its obligations without the pressure of looming court proceedings.

Termination

The company’s restructuring plan terminates when either:

the company discharges its obligations under the plan;
the court orders for its termination
a contravention has not been rectified within 30 business days of its occurrence
a voluntary administrator or liquidator is appointed.

Role of Restructuring Practitioner

Unlike administrators and liquidators, restructuring practitioners do not seize complete control over the daily operation and financial affairs of the company. Instead, the practitioner occupies an advisory position and assists the directors in preparing a restructuring plan. The practitioner must also make certain declaration to the company creditors about whether they believe the company is able to discharge its obligations under the plan.

During restructuring, the directors must obtain the restructuring practitioner’s consent if they wish to enter into transactions that are outside the ordinary course of the company’s business. These include transactions for satisfying debts or claims, the sale or transfer of any part of the business and transactions that relate to the payment of a dividend.

Role of Directors

Under a Small Business Restructure, the directors can retain control and decision-making power over the company’s ordinary business activities. This means that directors continue to be involved in dealing with the company’s assets and do not surrender all their rights to the practitioner. Since the restructuring practitioner acts as the company’s agent, it is the directors who continue to have control over the company’s business, property and affairs during restructuring.

With the advice and assistance from the practitioner, the directors must also develop the restructuring plan and the restructuring proposal statement and execute these within the proposal period.

In summary, corporate insolvency may compel a company to elect to enter liquidation, voluntary administration, or small business restructuring. The biggest difference amongst the three avenues is the amount of control that the directors retain over the affairs of the company during the insolvency process. Small Business Restructuring provides directors the greatest degree of control. In addition to voluntary administration, it provides companies with the opportunity to recover from their financial difficulties whereas liquidation results in the ultimate winding up of the company.

We understand that you may be under increasing pressure if your business is experiencing financial distress. We can therefore use our expertise and experience to help you navigate your business through a path that achieves your desired outcome.

Disclaimer: This publication contains comments of a general and introductory nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional legal advice. You should always speak to us and obtain legal advice before taking any action relating to matters raised in this publication.

When a business in Victoria faces financial distress, voluntary administration and liquidation are two common processes that come readily to mind. While both processes are designed to address financial difficulties, they differ significantly in their objectives, procedures, and outcomes. This article explores the differences between voluntary administration and liquidation, shedding light on their distinct purposes and the implications they hold for your businesses.

Voluntary Administration:

Voluntary administration is an insolvency process designed to give struggling companies a chance to rehabilitate and restructure their operations. It allows a financially distressed business to continue trading while an independent administrator takes control of its affairs. The primary goal of voluntary administration is to maximize the chances of the company’s survival and, ultimately, its return to solvency. It provides a breathing space by imposing a moratorium on legal actions against the company, allowing time for a comprehensive assessment of the business and potential restructuring options.

Key features of voluntary administration in Victoria include:

Independent administrator: An external administrator, appointed by the company’s directors or secured creditors, assumes control over the company’s operations, investigating its financial position, and proposing a strategy for its future.
Moratorium: Once voluntary administration commences, creditors are prevented from taking legal action against the company, giving it temporary protection from debt enforcement.
Deed of Company Arrangement (DOCA): If a viable plan emerges during voluntary administration, a DOCA may be proposed to the company’s creditors. If approved, it binds all parties to its terms, potentially enabling the company to continue trading while meeting its obligations.

Liquidation

Liquidation, also known as winding up, is a process that involves the closure and dissolution of a company. Unlike voluntary administration, which aims to rescue a business, liquidation is typically pursued when there is no reasonable prospect of the company returning to solvency. It involves the realisation of the company’s assets, payment of its outstanding debts, and the final distribution of remaining funds to shareholders.

Key features of liquidation in Victoria include:

Appointment of a liquidator: A liquidator, who is often a registered insolvency practitioner, takes control of the company’s assets and oversees the winding-up process, acting in the best interests of the creditors.
Realisation of assets: The liquidator identifies, collects, and sells the company’s assets to generate funds for repayment to creditors. The proceeds are distributed according to the priority of claims specified under the law.
Dissolution: Once all assets are realised, debts are paid, the company is formally dissolved, ceasing to exist as a legal entity.

In Victoria, understanding the differences between voluntary administration and liquidation is crucial for businesses facing financial difficulties. Voluntary administration offers an opportunity for rehabilitation and restructuring, aiming to save the company and protect the interests of creditors. On the other hand, liquidation represents the winding-up of a company when no viable path to solvency exists. Both processes serve distinct purposes and have unique implications for businesses, individual director, creditors, and stakeholders.

Seeking professional advice from insolvency practitioners or legal experts is vital to navigate these complex proceedings effectively and make informed decisions about the future of a troubled business.

Estate planning and creating a Will can often be difficult conversations for anyone to consider. Contemplating what needs to happen with your Estate once you have passed on can be confronting for many people, however it is an important conversation to have with your loved ones (and your lawyer) to ensure that your assets are distributed according to your wishes, and you leave a legacy you can be proud of.

There are several reasons that Wills and estate planning may not be seen as relevant or accessible for the LGBTQ+ community, including assumptions about complexity, concerns about judgment from the drafting lawyer, and an assumed focus on traditional family structures. We’re here to put your mind at ease and tell you why Wills are important, perhaps even more important, for the LGBTQ+ community.

Here are some assumptions that may cause LGBTQ+ individuals to avoid consulting a lawyer to discuss estate planning:

Estrangement from biological family:

Unfortunately, many LGBTQ+ individuals still face strained relationships with their biological families as a result of their identity. Individuals who choose to distance themselves from their biological family and prioritize their chosen family or close friends instead may assume that their chosen family will naturally inherit their assets or be involved in end-of-life decisions, without the need for a will.

If you die without a Will, you are said to have died intestate, and your estate will therefore be distributed according to the rules of intestacy. While chosen family and the importance of these relationships are well and truly understood within the LGBTQ+ community, the rules of intestacy rarely acknowledge these relationships, focusing instead on marital or biological connections when distributing your estate. If you have no spouse, registered partner, or children, your estate will be divided as follows:

Parents
Siblings
Grandparents
Aunts and uncles

Relevance for non-traditional families:

Some people hold the understandable belief that Wills are primarily designed for traditional family structures and may not be applicable to non-traditional or chosen families. Traditionally, Wills have been marketed as leaving everything to your partner, and if your partner predeceases you, then everything goes to your children. However, as outlined above, a Will is crucial for anyone who wants to ensure that their assets are distributed according to their wishes, regardless of their family structure or composition, and especially under circumstances where biological family members are being excluded.

Non-traditional family structures may require more complex financial arrangements, guardianship arrangements for minor children, or declarations outlining why a particular family member has been excluded from the Will. None of these wishes can be taken into account if you die without leaving a valid Will.

Wills are only for the elderly or the wealthy:

Another stereotype, both within and outside of the LGBTQ+ community, is that Wills are something to consider only in old age. Another is that Wills are only necessary for individuals with substantial wealth or valuable assets. Both assumptions are indicative of a misunderstanding regarding the purpose of Wills, and the process of administering your estate. Regarding age, younger individuals, while they may feel invincible, are not at a reduced risk of unexpected events or premature death. Life is unpredictable, and anyone, regardless of age, should have a will in place to ensure their wishes are followed if something were to happen.

The stereotype regarding wealth implies that those with fewer assets or limited financial means do not need to bother with creating a Will. However, a Will is essential for everyone, regardless of their financial situation, as it allows individuals to express their wishes regarding the distribution of their assets and the care of their dependents. Banks can be particularly challenging during the administration process and usually ask for a copy of the Will or a grant of representation to discuss closure of your accounts and distribution of the remaining funds.

Level of personal detail discussed:

Finally, discussing your Will and how you want your estate to be distributed can be an incredibly personal discussion. Understandably, this can lead to discomfort when there are concerns that the lawyer drafting your Will may not align with your personal values. It is important to do your research before engaging with a new lawyer. Consider looking for a firm’s social media, reading their Google reviews, or even use a local LGBTQ+ business directory which may be able to assist in recommending suitable lawyers or law firms.

Perhaps most importantly, consider reaching out to your network, including friends, colleagues, or members of advocacy organizations related to your values, for recommendations. They may have had positive experiences with lawyers who share your values and can provide valuable insights or referrals.

When you’re ready to take the plunge and arrange your Will, the Wills & Estates Team at Nevile & Co. would be delighted to assist. Contact us today at nevileco@nevile.com.au

Disclaimer: This publication contains comments of a general and introductory nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional legal advice. You should always speak to us and obtain legal advice before taking any action relating to matters raised in this publication.

The Victorian construction sector has been embroiled in controversies related to residential apartment defects and combustible cladding, leading to negative consequences for consumers, the building industry, and the Victorian Government.

To address these issues, the Victorian Government has initiated a thorough review of its building regulations with the goal of implementing reforms. These reforms are intended to safeguard consumers and enhance overall standards in the building industry.

The Victorian Government has recently introduced the Victorian Building Legislation Amendment Bill 2023, which proposes amendments to the Building Act 1993, Architects Act 1991, and other related laws. The anticipated effective date for the proposed changes is 1 February 2024, if not earlier.

Key aspects of the Bill include:

Improved oversight of building construction: The appointment of a State Building Surveyor as the primary source of technical expertise for building standards.
Increased accountability for construction industry participants: This involves education initiatives and the establishment of registration requirements for building and design consultants.
Enhanced consumer confidence: The introduction of a Building Monitor that requires builders to provide more information about their work.

Additional provisions in the Bill include assigning the final inspection process before granting an Occupation Certificate to a Council Building Surveyor for certain classes of buildings. Developers will also be required to provide an Approved Building Manual to Owners and Owner Corporations upon completion of construction, containing design and construction information for maintenance and building management.

Overall, these legislative amendments aim to instill greater consumer confidence by implementing stronger safeguards and quality standards for building projects. They also seek to hold building practitioners, including designers, engineers, and other stakeholders, accountable for improved building systems.

If you are concerned about whether your contracts and processes align with the requirements outlined in the Bill, contact Nevile & Co. today to discuss your options.

Late last year, the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 passed into law, outlining amendments to the Competition and Consumer Act 2010 (Cth). These amendments include significant changes to the Unfair Contract Terms (UCT) regime, which take effect on November 9, 2023, and prohibit the proposal, application, or reliance on an unfair term in standard form consumer or small business contracts, with substantial penalties applied if this prohibition is breached.

The new amendments introduce heavier pecuniary penalties that will apply from November 9, 2023. The UCT regime applies to standard form contracts with consumers or small businesses, and the amendments expand the meaning of a small business contract while clarifying the scope of a standard form contract.

The test for an unfair term will remain unchanged, with Section 24(1) of the Australian Consumer Law (ACL) setting out a test for determining whether a term is unfair, the matters that a court must consider, and a “grey list” of terms that may be found to be unfair. The three limbs of the test are as follows:

(a) It would cause a significant imbalance in the parties’ rights and obligations arising under the contract.

(b) It is not reasonably necessary in order to protect the legitimate interests of the party who would be advantaged by the term.

Courts will also take into account the extent to which the term is transparent and the contract as a whole, and may also take into account any other matters they deem relevant, as set out in Section 24(2) of the ACL. A term is transparent if it is expressed in reasonably plain language, is legible, is presented clearly, and is readily available to any party affected by the term. However, transparency does not necessarily mean that the term is fair, or vice versa. The grey list in Section 25 of the ACL sets out examples of terms that may be unfair, but it only provides guidance and does not create any presumptions.

Given the complexity and nuances of the law, it would be prudent for you to seek legal advice to ensure that your contracts and terms comply with the relevant laws and regulations. An experienced legal professional can review the specific terms and provide tailored guidance on any potential issues or risks that may arise from the new UCT laws.

Disclaimer: This publication contains comments of a general and introductory nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional legal advice. You should always speak to us and obtain legal advice before taking any action relating to matters raised in this publication.

During this year’s budget announcement, Treasurer Jim Chalmers has revealed significant changes to the Australian visa system, set to take effect from July 2023.

Perhaps the biggest key change is the overall increase in the cost of applying for a Visa, with visitor, working holiday, work and holiday, training, temporary activity and temporary work (short stay specialist) visas increasing by 15%, Business innovation and investment visas by 40% and other visas by 6%.

In terms of the allocation of visa places, the 2023-24 Permanent Migration Program will prioritize the Skill stream. Approximately 70% of the allocated places, totaling 137,100, will be designated for skilled migrants. This emphasis on skilled migration aims to address ongoing skill shortages within the country and ensure that the migration system provides the skilled workforce needed for Australia’s long term needs It is worth noting that partner and child visas will continue to be demand driven.

The 2023 budget also includes changes pertaining to international students. The work restrictions for international students will be reinstated from 1 July 2023, following their removal during the COVID-19 pandemic. The work hour cap will be increased by 8 hours to a maximum of 48 hours per fortnight. However, international students working in the aged care sector will be exempt from this limit until 31 December 2023. The government aims to improve job readiness and outcomes for international students by offering faster pathways to permanent residency for skilled graduates. This involves reducing the time spent on bridging visas and providing an additional two years of post-study work rights to Temporary Graduate visa holders with select degrees.

Furthermore, the budget outlines a commitment to clearer pathways to permanent residency for Temporary Skill Shortage (TSS) visa holders. Restrictions will be removed to enable TSS visa holders on the short-term stream to access permanent residence pathways through the Employer Nomination Scheme (subclass 186) visa. The limit of one onshore renewal for the short-term stream TSS visa will also be removed. These changes aim to provide better opportunities for TSS visa holders to obtain permanent residency.

To address visa backlogs and improve visa processing, the government plans to invest $75.8 million over two years commencing 2023. This investment aims to extend the surge in visa processing resources, enhance existing visa processing systems and ensure timely processing of visa applications.

The finalized details of the migration policy will be revealed later this year after further consultations. These proposed changes are part of the government’s efforts to reform the migration system, attract skilled migrants, streamline pathways to permanent residency, and align the visa system with the needs of the Australian workforce.

Overall, the 2023 federal budget introduces various visa changes that seek to prioritize skilled migration, provide better opportunities for international students, address visa processing challenges, and ensure the long-term economic and labour needs of Australia are met.

To find out whether you will be impacted by these changes, contact our Senior Migration Consultant, Jeffrey Stone, today at nevileco@nevile.com.au

The Skilled Work Regional Visa program in Australia has undergone several changes that impact the eligibility criteria, occupation lists, and visa conditions for skilled workers seeking to live and work in regional areas of the country. These changes aim to reflect the federal government’s ongoing commitment to promoting regional development and encouraging skilled workers to settle in areas where they are most needed.

As of January 2023, the definition of ‘regional Australia’ has been further expanded to include all areas of Australia outside of the major metropolitan areas of Sydney, Melbourne, and Brisbane. This change means that skilled workers are now encouraged to settle in a broader range of regional areas across the country, which will help to support economic growth and development in these areas.

Another significant change to the Skilled Work Regional Visa program is the introduction of a new priority processing system for certain visa applications. As of January 2023, skilled workers who have a nominated occupation on the Priority Migration Skilled Occupation List (PMSOL) may be eligible for priority processing of their visa application. This means that these applicants will have their applications processed faster than other applicants, which will help to ensure that skilled workers in critical occupations can enter Australia as quickly as possible.

In addition to the new priority processing system, the government has also updated the occupation lists for the Skilled Work Regional Visa program. As of January 2023, the occupation lists have been updated to reflect the changing needs of regional areas across the country. These updates include the addition of several new occupations, such as agricultural scientists, civil engineers, and social workers, to the eligible occupation lists for the visa program. These changes will help to ensure that skilled workers in a broader range of occupations can enter Australia and contribute to regional development.

Another important change to the Skilled Work Regional Visa program is the introduction of a new English language requirement for visa applicants. As of January 2023, skilled workers who apply for the visa program must demonstrate ‘proficient’ English language proficiency, which is equivalent to a score of 7.0 on the International English Language Testing System (IELTS). This change reflects the government’s commitment to ensuring that skilled workers can effectively communicate with their colleagues and contribute to the development of regional communities.

In addition to the new English language requirement, the government has also introduced changes to the visa conditions for skilled workers who are granted a Skilled Work Regional Visa. As of January 2023, skilled workers must now live and work in a designated regional area for at least three years before they are eligible to apply for permanent residency. This change is designed to ensure that skilled workers are committed to living and working in regional areas and will encourage them to become active members of their new communities.

Finally, the government has introduced changes to the minimum salary requirements for skilled workers who are sponsored by employers under the Skilled Work Regional Visa program. As of January 2023, employers must pay skilled workers a salary that is at least equal to the Annual Market Salary Rate (AMSR) for their occupation and location. This change is designed to ensure that skilled workers are paid a fair wage for their work and will help to prevent employers from using the visa program to undercut wages or exploit workers.

In conclusion, the changes to the Skilled Work Regional Visa program in Australia in 2023 reflect the government’s ongoing commitment to regional development and encouraging skilled workers to settle in areas where they are most needed. These changes include the expansion of the definition of ‘regional Australia’, the introduction of a new priority processing system, updates to the occupation lists, new English language requirements, changes to the visa conditions, and updates to the minimum salary requirements for sponsored workers.

To find out whether you will be impacted by these changes, contact our Senior Migration Consultant, Jeffrey Stone, today at nevileco@nevile.com.au

Disclaimer: This publication contains comments of a general and introductory nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional legal advice. You should always speak to us and obtain legal advice before taking any action relating to matters raised in this publication.

Many of us walk every day, but how well do we know the pedestrian road rules in Victoria?

As pedestrians, we may not think as much about road rules as we would when driving, but we are bound by several regulations, just like cyclists and motorists. Pedestrians include those on foot, those pushing a bicycle, or using a wheeled device such as a skateboard, roller skates or rollerblades, wheelchairs, and mobility scooters.

Do you know these pedestrian rules?

Crossing a road with lights or a crossing
1. When dedicated crossings or pedestrian lights exist, use them. Do not cross if facing a red traffic light or red pedestrian light, even where there is no oncoming traffic. Do not cross at a level crossing when there are flashing lights or sounding alarms.
Crossing a road without lights or a crossing:
1. If the nearest crossing or pedestrian lights are more than 20 meters away, you do not have to use them. However, use the shortest and most direct route to cross the road and avoid moving into the path of a vehicle in a way that would cause a hazard.
Walking on the road:
1. In most cases, it is illegal for pedestrians to walk on the road. However, if there is no footpath or nature strip available, pedestrians are allowed to walk on the road but should travel along the oncoming traffic side of the road. Pedestrians cannot travel along paths marked as bike lanes and should give way to cyclists and other wheeled device users when crossing a marked path.
Pedestrians must also obey traffic signs relevant to them, e.g. ‘no pedestrians’, and traffic orders given by police.

Other pedestrian etiquette:

Stick to the left:
1. Walk on the left side of the footpath, so others can pass on your right. Be mindful of others who may be in a rush, particularly if you are walking near a major transport hub.
Don’t crowd the footpath:
1. Be aware of other pedestrians around you, including those behind you, and move into a single file to let others pass. Allow pedestrians who are elderly, with children, or have reduced mobility additional space.
Reconsider smoking or vaping while moving:
1. Smoking or vaping while walking increases the likelihood of other pedestrians breathing in secondhand smoke. In Melbourne, smoking is illegal in several high foot traffic areas such as Bourke Street Mall and the Tan. Stop to one side if you need to smoke, or find a designated outdoor smoking area.

Do you also know these rules for motorists regarding pedestrians?

Giving way:
1. Pedestrians have the right of way over motorists at most intersections, slip lanes, shared areas where vehicles and pedestrians share the road, and when making a U-turn. The exception to this is roundabouts, where motorists have right of way.
Driveways:
1. Pedestrians also have the right of way when using a footpath that crosses over a private driveway. Motorists must wait for the pedestrian to finish crossing the driveway before entering it.
Dropping off passengers:
1. Motorists should pull over to a complete stop before letting any passengers out of the car. Pedestrians cannot exit a moving vehicle.

So, there you have it! Now you know the ins and outs of being a pedestrian in Victoria! For more tips and tricks, keep an eye on our socials – you can find us on Facebook, Instagram, and Linkedin.

Disclaimer: This publication contains comments of a general and introductory nature only and is provided as an information service. It is not intended to be relied upon as, nor is it a substitute for specific professional legal advice. You should always speak to us and obtain legal advice before taking any action relating to matters raised in this publication.

A wise man once said that there is nothing certain in this world, except for death and taxes. For all his timeless wisdom, Benjamin Franklin forgot to mention life’s third certainty – paperwork.

Though it is often tempting to overlook and push aside, filing the proper paperwork is essential. Especially when it comes to security interest. A business that grants a loan and obtains a security interest in the debtor’s personal property cannot legally enforce its rights against a defaulting debtor unless the interest is perfected. The most common way of perfecting a security interest is by registering it in the Personal Properties Securities Register (PPS Register). This is a publicly accessible register where secured parties can declare their interest in collateral by lodging a financing statement. Importantly, the date of registration is central to determining which party has priority enforcing their rights in circumstances where multiple parties have security interest in the same collateral.

Generally, perfected interests have priority over unperfected interests in the event that a debtor company goes into liquidation, voluntary administration or is subject to a deed of company arrangement.

In Re Maiden Civil Pty Ltd [2013] NSWSC 852 we find a cautionary warning against procrastinating the perfection of a security interest. In this case, Queensland Excavation Services Pty Ltd (QES) entered into a lease agreement to provide three Caterpillar excavators to Maiden Civil (P & E) Pty Ltd (Maiden). QES did not register itself as a lessor of the vehicles in the equivalent of today’s PPS Register despite the lease agreement affording it security interest in the property.

Maiden then borrowed funds from Fast Financial Solutions Pty Ltd (Fast) and secured the loan with personal property security interest in the three excavators. Unlike QES, Fast was prudent in registering its security interest in the collateral.

Shortly thereafter, Maiden defaulted on the loan and Fast appointed receivers who took possession of the three excavators. One of the main issues in the case was whether QES’s security interest was superior to Fast’s security interest.

The Court held that both QES’ lease agreement and Fast’s financing agreement gave rise to legitimate security interests in the excavators. However, Fast’s security interest was perfected by virtue of its registration, while QES’ security interest was not registered and therefore remained unperfected. Under s 55(3) of the Personal Property Securities Act 2009 (Cth) (PPS Act), Fast’s security interest obtained priority over QES despite the latter being the original owner. Fast’s receivers were entitled to retain possession and enact the sale of the vehicles in order to repay the loan.

Learning from QES’ Mistakes:

QES’ mistake was completely avoidable, yet the case shines a light on the strictness with which the principles or priority are applied. Therefore, it is paramount that you perfect your security interest as soon as possible.

In cases where only one party has security interest in collateral, s 267(2) of the PPS Act vests this security interest, if unregistered, in the grantor company immediately before its winding up, voluntary administration or execution of a deed of company arrangement. This means that if your security interest is unregistered then:

It is unenforceable in the event of debtor default; and
It will not have priority against a secured party who has perfected their security interest in the same collateral.

Perhaps having read this article, you have come to know the fourth and final certainty in life: It is certainly foolish to not perfect your security interest!

1 July 2023 will see the return of certain work restrictions to student visas, along with extensions to graduate visas.

Work Restrictions

The federal government previously removed work restrictions on student visas in an effort to ease workforce shortages resulting from COVID-19. This permitted student visa holders to work full time hours , however, these restrictions will now be returning.

From 1 July 2023, student visa holders will returned to capped hours with a maximum work time of 48 hours per fortnight.

Extensions

Some holders of 485 Temporary Graduate visas will now be able to remain in Australia for an extended period. This will result in a stay period of:

four years for a bachelor’s degree graduate, up from two years previously
five years for a master’s degree graduate, up from three years previously
six years for a doctoral graduate, up from four years previously.

The extension of one or two years for eligible students who live, work and study in regional areas will remain unchanged.

Students must have a qualification listed on the eligible qualifications list to be considered for this extension. This includes, but is not limited to:

Engineering
Early Childhood Teaching
Midwifery
Nursing
Aged Care
Systems Analysts
Web Developers
Programming
Cyber Security
Building & Construction Management
Agricultural Science & Consulting
GPs, Dentists, Orthodontists, Pharmacists & Speech Pathologists
General Surgeons, Pediatric Surgeons, Plastic Surgeons and Neurosurgeons
All doctoral graduates regardless of their qualification

For Temporary Graduate visa holders in Australia whose visa expired or will expire before 1 July 2023, transitional arrangements have been introduced allowing them to apply for a Subclass 408 COVID-19 Pandemic Event visa.

To find out whether your visa will be impacted, contact Nevile & Co. today at nevileco@nevile.com.au

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