Any business which faces the risk of being unable to pay its deferred debts to creditors should strongly consider strategies that will help them to survive in the long term. One such strategy that may be available is the Deed of Company Arrangement (DOCA).
EXTENSION AND CHANGES TO THE VICTORIAN COMMERCIAL TENANCY RELIEF SCHEME
As you may be aware, the Victorian Government announced an extension of the Commercial Tenancy Relief Scheme. On 29 September 2020, the extension and changes to the Scheme were implemented by the introduction of COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Miscellaneous Amendments Regulations 2020. The amendments take effect from 29 September 2020, which is the day the previous Regulations were to expire. Here is a brief summary of some key changes.
Following recent articles posted, and which you can read here, we continue to list some other major areas that a legal health check will cover. Family and Estate Planning and Employees.
Nevile & Co is here to help you, your business, and your family, during these unprecedented times. We remain committed to providing a high level of service to you, and all our valued clients.
Victorian Government COVID-19 Stage 4 restrictions require us to work remotely. This means that our office at Level 11, 100 Collins Street will close from Thursday 6 August for 6 weeks.
Rest assured that it is business as usual for us.
It is more important than ever for people and businesses to be aware of their legal and financial risks. A legal health check is one of the best ways to identify such risks and devise strategies to protect against them.
Many people living in residential tenancies who have lost their jobs or their businesses or who have otherwise been impacted by COVID-19 have found themselves in dire financial circumstances and in danger of being evicted by their landlords due to being unable to pay their rent.
An owners’ corporation may appoint a manager to carry out any powers or functions it is able to delegate.
This enables the manager to make decisions on behalf of the owners’ corporation. The appointment must be in writing or through a written contract.
Both men and women who have recently retreated or have been forcibly ejected from a relationship are generally not in the best state of mind to make sound financial decisions.
It might be useful to set out a sort of checklist, incorporating the fundamental principles that at least ought to be considered in these circumstances.
If an Owners’ Corporation has a maintenance plan, then it must have a maintenance fund to cover the cost of works in the plan.
The Owners’ Corporation is required to report on implementation of its maintenance plan, if it has one, at each Annual General Meeting.