FAQ'S

Does this need to be in writing and/or prepared by a solicitor?

We often enter into contracts without knowing we are doing so. Sometimes we are surprised to find that we have done so on terms that are very disadvantageous.

This can happen when you agree to have work carried out or when you have signed up for a new service. Often the other party puts forward some fine print terms and you do not realize what they contain until its too late.

We suggest that you stop and think before committing yourself to an agreement if you are not sure whether all relevant issues have been adressed ask us for some advice.

You can call a solicitor here for a fixed fee for a 15 minute call to discuss this or any other legal issue that is bothering you.

Why do Vendor's statements take so long?

Whilst Harricks prides itself on providing efficient services in a timely manner, the preparation of a Vendor's Statement can often take some time as it is a requirement under the legislation that official certificates from various authorities, such as water authorities, councils and various other governmental or corporate bodies be obtained and attached to the Vendor's statement. The turn around time for obtaining such certificates can vary between same day service to a week or two weeks depending on the organization. We therefore recommend that you take these time frames into account when instructing us to prepare your vendor's statement.

Do I get the same protection operating my business through a company acting as trustee of a trust?

You may be told by your accountants or other advisers that it will be best for you to set up your business in a discretionary trust (to help you distribute income tax effectively) or a fixed trust (such as a unit trust) when you own or create a business with several other partners.

You may even be offered a trust deed at a knock-down price (“These were prepared by a chap in Brisbane who specializes in this sort of thing.”) without any reference to your personal circumstances or the relationship between you and your family members or business partners.

In fact there are many ways in which a shareholder/director in a company is better off in case of a dispute or falling out than a beneficiary under a trust.

The Corporations Act 2001(Cth) contains provisions that deal with minority shareholders rights and for winding up companies when it is just and equitable to do so;
The act also contains provisions for derivative actions (i.e. actions brought in the name of a company) when the controlling directors or shareholders refuse to take action;
The Courts have developed a jurisdiction dealing with ‘quasi partnership companies’ which are usually private companies formed by a small number of participants in which there is an intention that the participants work in the business and receive a share of the income and capital value. The Courts will intervene to protect such a bargain even where the underlying documentation may be deficient.

It is not clear that the Courts will be less helpful to a beneficiary under a trust but there is certainly not a developed jurisdiction in the same way as there is for shareholder directors.

In the end a carefully drafted trust deed based on your individual needs is the best answer. We will be pleased to prepare a draft for you.

How can I get the money I am owed?

The best method for ensuring that you are paid money that you are owed is to ensure that you have adequately drawn terms and conditions which allow you to claim interest and all of your legal costs.

You should also ensure that your staff are trained in dealing with outstanding debtors so as to ensure debts are paid promptly. We can assist in training your staff with such issues.

If the collection of a debt requires legal action, we can telephone the debtor, on your behalf, which in our experience is a quick and efficient method for obtaining payment.

If the debt is still uncollected, we can then advise you as to whether you should issue a statutory demand, being the first step in a winding up application or whether to issue a summons.

What is an accredited specialist?

An accredited specialist must have at least five years full time practice experience and at least three years practice experience in their area of specialisation.
Accredited Specialists must maintain a high degree of Professional Development in their area of specialisation.
All specialists must pass a comprehensive examination process, testing technical knowledge, writing and practical advocacy skills. This examination process is developed and assessed by industry experts.
Specialists need to apply for re-accreditation every three years.
Only Accredited Law Institute of Victoria Specialists can use the Specialist Accreditation logo