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Guarantee or Indemnity- does it matter which you have signed?

This is part of an occasional series of articles concerning personal guarantees. Typically, a company opens up an account with a supplier and the directors sign something to say that if the company does not pay then the directors will do so personally. Like so much in business it can get complicated and if there … Read more

UPDATE: Unqualified electricians give themselves a shock!

The wheels of justice finally caught up with these two. Former pre-insolvency adviser Stephen O’Neill has been sentenced at Brisbane District Court to five years in prison with a non-parole period of 22 months, after pleading guilty to one charge of dealing in the proceeds of crime. Mr Narramore, who was also charged with dealing … Read more

What’s Happened to the Subcontractor Charge?

Relax. Subcontractors can still become secured creditors and protect their hard earned. The Subcontractor Charges Act can now be found in chapter 4 of the Building Industry Fairness (Security of Payment) Act 2017 (Qld) (“BIFA”). It is more or less the same process as before. Time limits and attention to technical detail remain very important. … Read more

RESPONDING TO A STATUTORY DEMAND- A MESSAGE WORTH REPEATING

Options: From the date you receive the statutory demand you have 21 days to respond to it by: a. Paying the debt; b. Reaching some resolution with the creditor; or c. Bringing an application to set aside the statutory demand. Preliminary steps: 1. You should firstly confirm the date the statutory demand was received and … Read more