During the initial months of the Covid-19 pandemic, many Australian businesses began to feel the financial weight of trying to keep their business afloat while the majority of the country was in lockdown. In this article by Lancaster Law and Mediation (LLM), find out from insolvency lawyers in Sydney how the coronavirus impacted insolvency laws in Australia, and what the government did. LLM is a commercial law firm with insolvency experience and expertise who can help answer your questions in this area.

Covid-19 Response Act

The Coronavirus Economic Response Package Omnibus Act 2020 (Response Act), was implemented by the Australian government, coming into effect on 25th March 2020 with a provisional end date of 23rd September 2020. The act significantly changed insolvency laws as relevant to all businesses, providing financial assistance and relief to those entities that experienced fiscal distress as a direct result of the Covid-19 pandemic. 

Key Aspects of the Response Act

The Response Act initiated a number of key changes that were designed to protect businesses against potential insolvency or bankruptcy. These included:

1. 6 months of Safe Harbour for directors, protecting them from personal liability subject to certain stipulations
2. The minimum dollar threshold to issue a creditors statutory demand increased from $2,000 to $20,000
3. The deadline for a company to respond to a creditor’s statutory demand extended from 21 days to six months
4. The minimum dollar threshold for a creditor to initiate bankruptcy proceedings against a debtor increased from $5,000 to $20,000
5. The deadline for a company to respond to a creditor’s bankruptcy proceedings extended from 21 days to six months
6. Protection under a Declaration of Intention extended from 21 days to six months

Supplementary regulations, not listed here, took effect at the same time, all with the ambition of minimising financial distress of Australian businesses. However, it also delayed the collection of debts that were outstanding to other businesses. 

The statutory minimum dollar amount and deadline for a company have now been reduced back to $4,000 and 21 days unless the company is eligible for temporary restructuring relief.

The minimum dollar amount for a creditor to initiate bankruptcy has now been reduced back to $10,000.

If you feel your business could benefit from the expertise of an insolvency lawyer, contact LLM today.

Insolvency Lawyers Sydney: Your Local Experts

At LLM, we take great pride in being one of the most trusted and professional commercial law firms Sydney has to offer. If your business is undergoing financial stress due to the pandemic, come and speak to our commercial litigation lawyers.

Discover more about LLM, including why we are the insolvency lawyers Sydney can count on, by contacting us online, or calling us on 02 4227 1177 or 0418 488 495.

Estate Planning Lawyers Sydney

 

When it is time for you to make arrangements for your assets, you may be looking into whether a will or a family trust suits you best. The two options are quite similar, and people often get confused. In saying that, there are notable differences between family trusts and wills, which we will discuss in this article. We will also touch on how Lancaster Law and Mediation (LLM), can help you choose between the two and get them appropriately set up and organised.

What is a Family Trust?

A family trust is set up to hold family assets in accordance and agreeance with the trustee (owner of the trust). The trustee distributes finances, property and assets to members of their family, which is held within the trust until the trustee deems fit to distribute it.

What is a Will?

A will is a document that specifically explains how your assets should be distributed after your death. The document itself should be prepared and legally verified prior to one’s death, and only becomes operational after that person has passed away. The executor of a will is the person in charge of ensuring that the will is enforced and that the instructions within the will are followed accordingly.

Main Differences Between a Will and Family Trust

There are two main differences between a will and a family trust. These are:

1. When You Use Them: The most notable difference is the time during which a will and a family trust is used. A family trust generally makes annual contributions to its benefactors, whereas you hold onto all of your assets under your will until the time that you die.
2. Distributions: A family trust will distribute funds and assets on a regular basis to its benefactors, usually once or twice annually. However, the beneficiaries of a will,  only receive their assets after the death of the person that wrote the will. After this occurs, the executor usually must acquire a grant of probate, which allows them to begin making the distributions that the will requests.

Estate Planning Lawyers Sydney: How LLM Can Help

At LLM, our expert and dedicated team can help you determine whether a family trust or a will is most suitable for you. We can guide you in the right direction, as well as assist in filing the correct legal forms to make the process as seamless and easy as possible. For will dispute lawyers Sydney, and some of the most experienced estate planning lawyers Sydney has to offer, LLM are here to help.

Discover more about the wills and estates lawyers Sydney has to offer when you contact Lancaster Law and Mediation online, call our friendly team on 02 4227 1177 or 0418 488 495.

However strong your business partner relationship may seem, there is always a chance that, down the line, the relationship may sour for any number of reasons. Here, Lancaster Law and Mediation (LLM) will discuss some of the most common causes of partnership disputes, as well as how our firm can provide the highest quality partnership dispute lawyers in the Sydney region.

Financial Disputes

The most common cause of partnership disputes is issues arising from fiscal disagreements. This can be anything from differences of opinion on where to allocate funds to lack of trust on how sales and revenue is being reported, collected and distributed amongst employees, shareholders and board members.

Intellectual Property Disputes

Intellectual property can refer to a number of things such as a company’s logo, their concept or even the goods and services they offer. These disputes often require a mediator or third party to help figure out whether the individual or the company owns the rights to the intellectual property. LLM is the best commercial law firm Sydney has to offer, and can help with this mediation process.

Questions of Authority

When going into business with someone, it is vital to set clear and direct ground rules at the beginning in terms of who has priority control over what aspects of the business. If these ground rules are not set, business partners can often have disputes over who holds more authority within the business, as well as how the business should be run. Shareholder and employment agreements can be useful for this

Disputes Regarding Overall Business Objectives

Another common reason for partner disputes is due to differing ideas on what objectives the business has. One partner may intend to grow the company into different towns and cities, while the other may want to keep the operation small and local.

Commercial Litigation Lawyer Sydney: How LLM can Help

The team of reliable and trusted lawyers and an accredited mediator at Lancaster Law and Mediation (LLM) can help business partners discuss their disputes and work out a fair and equal solution to them. With years of industry experience, we have the skills and knowledge to get your business back on track. Come to us to hire a skilled and experienced commercial litigation lawyer in Sydney.

For one of the best commercial law firm Sydney has to offer, contact our team online, or reach out to us on 02 4227 1177 or 0418 488 495.

Partnership dispute lawyers are specially trained to handle dispute resolution, which is a sensitive and complex area of law. It pertains to disputes between businesses, government organisations and individuals. In situations like these, every case is unique, nuanced and requires a legal mind which can objectively understand the situation and provide the best strategy.

Commercial dispute lawyers address cases which involve breach of contract, business-to-business disputes, debt recovery, property disputes and so on. Lancaster Law & Mediation offers some advice on how to best resolve disputes through commercial litigation.

Act Early

When it comes to addressing a dispute, time is of the essence as there are time limits on pursuing a claim. Contact our partnership dispute lawyers as soon as possible so they can familiarise themselves with the facts of the case and begin working on a strategy.

Business Disputes

When it comes to business disputes, one can never know what to expect. Each case is different, and can quickly escalate into a messy, time consuming affair which takes a toll on everyone. Lancaster Law & Mediation provide expert legal services for areas of commercial litigation such as:

• Contract disputes with partners or employees
• Business property and leasing disputes
• Legal notices for debt recovery
• Disputes between directors and shareholders
• Insolvency and Bankruptcy proceedings
• Intellectual property disputes
• Administrative review

Professional Negligence

Disputes which involve professional negligence typically arise when there is a failure on the part of a professional to act with reasonable care and competence when working with a client. You may be entitled to a compensation if you have suffered harm due to a breach of service. This may include financial services negligence, lawyer negligence, and more.

Bankruptcy

Commercial dispute lawyers also provide legal services to businesses applying for voluntary bankruptcy or to help you recover debts owed to you by a person who has declared bankruptcy.

Defamation

Expert commercial lawyers provide legal support in cases where you have been defamed or accused of defamation.

Experienced Partnership Dispute Lawyers Sydney

No matter the nature of the dispute that your business faces, Lancaster Law & Mediation has the best legal minds to help you resolve such problems with astute legal representation and advise. Contact us online or on 02 4227 1177.

At Lancaster Law & Mediation, we advise our clients to think ahead when it comes to safeguarding their assets to make sure their family is well cared for upon their passing. One of the most important aspects of estate planning is creating a robust, valid will which lays out legally binding, clear instructions on how your affairs are to be administered. The definition of a will is as follows; A legal document with instructions for who you want to inherit your estate, care for your children, and be the executor of your estate when you pass away. Here are some of the benefits of obtaining the services of a wills and estates lawyer to draft a will that will care for your loved ones.

Maintaining Control of Your Assets

If a person passes away without a valid will, they are considered to have died ‘intestate’, and the estate is distributed according to state law. These laws could result in a distribution which is not aligned with your wishes. A qualified wills and estates lawyer will ensure that your will is worded with precision and all the documentation required to legally register it is completed accurately.

Professionally Drafted Will

A will is a very important legal document which requires careful, precise wording to make sure that there are no ambiguities or errors. A robust will must clearly outline the people who are to receive your assets, specific personal items or heirloom pieces. A will can also outline how your funeral is conducted with the desired religious considerations. Your lawyer will be best placed to include all the pertinent instructions required in a will using the appropriate language.

Updating Your Will

A will is a document which reflects a person’s last wishes and instructions on how their loved ones will be cared for after they pass away. Over the course of a lifetime, relationships change, people evolve and find their priorities have shifted. An estate planning lawyer will review your will with you on a regular basis, and advise you if you need to update it, add or remove assets or change beneficiaries. This ensures that your will evolves as you do and reflects your inheritance plan as it changes in line with your life.

Trusted Will Dispute Lawyers Sydney

Lancaster Law & Mediation has a highly qualified and experienced team of wills and estate lawyers who oversee every aspect of estate planning and will dispute proceedings for clients. Contact us online or over the phone on 02 4227 1177.