Published by MoneySmart
If your customer is a company, you can ask the directors to provide a personal guarantee the payment of any debt owed to your business. That way if the company is wound up, you have recourse to the assets of the directors instead. Care should be taken with the wording of the guarantee, and it is best to get professional advice to ensure that the guarantee is enforceable.
A woman succeeded in shifting $250,000 of tax debt onto her bankrupt ex-husband. A recent High Court case has found that a tax debt of one spouse can be shifted to another during a divorce property settlement, which lawyers say is unprecedented and could leave the richer spouse with the debts of their former partner. Key points:The case looks at whether the Family Court can give orders to the ATO as part of the determination of a divorce-related property dispute The Tax Commissioner appealed to
Commercial Bank of Australia Ltd v Amadio, is an Australian contract law and equity case, in which the legal issue of unconscionable dealing due to a lack of knowledge or education is examined and the implications as to the imbalance in bargaining power are considered.