SEPTEMBER 6, 2011
Under the new Personal Property Securities Act (PPSA) and regulations, there will be important changes affecting documentation, business processes and risk management for creditors, equipment lessors, consignors and other retention of title suppliers.
Applying to almost all forms of tangible and intangible property owned by any type of legal entity (including money, goods, motor vehicles, hire purchase agreements, accounts receivable, long term leases, investment securities and documents of title), the PPSA will regulate any interest or right in personal property which in substance secures payment or performance of an obligation.
WORKPLACE HEALTH & SAFETY – HARMONIZATION
6 September 2011
The harmonization of workplace health and safety laws across Australia due take effect on 1 January 2012, will introduce the concept of reasonably practicable to the primary duty of care of a person conducting a business or undertaking and broaden the existing definition of worker to include contractors and subcontractors and their employees. What is reasonably practicable will represent what can be done at a particular time taking into account and weighing up all relevant matters.
In addition, company Officers will now have personal liability for the health and safety of any person; as well as a duty to exercise due diligence to ensure that the company complies with its obligations under the Act. This is a continuous duty with a positive obligation on Officers to be proactive.
SHOULD A BODY CORPORATE ACT ON A REVERSAL MOTION TO CHANGE LOT ENTITLEMENTS?
6 September 2011
In the aftermath of the decision in the landmark case of Fischer v Centrepoint in 2004, the contribution schedule lot entitlements (CSLE) for many schemes were amended either by order of the Court, Tribunal or an adjudicator or in many cases by consent orders or agreement amongst lot owners, to avoid protracted and costly litigation.
Since the amendments to the Body Corporate and Community Management Act came into effect on 14 April 2011, there has been an influx of motions from lot owners to Bodies Corporate, seeking to have formerly amended CSLE reverted to their pre-amended status.