Defensive Debtor Control – Clint Coles

Undertaking work before being paid is a part of business.  If you’ve been in business for a while you’ll know the difficulties that can arise in getting paid after the fact.

This is a situation where prevention is much better than cure.  There are a number of steps that a business can take to greatly reduce the likelihood of payment problems arising.

Although it seems simple, the first is often overlooked.  It is important to properly identify who your business is dealing with and to make an assessment of the creditworthiness of the entity you are contracting with.  People and companies can enter into contracts, but nobody else. … Read More

Sir Adrian Solomons Law Bursary Recipient

Everingham Solomons is proud to announce the successful bursar for 2018 is Claire Annis-Brown. Claire is an extremely well rounded student of McCarthy Catholic College having achieved excellent academic results in a range of subjects through her HSC.  She is both liked and admired by her teachers and peers alike.

Claire is an accomplished sportswoman, particularly in Hockey where she has captained Tamworth representative teams for a number of years. She has also been involved in a range of local charitable endeavours over a long period of time.

Claire is enrolled to study law at the University of Newcastle in 2019 and Everingham Solomons wishes Claire the very best in that endeavour.… Read More

‘Aussiegolfa’ – Terrible name for a dicey Super Fund – Clint Coles

CCMany readers will be members of Self-Managed Superannuation Funds (SMSFs) and will understand in general terms the limits imposed on SMSFs with respect to the types of investments they can make.

Superannuation legislation prevents s SMSFs from investments in a related party. This is called the ‘in-house asset test’.  There are some notable exceptions including that a SMSF can often purchase land and buildings (including farms) upon which the SMSF’s members can conduct their business.

Another prohibition insures that SMSFs cannot use retirement savings accumulated at favourable tax rates to acquire property, for example holiday houses or fast cars, that can be used beneficially by the SMSFs members or family before retirement.… Read More

Sir Adrian Solomons Memorial Law Bursary. Applications are now being accepted until 28 October 2018. – Clint Coles

CCEveringham Solomons are still accepting applications from Tamworth, Quirindi, Gunnedah or Manilla students for the Sir Adrian Solomons Memorial Law Bursary.

The Sir Adrian Solomons Memorial Law Bursary has long provided financial assistance for the successful applicant during their first year of university as well as an opportunity to gain valuable paid work experience in our offices periodically throughout the duration of their studies.

This year, for the first time Everingham Solomons will also be making a cash donation to the school of the successful applicant to assist in maintaining the excellent educational standards that our region can offer.

All Principals of local High Schools have been contacted and advised of the details.… Read More

Sir Adrian Solomons Memorial Law Bursary – Applications are still being accepted. – Clint Coles

CCEveringham Solomons are still accepting applications from Tamworth, Quirindi, Gunnedah or Manilla students for the Sir Adrian Solomons Memorial Law Bursary.

The Sir Adrian Solomons Memorial Law Bursary has long provided financial assistance for the successful applicant during their first year of university as well as an opportunity to gain valuable paid work experience in our offices periodically throughout the duration of their studies.

This year, for the first time Everingham Solomons will also be making a cash donation to the school of the successful applicant to assist in maintaining the excellent educational standards that our region can offer.

All Principals of local High Schools have been contacted and advised of the details.… Read More

Are you in Year 12 at Tamworth, Quirindi, Gunnedah or Manilla? Are you wanting to study Law next year at University? Great news – the applications are now open for the Sir Adrian Solomons Memorial Law Bursary – Clint Coles

CCEveringham Solomons are pleased to announce that once again a Tamworth, Quirindi, Gunnedah or Manilla Year 12 student wishing to undertake university study in Law will have a valuable opportunity to receive the benefits of our Law Bursary.

The Sir Adrian Solomons Memorial Law Bursary has long provided financial assistance for the successful applicant during their first year of university as well as an opportunity to gain valuable paid work experience in our offices periodically throughout the duration of their studies.

This year, for the first time Everingham Solomons will also be making a cash donation to the school of the successful applicant to assist in maintaining the excellent educational standards that our region can offer.… Read More

‘Leave the gate as you found it’ – Clint Coles

CCAn easement is, put simply, the right of one landowner to use land belonging to another.

In the recent Supreme Court case of Pullen v Smedley, the court was asked to take a close look at the rights and obligations of rural landholders affected by easements.

Pullen had a particular type of easement known as a right of way across Smedley’s farm. It was Pullen’s only way of accessing the main road.  Along the right of way there were five sets of gates designed to allow cattle to be rotationally grazed around Smedley’s farm.

A dispute arose because Smedley wanted the gates to be kept shut, whereas Pullen wanted them open so he didn’t have to get in and out of the car ten times before he hit the main road.… Read More

A historical look at the Company – Clint Coles

CCUp to the late middle ages, business was pretty steady. One family owned a cow, another owned a goat, there was mutual jealousy and so they were swapped. In time, money was used to facilitate more complex exchanges.  All in all, relatively few people were involved and there wasn’t a huge need for capital.

Around the 1600s though, people started exploring the world. Trade followed exploration and trade was very profitable so naturally the great families of the era liked to keep it to themselves.

However, there were two essential problems:

  1. firstly, intercontinental explorers were thin on the ground and trade required the wealthy to give some bold upstart a great deal of money and send him to some remote corner of the world; and
  2. secondly, trade exploration required a lot of capital and given the risks, often more than one family was willing to contribute on their own, so there was a need for joint investment from unrelated parties.
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Insolvent Trading – Clint Coles

CCA company is its own legal entity. While it doesn’t have a pulse, just like a person, a company can enter into contracts, incur debts, sue and be sued in its own name.

The directors of a company however must be living, breathing people. They are the people that control the company.  Although the company is able to do things in its own name, it does so at the will of the directors.

Because a company is a separate entity from the directors that guide it, normally a company’s debts are repaid only from the company’s assets. The company’s creditors do not have access to the directors’ personal assets to repay the company’s debts.… Read More

Forge Group & General Electric – Pitfalls in the Financing and Leasing of Goods – Clint Coles

CCForge was a company in the business of building power stations and had contracted with the Western Australian government to build one at Port Hedland. Forge leased four turbine generators from General Electric and put them in the power station.

Shortly after the turbines were installed, Forge went broke and its liquidator took the generators to sell. General Electric, as the owner, appealed to the court.  Forge’s liquidator argued that the lease fell within the auspices of the Personal Property Securities Act (PPSA) which required such leases to be registered. As the lease was not registered, upon liquidation the PPSA provides that title to the leased goods passed to the liquidator.… Read More