With the ongoing drought, many farmers are facing situations where their creditors are seeking resolution of issues involving farm debts. Under the Farm Mediation Act 1994, creditors and farmers are required to engage in mediation prior to any enforcement actions being taken under a farm mortgage. As your solicitor, we can help prepare and advise for the mediation and to consider options realistically. Farmers are also entitled to have their solicitor represent them at the mediation. Mediation is a structured negotiation process where a neutral and independent mediator assists the parties to communicate effectively with one another and reach an agreement on the issues.… Read More
The importance of having a legally drafted farm succession plan is paramount in these difficult times as forward planning becomes a crucial factor in the survival of rural farms and rural small businesses.
Under the NSW Government’s Farm Household Allowance, an Activity Supplement payment of up to $3,000.00, payable to both you and your partner ($6,000.00), can be used to obtain professional legal advice on succession planning that will help improve you and your family’s future business sustainability and secure your financial position.
In a study published in 2005, it was reported that over a quarter of Australian farms were being run by owners who are over 65 years of age, making succession planning an issue of dire importance.… Read More