Take care: trust distribution resolutions taken seriously by High Court

In Fischer v Nemeske [2016] HCA 11, the High Court has ruled on a rather vague resolution by which a Trustee resolved to make distributions, never paid, to beneficiaries. The outcome of the case shows the importance of taking care with these resolutions. They may create debts that can be enforced later by the beneficiaries. […]

Deregulation: the abolition of Australian Company Numbers?

In an exposure draft of the Treasury Legislation Amendment (Spring Repeal Day) Bill 2015, the Government has proposed amendments to the Corporations Act and to tax legislation, to abolish the concept of the Australian Company Number (ACN) for new companies. Companies to be formed with ABNs instead of ACNs Instead, every newly-formed company must have […]

Oppression remedies for trading trusts

The Victorian Law Reform Commission recommends creation of an ‘oppression’ remedy for beneficiaries of trading trusts. Where a business is conducted through a trading trust, and the beneficiaries are subject to oppressive, unfairly prejudicial or unfairly discriminatory conduct, the reform would allow a court to make orders such as requiring the trustee to cease the […]