A new National Business Names Registrations System is expected to commence on 28 May 2012.
Under this new system, ASIC will administer the registration of business names, which is currently a function of the Departments of Justice in the States and Territories.
If your business operates in more than one State or Territory, you will have the advantage of having to register your business name only once.
ASIC expects to commence operating a new Business Names register from 28 May 2012 which will allow for the national registration of Business Names rather than the current State-by-State system.
Once implemented all new business names will be handled by ASIC and existing State-based registrations will automatically be transferred into the new system. There is likely to be some duplication and clients are advised to check the ASIC register after 1 June.
Just a reminder that the Personal Property Securities Register is now active for the purpose of registering details of security interests in personal property. The website is www.ppsr.gov.au.
For the purpose of making use of the Registrar it is important to:-
We are currently acting to defend a client who is being sued by notorious share market raider David Tweed through his company Direct Share Purchasing Corporation.
Mr Tweed’s modus operandii is to require company’s to provide a list of their share registry, which under present laws they are required to provide. He then mails out low-ball offers to purchase shareholders’ shares or units at around 50% of their market value. Usually a fraction of the offerees will accept and Mr Tweed will make an immediate 50% profit by his acquisition.
The recent Federal Budget contains a number of new initiatives designed at clamping down on ‘phoenix activity’ while also giving the Australian Taxation Office extra powers to deal with employers’ failure to pay superannuation via an expansion of Director Penalty Notices (DPN). These changes are expected to be passed as part of the budget and will come into effect on 1 July 2011.
The Associations Incorporation Act 1981 (Vic) governs the incorporation of not-for-profit clubs and societies. Every association incorporated under that Act must have Rules, and the Act provides a list of matters for which rules must cover. The Act also provides that an association or club may simply adopt the Model Rules prescribed in the regulations.
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