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Shares Capital, Fundraising and Insolvency

Employee Share Schemes

Introduction An employee share scheme (“Plan”) can cover either:the acquisition of shares by employees (“ESAP”)the granting of options (over shares) to employees (“ESOP”) in the company/group (ie:...

Company De-Registration

A company may apply to ASIC to be de-registered under the Corporations Act provided, at the time, it: is solvent is not carrying on business and/or...

De–Registered Company Assets

A company can be de-registered either voluntarily, by ASIC (eg, if fees unpaid, or there is no response to correspondence) or by the court. In the case of...

Convertible Loan

The WSJ loan facility has been fully drawn down to $500,000 at a current interest rate of 11.2%pa (The Bank Benchmark Business Lending Rate + 2%)...

Deceased Shareholder

We are guided in the procedures following the death of a shareholder by the Corporations Act and the Company’s Constitution. Under the Act: If shares are held...

Company Transfer

You have asked for my comments in relation to transfer of all of the shares in a company which is owned by 2 of our...

Closing Down a Company

For various reasons the shareholders or directors of a company may decide that the company is no longer required; perhaps its business is not viable, maybe...

Change to Holding Statements – Unlisted Company

I think it is quite possible that we can move to an uncertificated share register and issue Holding Statements in lieu of share certificates to recognise...

Cancellation of Shares

Simply put, a company is formed by investors applying for shares, so that its initial ‘balance sheet’ is an ‘asset’ of cash of $X and ‘shareholders...

Beneficial Ownership – Unlisted Companies

A shareholder may, for various reasons, hold shares for the benefit of another party. In such case the shareholder must, under Corporations Act Section1072H, advise the...

AML/CTF ACT

I refer to the recent advices from a stockbroker and comment on the Anti-Money Laundering & Counter-Terrorism Financing Act as requested in an attempt to clarify...

Annual Investment Income Report

The Australian Tax Office (“ATO”) requires that all investment bodies (which includes public companies and financial institutions) must report to the ATO annually in relation to...

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