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Defective Goods & Unfair Contracts
As we are approaching the peak season for consumer spending, the Australian Competition & Consumer Commission has recently been promoting awareness of your legal rights when dealing with retailers.
Today's article brings to your attention some of these public statements made by the ACCC which you need to keep in mind when making a purchase.
Moving Home: Same-day Settlements.
When you decide to move your home from your current address to a new premises, it's common to try and sell your existing home, and buy the new home at the same time - and to settle the 2 Contracts on the same day
You may have successfully bought and sold on the same day before - and if it all went smoothly, you'd think it's common-place and the normal thing to do.
By failing to consider his father’s estate planning, this man had to give $150,000 of his dead father’s assets to his ex-wife!
This is a summary of a Family Court decision made in July 2017!
This relationship lasted a little over 8 years. However the parties didn't take action to finalise a property settlement until 5 years after separation. It is likely their focus was on providing a stable environment for their child - as they continued to share parenting.
3 1/2 years after separation, the husband received a large inheritance from his father's estate.
When it comes to bankruptcy and superannuation, a lump sum death benefit payment from a regulated super fund to a bankrupt is protected, and that money will not be available to creditors. But what happens when the lump sum death benefit payment is paid to the estate, and the estate pays the money to the bankrupt?
Andrew Gapes was made a bankrupt on 17 January 2011. On 18 December 2013, his mother died. Andrew was an executor and beneficiary of his mother's Will.
The proceeds of the mother's superannuation fund were not paid directly to Andrew or his siblings, but rather were paid to her estate. On 12 March 2014, in accordance with the terms of her Will, the superannuation funds were distributed to Andrew and his siblings. Andrew directed that his share, being $87,900.33, be paid to his wife because he did not operate a bank account at that time.
The Trustee in Bankruptcy of Andrew's estate commenced legal proceedings against Andrew's wife on 14 November 2016 demanding the payment of the money.
The Court had to decide whether the death benefit which was firstly paid by the superannuation fund to the estate of a deceased, and then secondly was paid by the estate to the bankrupt person, was protected from creditors. The answer: NO. On 13 July 2017, the wife was ordered to repay the money!