Joint and several liability: effect of compromising the debt against one debtor
If a lender agrees to compromise its debt with one debtor who is jointly and severally liable for the debt with another debtor, does this compromise the whole debt? Not if the compromise is appropriately documented. What is joint and several liability? Joint and several liability is where each debtor to a common debt […]
ReadmoreVacant Property Tax in Victoria
From 1 January 2018 a vacant residential property tax will be introduced in Victoria. The purpose of the tax is to discourage owners having properties vacant for a cumulative period longer than 6 months within a calendar year. The tax is limited geographically to properties located in the following Councils as highlighted in orange below: […]
ReadmorePossession Proceedings Against Deceased Estates in Victoria
Where a registered proprietor of real property is deceased, in Victoria court proceedings may be commenced against the personal representative of the estate. The personal representative is identified by the grant of probate or letters of administration. In some cases an estate does not have a personal representative appointed. This can be due to the […]
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