A Singapore born lawyer practising in Perth for the last 30 years with an interest in social and ethnic justice.
Father of 2 boys aged 23 and 21 and a lovely wife who is a soul mate.
Buddha's words
My inspiration. We are what we think, All that we are arises from our thoughts, With our thoughts we make the world. Photo copyright Sean Duggan
The toughest part was the hunger and cold. I did not have a
chance to get a good meal before registering for the night.
Instead of lamb shanks like last year, I had a real soup and
roll.
The company was great and I managed to meet the WA
Governor Designate Malcolm Mccusker and his wife Tonya.
At 11 pm. Steve Farano and I decided we had to find a place to bunk down. We decided to bunk at the same place I slept in last year. It was more fun with company this time.
The night was cold but at least it did not rain. Steve and I got up at 630 am and went to have breakfast with the other CEOs before walking home.
I managed to stay No. 4 in the list of fundraisers. The
final amount raised by myself was $18,350 with a $2000 donation from a charity
organised by Andrew Forrest. He actually donated $2000 to each of the 107
participants. That means I was ranked No. 5 but I take my hat off to Andrew
Forrest for his generosity and his PR move.
I was quite close to my $20,000 mark that I set myself.
There was some disappointment that not all the participants
worked hard enough to raise funds. I was disappointed that Eric Ripper, the
State Leader of the opposition only raised $150 plus $2000 from Forrest. A few
other politicians were at the bottom rung of fund raisers.
Thanks to all of you for your generosity. Every dollar
donated was appreciated.
The total raised in Australia was $3.9 million of which WA
contributed $600,000.
You have all showed that WA cares.
For those who forgot to donate, you can still do so till the
next week.
I certainly will take part again next year and try to beat
my current record. Till next year, keep warm and sleep well.
Does anyone know what the temperature will be like on the 16 June 2011 in Perth?
I believe it will probably be at least 5 degrees. I hope it does not rain, as being cold is not as bad as being wet.
In my crazy golfing days, I have often been cold and wet while playing in the rain.
However, I know sleeping in the rain is not a pleasant matter.
As my readers are aware, I am sleeping out again as a homeless person to raise funds for St Vincent De Paul Society.
They do a lot of good deeds.
This is some information from their website. Last year WA CEO's raised– $474,185.
The funds were used in the following manner:
Establishment of an education and training fund to assist Passages
Resource Centre clients in gaining the necessary skills to obtain
employment
Allocation of funds for the acquisition of smart-riders for Passages Resource Centre clients
Rental of 3 properties within the Swan Region as short term
accommodation for homeless people including those at risk of becoming
homeless
Purchase of a townhouse in Mandurah to be used for short term
homeless accommodation in conjunction with the expansion of our Youth at
Risk and homeless services in the region.
Funding of a study into homeless services and gaps in the provision of these across the metropolitan area
Ongoing accommodation and support of homeless people and those at risk of becoming homeless
I have helped with some legal pro bono work in sorting out some of their land contracts.
However, my heart goes to helping them at whatever level I can as they help people who are most in need.
So far I have , through the generosity of my clients and friends, raised about $10,000. As I said, the target I have set myself is $20,000 this year. I am already half way there.
" Whatever the mind can perceive, it can achieve."
Think about how warm your heart will be on a cold 16 June 2011 when you know you have done your part for the homeless.
ANNIVERSARY OF TAN AND TAN'S OPERATION AT 6/78 TERRACE RD, EAST PERTH
On another note, I just realised that we have been operating at the Terrace Rd office for a year since the 5th June 2011. It has been a great year settling into the new office. The staff and clients all enjoy the location and the convenience of off street parking. We had a staff lunch on Friday to celebrate.
As we did last year, lunch was held at the park in front of the office. We were happy to share lunch with Brian Nugewela and Tony Aristei, 2 leading counsels in Perth. Alison was able to join us with Brian.
MORLEY OFFICE
Another announcement: I started operations at the Morley branch office on 3rd June 2011. The address is Unit 2/8A Progress St, Morley. I am sharing offices with JJD Accountants. Things are just starting in our collaboration to bring legal and accounting services to our clients. Will keep you updated.
Good night for now and remember to donate to my sleepout.
There has been lots of changes recently.
The staff has been restructured to increase productivity.
I am moving part of the practice to Morley together with an accounting firm. This is to allow me to market to the Vietnamese community as the accountant is Vietnamese.
I see a great potential with this alliance.
On the sports front, I recently won my first badminton trophy as a C division Mixed doubles player with my partner Jenny. The price of winning was a torn hamstring which I am still nursing. I think I have a a good chance to win a B division mixed doubles as long as my hamstring has healed.
On the personal front, I have celebrated my 16th wedding anniversary. It was a strange one. On the eve of the anniversary, my wife's handbag and purse was stolen from my house. This was because my mother in law ( she suffers from dementia) had left all the doors open while watering the garden.
The thief just walked in and took my wife's bag and wallet.
That resulted in me having to cancel all our credit cards. That becomes a problem when you have to pay for an anniversary dinner. Luckily I managed to get into a client's Korean restaurant for dinner.
Luckily the handbag was found and returned.
However, that still leaves us with the experience of having been burgled while we were at home. Not a good feeling.
Anyway, I will keep you updated re Morley.
Coming back to the issue of sleeping as a homeless person. I raised $7000 in a time frame of 4 weeks last year.
I am looking at raising at least $20,000 this year in my attempt to help the homeless.
This is a growing problem in Perth and other parts of Australia.
Well, let's count my blessings. I have a beautiful wife who loves and tolerates me.
She is my soul mate and I trust her expressly with my children, my business, my love etc etc etc.
I have 2 beautiful boys who keep me occupied in golf and badminton. So, I feel young while trying to keep up with them. At 13 and 15 next May, they are both trying out for the WA Under 19 years Badminton team. I have taken to training with them and pushing my 50 yr old body. I wonder what they both think of when they see their old man training next to them.
I have my mother in law living with me. She suffers from short term memory loss and thinks every day is the eve of the Chinese New year. What a blessing to be stuck in that time warp. She comes with a 17 year old dog that keeps me busy cleaning up after it.
I have a great business with great employees that I enjoy mentoring.
I have a great group of close friends that meet every week for badminton and gin rummy.
So life has been good. Recently I have been advising public company shareholders on board takeovers. It has been a great experience and I believe there is so much more public company work that will keep me occupied. Who knows, I might be invited to sit as a director in a board for a public company.
Where do I go from here?
I am looking at expanding Tan and Tan Lawyers. The new premises is getting a bit tight already. My business doctor Jeff Miles wants me to expand and get more office space.
I am looking at joining office space with an accountant. I love changes and creating opportunities. I love challenges. The prospective location is Morley. I will keep you updated.
Oh yes, what about my golf. It sucks and it shines. I can break 90 and just break 100 in the same week.
My son Jaz has been keeping me on my toes. He has been admitted to Royal Perth Golf Club while my favorite golfing mates, Henry, Frank and I continue playing at public courses.
On the eve of my birthday, I arrived home with my wife after buying roast duck for dinner which was to be enjoyed by the family.
When I walked through the garage door, I received a surprise birthday party with all my close friends. It was such a great surprise and I nearly had a heart attack.
Annie had done such a great job hiding the surprise from me. Dinner was enjoyed with all my close friends including Auntie Ee and Mrs Tay. The Jongs, Bitaos, Lees; Ongs, Buis and Janet were all great company and I thank them for spending their time to spend my birthday with me. That's what good friends are for.
The next day, I brought the family out for a dinner at Mosman Bay Restaurant. It was a great location and the food was great except that these damned noveau cuisine do not really fill your stomach.
Kids were talking about having soup once we got home. These are growing boys.
There is nothing better than having a family dinner. I have made it a rule that all dinners are shared at the dining table instead of occasionally sitting in front of the TV to have our dinner. That rule has proven a great rule as it allows me to catch up with the boys.
Annie being kissed by a 50 year old man
Family photo outside Mosman Bay Restaurant
Family with Popo
Tyz and Jaz, the 2 princes
The next day proved another surprise as the staff of my office threw me another surprise party. It's great to work with all of them. We have all gone through some tough times but many good times together. Their presents were all golf related. Is it not easy to shop for me?
The staff of Tan and Tan throwing a 50s party for their boss.
One of the presents the staff gave to me for Christmas last year was a voucher for a portrait sitting with Viva Photography. As a celebration of my 50th birthday, my wife organised for the portrait sitting. It was fun and the family totally enjoyed it.
Here are the photos.
I just wonder why I was never asked to pose solo???? It was my birthday after all but the photographer only wanted solo photos of the boys and my wife!!!! I felt like I was a prop or supporting cast.
Until I blog again, life is what you make of it. In the words of Forrest Gump, life is a box of chocolate.
Val, a lawyer from my office has been working hard with me to create a new website focusing on probate and estate planning matters.
Yes it is true, there is nothing more definite than tax and death.
Well, the reason for estate planning is to ensure your wealth is distributed according to your wishes and with minimal tax.
Have a look at www.affordablelaw.com.au
It is a website totally addressing estate planning matters.
Feel free to browse the site before making an appointment to see one of our lawyers to discuss your estate planning requirements.
We are now in the year of the Rabbit according to the Chinese Lunar Calendar. Was the year of the Tiger a good year?
That was the year Tan and Tan Lawyers moved to their new premises at Terrace Rd.
The move has seen Tan and Tan Lawyers improve on their quality of service. We were granted a Quality Assurance Practice Standard accreditation in the year of the Tiger.
Our new office premises are a dream to work from. We have river and park views. I enjoy nothing more than sitting outside the verandah and having a coffee.
So all in all the year of the Tiger was quite good.
The year of the Rabbit promises to be just as interesting. I was supposed to set up a branch office in the north. However I am advised by my feng shui master that this is the year to conserve energy and funds.
However my business doctor/mentor tells me I have to expand.
Such is the paradox.
Any way, here are some photos of the lion dances at the office to bring in the new year.
This year I have decided to focus on providing my legal service to public listed companies.
I now act as legal adviser to a public listed comnpany based in Perth.
Suffice to say that it has been an interesting experience.
On behalf of the current chairman who was the majority shareholder of the company, we managed to get control of the board.
The chairman has been inspirational in how he perceives business and legal issues. Suffice to say I believe I am a good lawyer but not much of a businessman. I supposed my legal training prevents me from taking business risks.
The chairman of this company looked at legal issues and business issues so differently from how I would tackle the issues.
It has been a really great experience delving into the mind of a great businessman.
What is a Guarantee? What happens if you
sign on that dotted line on behalf of your family or friends?
A guarantee is a contract whereby one person
agrees with another to pay some debt or perform some act or duty owed by a
third person. This third person remains however primarily liable for such
payment or performance and the person giving the guarantee will only become
liable on the default of the third party.
The parties to a guarantee contract are:
§The
Creditor: The person receiving the benefit of the guarantee is called the
creditor. This is usually the bank, finance company, supplier or lender.
§The
Principal Debtor: The person who is borrowing the money or obtaining the
benefit of the contract.
§The
Surety or Guarantor: The person who provides the guarantee is called the surety
or the guarantor.
In order for a contract of guarantee to be
enforceable, it must be in writing and signed by all the parties. For eg. If
you are providing a loan to a friend "A", it is not sufficient for
"B" the person who is going to guarantee the loan to say that he will
guarantee the loan. It must be in writing.
What are your liabilities when you sign a
contract of guarantee?
The extent and nature of the liabilities of a
surety or guarantor will depend on the words of the contract of guarantee. Some
guarantees are limited for a fixed amount. Some guarantees are for an unlimited
amount. Whatever is alleged as being guaranteed, the court will interpret the
contract of guarantee strictly and a surety will not be liable beyond the
precise terms of his or her commitment.
An example : A surety's guarantee to find a
replacement tenant for a shop at a specified rental and for a term of three
years was satisfied by the surety finding a person who was willing to become a
tenant on the prescribed terms. The surety is not held to guarantee the
solvency of the replacement tenant or the conduct or performance of the
replacement tenant.
Sometimes there may be two or more persons who
enter into a contract of guarantee. The liabilities of the sureties or
guarantors are in most cases joint and several. This means that when there is a
default by the principal debtor, the creditor is free to take action either
against one or both of the sureties.
An example : B, C & D guarantee to pay Z a
sum of $100,000 in case X cannot pay Z. X defaults. Z sues B only because B has
assets sufficient to meet the debt.
B cannot say that it is unfair and demand that Z
sue all the guarantors as they should be jointly liable.
However after B has paid the sum of $100,000 to
Z, B has the right to claim contributions from C & D in what ever
proportions they have agreed upon.
What are your rights as a guarantor?
After the guaranteed debt has become due but
before the surety or guarantor has been asked to pay for it, the surety or
guarantor may require the creditor to call upon the principal debtor to pay off
the debt.
At any time after the debt is due, the surety or
guarantor may apply to the creditor and pay him off. Upon being provided with
proper indemnity for costs, he may sue the principal debtor in the creditor's
name or in his own name if he has obtained an assignment of the guaranteed
debt.
As soon as the surety or guarantor has paid to
the creditor what is due to the creditor under the contract of guarantee, he is
entitled to "step into the shoes" of the creditor and avail himself
to all the rights possessed by the creditor in respect of the debt, default or
miscarriages to which the guarantee relates.
Thus upon payment, the surety or guarantor has a
right to the benefit of all the securities which the creditor has received from
the principal debtor.
For example: Where the guaranteed debt is secured
by a mortgage executed by the principal debtor, the surety or guarantor is, on
payment of the debt in full, entitled to a transfer of the mortgage.
The surety or guarantor has also rights, either
express or implied against the principal debtor or his estate for
indemnification. The right includes the ability to recoup the amount which the
surety or guarantor has actually paid for the principal debtor together with
interest. Should the surety or guarantor suffer damage beyond the principal and
interest which he is compelled to pay under the contract of guarantee, he is
also entitled to recover that damage as well.
Discharge of the Guarantee
Payment made by the principal debtor of the
guaranteed debt will normally discharge the surety or guarantor.
Before signing a contract of guarantee
It is of utmost importance that you understand
the legal consequences of acting as a guarantor. Before signing on the dotted
line, it is advisable to consult a lawyer so that he can explain to you your
rights and liabilities.
Common instances of the need to provide guarantee
(a) An incorporated proprietary limited company
seeking a business overdraft facility or loan. The Bank providing the overdraft
facility or loan will call upon the directors of the company to stand as
sureties or guarantors.
(b) An incorporated proprietary limited company
leasing office premises. The landlord will require the directors to stand as
guarantors for the due performance of the terms of the lease.
(c) When a family member wishes to buy a property
and has insufficient income. A person with an alternative source of income and
who has assets may be requested to stand as a guarantor.
What to Do
Very often, you may receive a request to stand as
a guarantor. The 1st thing to ask yourself is whether you really should do it.
The answer depends on assessing the risk involved and the person you are going
to guarantee. If in doubt, the best course is to decline to be a guarantor. In
the event that you cannot decline, then the next best thing is to try to limit
the guarantee. Whatever it is, you should seek legal advice. Tan and Tan
Lawyers will be pleased to advise you if the need arises.
Some Examples of clients we have helped
when we give guarantee advice
We are often asked by clients to provide a
certificate of independent advice as a requirement from the banks before they
will lend the borrower moneys. We are often surprised at how the brokers who
have arranged the loans never protected the borrower as much as possible.
For example:
You have your principal home which is valued at
$600,000 with a mortgage of $100,000 only. You then decide to buy an investment
property for $400,000 and wish to borrow $400,000 from the bank to buy the
investment property. You approach the broker and he smiles and says, yes , the
loan can be done. Just give the Bank a mortgage over the investment property
and your family home to get a loan of $400,000.
What the broker should do is to:
1.Ask the bank to let you
draw out a further loan of $80,000 from your home which only has a mortgage of
$100,000 currently. By getting a further loan of $80,000, you now have a loan
of $180,000 secured on your home.
2.You then use the $80,000
as a deposit for the purchase of the investment property. You tell the bank to
take a mortgage over the investment property ALONE. So you have an investment
property worth $400,000 with a mortgage of $320,000 or a 20% down payment for
the investment property.
3.Now what happens if you
default on the investment property loan as a result of not finding a tenant?
Well, the bank takes possession of the investment property if you default. As
the investment property is secured by a mortgage over ONLY the investment
property, they can only take the investment property away.
Compare this to where the broker has asked you to
give the bank your home and the investment property as security. The first
thing the banks will do if there is a default is to take your home. That is
because there is more equity in your home then the investment property.
This is especially crucial if for example you are a
parent and your child asks you to use your home as a security for them to buy
their 1st home. If you have
enough equity in your home, you should take a further loan on your home. You
then use the moneys to lend it to your child so that they can use the moneys as
a deposit for their 1st home.
To go even further, you then get your child to give
you a second mortgage over their 1st home. By doing that, you secure
your loan to them against creditors and also protect your loan against your
child’s spouse if there is a relationship breakup.
See how crucial it is to get good advice? Do feel
free to make an appointment with Raymond Tan of Tan and Tan Lawyers before you
sign that loan and guarantee document. Do it as soon as possible. It is often
difficult for us to assist if the loan documents have all been processed and
settlement is urgent.
To Cut A Long Story Short
We were asked by the son of a client to witness a guarantee to the bank for a
loan for the son to purchase a property. The banks usually require a solicitor
to provide independent legal advice before they will allow the loan to be
drawn. The son had failed to fully inform his father that as part of the
guarantee, the bank also wanted the father to include the father's property as
security.
Upon being fully informed as to the contents of the guarantee, the
father of course declined to stand as guarantor
Moral of the story: Make sure you know what you
are signing. Those fine prints between the lines are fine prints which need to
be carefully considered.
