It was like a game of Monopoly, with the bankrupt ‘passing Go’ several times and collecting money along the way. But luck eventually ran out for a four-time bankrupt who had obtained over $1.7 million in loans from an unsuspecting victim without disclosing to her that, at the time each loan was made, he was an undischarged bankrupt, contrary to section 269(1)(a) of the Bankruptcy Act 1966 (Cth).
A recent Supreme Court decision highlights just how important it is for contracting parties to carefully consider potential risks and ensure those risks are appropriately addressed in the contract (Ayers Rock SkyShip Pty Ltd v Voyages Indigenous Tourism Australia Pty Ltd  NSWSC 82).
A failure to do so could see your business going down like a lead balloon!
'Modern slavery' is a term usually used to cover a range of exploitative practices including slavery, human trafficking, forced labour, child labour, removal of organs and other slavery-like concepts.
In our globalised economy and interconnected world there is an increased risk that the operations and supply chains of Australian businesses may be contaminated by modern slavery. Further, the clandestine nature of slavery means obtaining reliable data is challenging.
Modern slavery is described in Australia as 'hidden in plain sight' across various industries and in the global supply chains of entities operating on Australian shores. Frighteningly, Australian businesses could be oblivious to risks of modern slavery in their business or supply chains.