Posted by Elizabeth Gore-Jones
on 12 September 2022
Recent changes to the Franchising Code of Conduct introduced penalties if Franchisors fail to disclose materially relevant facts within 14-days of their occurrence.
The new penalty regime means that a Franchisor who fails to comply with its obligations may be liable for a penalty being the greater of:
a. 10 million dollars;
b. 3x the value of the benefit the Franchisor obtained from the contravention;...
Posted by Elizabeth Gore-Jones
on 8 September 2022
The new Franchise Disclosure Register launches on 15 November 2022.
The Register is aimed at providing more easily accessible information for Franchisees.
We believe that one of the major benefits for Franchisees should be the ability for Franchisees to compare different Franchise systems within the same industry.
For instance, a franchisee may be considering a Franchise with Coffee shop XYZ; however, after researching the register may become aware of other Franchise offerings for coffee s...
Posted by Elizabeth Gore-Jones
on 1 September 2022
Franchisors need to know the following 7 things about the Franchise Disclosure Register:
1. You will find the register on the myGovID Website;
2. You must upload your information by no later than 14 November 2022;
3. You only have to include information on the Register marked with a * ;
4. We do not recommend including copies of your Key Facts Sheet, Disclosure Document and Franchising Agreement (unless compelling reasons to do so);
5. If you do include your documents you must ...
