Credentials

 

Advising on application of electronic transactions legislation to introduce an electronic consumer loan and mortgage documentation process. This project was the first time a major Australian Bank had sought to introduce electronic documentation and execution for loan contract documentation. The project involved analysing the existing arrangements in conjunction with the legislative requirements and then reviewing and amending existing loan documents and the Bank’s policies and procedures to enable the Bank to issue loan contract documents and notifications electronically. The result of the successful implementation of this innovative and market leading function for the Bank required extensive project meetings with in-house legal teams and business and development managers and demonstrating the significant time and cost saving to the Bank. All advice, documentation and sign off was completed to enable the Bank to launch the project in accordance with its announcements and business plan.

 

Advising on numerous aspects of product development to assist with the transformation of the business from a provider of basic consumer rental products on minimum terms to providing customers with an expanded range of consumer rental options including, most importantly for the business, the option to buy a similar product to the product being rented (“Rent Try Buy™”). The benefit of this to Radio Rentals was that it increased the length of the standard consumer contract term and enabled customers who rented for a longer period of time to obtain a lower buyout price for the similar good at the end of the extended term.

We have over the past few years assisted an AAA rated financial institution in respect of its financing of one of Australia’s largest equine breeding operations.

We have recently acted in respect of global syndicated facilities provided to a listed entity in the health care sector.

We have been retained by the Australian subsidiary of a major international bank to prepare standard security documents for all business banking customers. This is effectively an outsourcing project with a trial period during which the protocols and standing instructions were formulated and confirmed. The project has since been extended and expanded.

Banking Advisory

 

We have drafted or settled precedents for a number of Australian subsidiaries of international banks.

 

We recently advised on converting a standard cash advance facility to a Sharia Law compliant facility.

We have recently assisted in a financial institution’s provision of financing in the vicinity of $200,000,000 to assist with the development and construction of a five star green rated commercial office building in Brisbane. In addition to preparing all of the financier’s loan and security documentation, we prepared and negotiated numerous “third party” agreements between the developer, the builder and the co-owners.

 

Over the last few years we have acted for either the lender or the borrower in respect of both firm and partner capital funding for Australia’s largest legal and accounting professional services firms.

Acted for a major creditor on the settlement of a multi-million dollar preference claim in a large agri-business liquidation. We found a solution which more than satisfied our client and actually returned more to other creditors than they would have received had the liquidator been completely successful after a full hearing.

 

We currently act for major clients and creditors of Opes Prime and Lift Capital and the provisional liquidators of Lehman Brothers Asia.

 

We advised on the refinancing of the Hedley Group of Companies. The support of the group’s bankers was secured with minimal disruption to the ongoing projects of the group.

 

Appeared for parties involved in the HIH Royal Commission, the Special Commission of Inquiry investigating the affairs of James Hardie and the ASIC investigation in to the affairs of the Fincorp Group, and have developed specialist expertise in insolvency in the insurance and financial services sectors.

 

We have been invited to participate in the process of reform of the law governing Personal Property Security.

 

Advising in relation to an $800 million telecommunications insolvency/fraud involving companies in Australia and the United States. As a result of our actions approximately US$400 million was obtained from various third parties.

 

Advising in relation to liquidation of three-listed property trusts involving 10,000 stakeholders. We were able to achieve a result which enabled the liquidator to terminate the property licences held by the stakeholders and convene meetings by video conference thereby saving the liquidator approximately $20 million.

 

Acted for the receivers and managers of the One Tel "Next Gen" Group investigating and settling substantial disputes regarding the potential assets of that Group with the liquidator of the One Tel Group.

 

Acted for a major Australian bank and receivers and managers appointed by it in realising the bank's security when the customer / mortgagor was subject to investigation and legal sanction by a government regulator. This involved, inter alia, extensive negotiations with the regulator and a successful appeal to the Administrative Decisions Tribunal. The matter was ultimately resolved successfully for our client by way of an assignment of the debt and all securities, and the retirement of the bank's receivers.

Advising a lender with significant exposure for unsecured debt as to strategies for re documenting loan arrangements, the cross collateralisation of securities and risks associated with such restructuring in the shadows of potential insolvency of the borrower.

We acted in relation to a claim of a systematic failure of an internal lending practice which allegedly allowed for fraud to be committed on customers, including the alleged forgery of mortgage documents. The claim was settled favourably and all realisation of assets proceeded with consent.