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Finance |
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Insolvency |
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Recoveries |
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Recent Publications
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Date: 02 Sep 2010
The High Court has confirmed that the Queensland Court of Appeal got it right when it overturned the market disrupting decision in Re Octaviar Ltd [2009] QSC 37.
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Date: 29 Jul 2010
Feature articles and topical news around Insolvency
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Date: 30 Jun 2010
Broadly, the Act provides that the NCC does not apply in relation to a contract or other instrument that was made before commencement of the NCC. But, despite the foregoing, the NCC does apply to a carried over instrument (i.e. a contract that was in force and regulated by the old Credit Code immediately prior to commencement of the NCC) subject to the following.
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Date: 25 Jun 2010
Commonwealth Attorney-General, Robert McLelland, confirmed a number of the key reforms in Australia’s personal bankruptcy laws, in a media release today.
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Date: 24 Jun 2010
Corporations Amendment Regulations 2010 (No. 5) (Regulations) commenced on 22 June 2010. The Regulations, to take effect over a two year transitional period, introduce mandatory shorter and simpler PDSs for “simple managed investment schemes”, superannuation products and standard margin lending facilities.
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Date: 22 Jun 2010
In an extensive report recently made public, CAMAC has concluded that directors in Australia are well guided as to their duties by the current system but that further reviews should be conducted in light of potential changes currently being considered overseas.
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Date: 20 May 2010
ASIC has recently announced class order relief for certain offers of vanilla bonds. The reforms will make it easier for listed companies to make offers of bonds to retail investors by reducing disclosure requirements. The aim of this reform is to create a more active retail bond market in Australia.
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Date: 13 May 2010
On 7 May 2010, the Federal Government announced that a new tax regime would apply to qualifying Managed Investment Trusts (MITs) from 1 July 2011. The aims of the new regime are to remove investor uncertainty in the interaction of Australian trust law and tax law and to simplify the administration of the managed funds sector.
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Date: 29 Apr 2010
The Federal Court recently confirmed that a failure to carry out reasonable investigations constituted sufficient grounds pursuant to section 503 of the Corporations Act 2001 (Cth) (Act) to justify the removal of liquidators.
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Date: 29 Apr 2010
The Trades Practices Amendment (Australian Consumer Law) Act 2010 is the first in a two part series of reforms designed to implement a single, national consumer law framework, and covers two areas: unfair contract terms and enforcement powers.
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Date: 25 Mar 2010
Federal Magistrate Barnes recently heard an application by a bankrupt in Khan-v-John Melluish As trustee in Bankruptcy of the Bankrupt Estate of Nadeem Kahn [2010] FMCA 119 in which it was argued that the Trustee's decision to refuse the bankrupt permission to travel overseas was unjust and perverse. Despite the bankrupt's contentions, the Court upheld the Trustee's decision.
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Date: 12 Mar 2010
Justice Robert McDougall recently handed down his judgment in proceedings brought by Resource Equities Limited (REL) against two former directors. The judgement puts Directors on notice as in addition to imposing civil penalties under the Act, the courts can refer matters to ASIC and criminal proceedings may be considered.
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Date: 18 Feb 2010
This update comments on the final report by Sir David Walker on the result of his review of corporate governance in UK Banks and other financial industry entities was released in late 2009.
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Date: 17 Feb 2010
The Federal Government has released for public comment draft regulations requiring a short product disclosure statement (PDS).
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Date: 17 Dec 2009
On 7 December 2009 ASIC released updated policy and regulatory guidance to assist issuers and advisers of margin lending facilities comply with new licensing, conduct and disclosure requirements, following the passage of the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.
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Date: 24 Nov 2009
Breaking news and recently decided case law in the Financial Services sector
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Date: 18 Nov 2009
DibbsBarker has acted for QRxPharma Limited (ASX: QRX) in its underwritten institutional placement raising A$8.0 million which was significantly oversubscribed. The company also undertook a fully underwritten 1 for 5 renounceable rights issue to raise a further A$13.6 million. The combined placement and rights issue will raise A$21.6 million.
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Date: 17 Nov 2009
Breaking news and recently decided case law in the Financial Services sector
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Date: 13 Nov 2009
The first tranche of the Australian Consumer Law (ACL) which is currently proposed to come into operation on 1 January 2010 implements a national unfair contract terms law by amending the provisions of the Trade Practices Act and ASIC Act to introduce parallel provisions regulating consumer contracts.
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Date: 09 Nov 2009
Breaking news and recently decided case law in the Financial Services sector
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Date: 30 Oct 2009
Breaking news and recently decided case law in the Financial Services sector
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Date: 23 Oct 2009
What's New in Banking, Financial Services and Insolvency
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Date: 16 Oct 2009
What's New in Banking, Financial Services and Insolvency
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Date: 14 Oct 2009
Recent calls for reform of Australia’s insolvent trading laws have garnered judicial support, with Justice Robson of the Victorian Supreme Court strongly criticising the tough burden which is imposed upon company directors.
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Date: 08 Oct 2009
Breaking news and recently decided case law in the Banking and Finance
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Date: 30 Sep 2009
News in Banking, Financial Services and Insolvency
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Date: 29 Sep 2009
In this Update we discuss recent developments in the new margin lending laws contained in the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 (the Bill). Under the Bill, margin lending facilities will be financial products for the purposes of Chapter 7, with the result that providers of financial services relating to margin loans will be subject to the licensing, conduct and disclosure requirements in Chapter 7.
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Date: 24 Sep 2009
Breaking news and recently decided case law in the Banking and Finance sector
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Date: 18 Sep 2009
Today secured lenders can breathe a sigh of relief: the decision in Re Octaviar Ltd [2009] QSC 37 has this morning been overturned by the Queensland Court of Appeal. Readers may recall that in that controversial decision the Queensland Supreme Court held, in circumstances where the liability secured by a registered charge was determined by reference to "Transaction Documents", that a subsequent designation of a "Transaction Document" constituted a "variation" to the registered charge.
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Date: 02 Sep 2009
In this edition:
The “Variation Proof” Guarantee;
Credit Activities - National Consumer Credit Protection Legislation; and
In The Matter Of Opes Prime Stockbroking Limited [2009] FCA 813
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Date: 27 Aug 2009
Financiers for the Opes Prime group of companies are celebrating the recent vote for schemes of arrangement which will bring to an end a number of actual and threatened claims against them and receivers appointed by them. Controversially the proposed schemes compelled creditors to give releases to third parties.
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Date: 11 Aug 2009
The Financial Services team has produced a paper to provide an update on the current treatment of issues relating to the use of Deeds of Company Arrangement (DOCAs) under the external administration regime in Australia.
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Date: 11 Aug 2009
The new financial year brings with it the introduction of a revised form of consent to act as trustee. Much to the relief of bankruptcy trustees who have previously taken joint appointments two or more trustees can now consent to act jointly or jointly and severally
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Date: 05 Aug 2009
Breaking news and recently decided case law in the Banking and Finance sector
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Date: 29 Jul 2009
Breaking news and recently decided case law in the Banking and Finance sector
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Date: 28 Jul 2009
In this edition:
Civil Penalties under Consumer Credit Code;
Electronic Contracts; and
Proposed Bankruptcy Law Changes
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Date: 24 Jul 2009
Breaking news and recently decided case law in the Banking and Finance sector
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Date: 16 Jul 2009
Breaking news and recently decided case law in the Banking and Finance sector
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Date: 15 Jul 2009
Under the guise of amending and simplifying the arrangements for the assessment of duty on mortgages, the NSW Government has recently significantly broadened its mortgage duty tax base. It has done so by closing off many of the available avenues for minimising the amount of mortgage duty payable in respect of large secured lending transactions at a time when every other state in the Commonwealth has abolished this so called "nuisance" tax.
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Date: 07 Jul 2009
Breaking news and recently decided case law in the Banking and Finance sector
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Date: 03 Jul 2009
Individuals with assets exceeding their liabilities but with flow problems are at risk of bankruptcy.
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Date: 01 Jul 2009
Babcock & Brown Ltd (BBL) went into voluntary administration on 13 March 2009, with David Lombe and Simon Cathro appointed administrators. The first meeting of creditors was held on 25 March 2009, with the second meeting of creditors to be held no later than 17 April 2009. BBL was the parent company to some 1500 subsidiaries.
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Date: 01 Jul 2009
News in Financial Services
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Date: 29 Jun 2009
In the first of a series of articles on the new National Consumer Credit Protection Legislation, Sydney Partner, Peter Ryan, examines licensing under the Scheme which comes into effect on 1 November 2009.
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Date: 24 Jun 2009
Breaking news, topical reports and recently decided case law
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Date: 19 Jun 2009
Case Note: Gould v Companies Auditors and Liquidators Disciplinary Board [2009] FCA 475 (12 May 2009)
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Date: 11 Jun 2009
Breaking news, topical reports and recently decided case law in the Banking and Finance sector
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Date: 10 Jun 2009
In this issue:
Testing the International Waters: First Application of the Cross-Border Insolvency Act 2008 (Cth) in Hur v Samsun Logix Corporation;
Mortgagee’s duty to take reasonable care - the decision in Investec Bank (Australia) Limited v Glodale Pty Ltd and Ors [2009] VSCA 97; and
Australian Credit Licences - Licensing Under the National Consumer Credit Protection Legislation
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Date: 03 Jun 2009
Breaking news, topical reports and recently decided case law
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Date: 28 May 2009
Topical news and recent reports, legislation and case law
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Date: 20 May 2009
News in Banking, Financial Services & Insolvency
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Date: 13 May 2009
On 7 May 2009, the Government released an exposure draft of the Corporations Legislation Amendment (Financial Services Modernisation) Bill 2009 (the Bill). Under the Bill, margin lending facilities will be financial products for the purposes of Chapter 7, with the result that providers of financial services relating to margin loans will be subject to the licensing, conduct and disclosure requirements in Chapter 7.
Submissions on the Bill must be made by 29 May 2009. The Bill will be introduced into Parliament in June.
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Date: 13 May 2009
News in Banking, Financial Services and Insolvency
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Date: 12 May 2009
What's New in Business Law and Practice
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Date: 11 May 2009
In this edition:
Case Note: Skalkos -v- Nicols [2009] FCA 346 (Buchanan J on 15 April 2009),
Consumer Credit Code – When is a loan for a house not for personal, domestic or household purposes?
Fairness Test for Bank Fees?
Supreme Cout Gets Tough on Unfounded Defences to Possession Claims
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Date: 06 May 2009
News in Financial Services
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Date: 29 Apr 2009
News in Financial Services
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Date: 22 Apr 2009
News in Financial Services
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Date: 20 Apr 2009
This edition:
Held: Charge Void During Administration;
A Guarantor's Right of Subrogation: The Decision in Bofinger v Kingsway Group Ltd;
Intellectual Property & Technology: Maximize Value, Minimize Risk, in Good Times & Bad;
Hall-v-Poolman; and
Legislative Amendments in NSW to Impact on Mortgagees
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Date: 15 Apr 2009
News in Financial Services
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Date: 09 Apr 2009
New South Wales Has Most of the Insolvency Action, But…
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Date: 08 Apr 2009
News in Financial Services
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Date: 01 Apr 2009
ASIC obtains orders for the winding up of Storm Financial
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Date: 30 Mar 2009
What’s News - Banking, Financial Services, Insolvency
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Date: 26 Mar 2009
Margin Lending and the Corporations Act
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Date: 23 Mar 2009
What’s News - Banking, Financial Services, Insolvency
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Date: 17 Mar 2009
This edition looks at CAMAC’s Report on Sons of Gwalia, Final Report on the Review of the Code of Banking Practice, Unfair Contract Terms, Is a controller or trustee in bankruptcy liable for GST, Counterfeit Certificates of Title and Mortgage Fraud
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Date: 17 Mar 2009
Week Ending 13 March 2009
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Date: 16 Mar 2009
“Ruddbank” bills introduced into Federal Parliament
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Date: 10 Mar 2009
What’s News - Banking, Financial Services, Insolvency
Week ending 6 March 2009
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Date: 05 Mar 2009
This week's update includes relevant news, articles, reports, practice notes and legislation within the Banking and Finance sector.
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Date: 16 Feb 2009
This Summer Edition includes the following:
Update on Short Selling Ban and Legislation,
Case Note - Commissioner of Taxation v Bruton Holdings Pty Ltd (in liq) [2008] FCAFC 18, Recent Decisions Regarding Fraud and “all moneys” Mortgages, Stern Warning on Recovery of Indemnity Costs
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Date: 23 Dec 2008
This December Update includes the following:
1) Further AML/CTF Obligations
2) CAMAC Report into External Administration
3) Service by Facebook
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Date: 16 Dec 2008
In Bell Group Limited (in Liquidation) v Westpac Banking Corporation & ors [2008] WASC 239, Owen J in a landmark decision has considered the obligations of Directors and Financiers when a company is either insolvent or likely to be insolvent and the steps the Directors and Financiers should take to allow the group of Companies to continue trading. In particular, he examines the specific fiduciary duties imposed on Directors in these circumstances and the potential consequences which flow to a financier.
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Date: 10 Dec 2008
On 3 December 2008, the Property Law (Mortgagor Protection) Amendment Act 2008 (Qld) (“the Act”) was passed by the Queensland Parliament. The Bill was urgently rushed into Parliament and approved on 3 December. It received Royal Assent on 4 December.
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Date: 05 Dec 2008
On 28 October 2008, the Minister for Public Works, Housing and Information and Communication Technology introduced the Residential Tenancies and Rooming Accommodation Bill 2008 (“the Bill”).
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Date: 05 Dec 2008
The Residential Tenancies and Rooming Accommodation Bill 2008 (Qld) was passed by the Queensland Parliament on 2 December 2008 (without amendment to the provisions in relation to mortgagee recoveries).
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Date: 04 Dec 2008
The Residential Tenancies and Rooming Accommodation Bill 2008 (Qld)
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Date: 02 Dec 2008
This month's update includes a number of articles that discuss various recent developments within the finance industry.
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Date: 19 Nov 2008
A revised draft of the Personal Property Securities (PPS) Bill has been released for comment.
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Date: 31 Oct 2008
This month's update includes a number of articles that discuss various recent developments within the finance industry.
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Date: 03 Oct 2008
Yesterday COAG agreed on the recommendations of the Productivity Commission to a new consumer policy framework comprising a single national consumer law based on the Trade Practices Act.
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Date: 12 Sep 2008
In this edition we look at:
Application of Uniform Consumer Credit Code (UCCC) - Substance of the Transaction, not
Treatment by the Lender.
Who Gets the Money - DOCA Creditors or All Creditors in a Subsequent Liquidation?
Consumer Credit (Queensland) Special Provisions Regulation 2008.
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Date: 03 Sep 2008
This article highlights the issue that the mutual recognition arrangement provides a framework for permitting US and eligible Australian stock exchanges and broker-dealers to operate in both jurisdictions, without the need for separate regulation in both countries.
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Date: 07 Aug 2008
This month's update includes a number of articles that discusses various recent developments in within the finance industry.
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Date: 01 Aug 2008
On 27 July 2008, the Assistant Treasurer released, for consultation, draft changes to the tax rules concerning trading trusts, contained in Division 6C of the Income Tax Assessment Act 1936. The purpose of these changes is to reduce compliance costs for Australian managed funds and increase certainty as to when Division 6C applies.
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Date: 25 Jun 2008
In June 2008, Treasury and ASIC issued a joint consultation paperthat explores possible policy approaches to improve the recognition of foreign regulation of financial markets and financial products and services to deliver economic benefits to Australian.
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Date: 19 Jun 2008
On 29 March 2008, Prime Minister Kevin Rudd and US Securities Exchange Commission (SEC) Chairman Christopher Cox announced that the SEC, ASIC and the Australian Treasury Department were formally discussing the possibility of a mutual recognition arrangement for the two nations' securities markets.
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Date: 05 Jun 2008
Our new look Finance & Markets Update looks at news across all areas of the financial services industry. In this edition we look at mortgagees' rights and obligations, issues in asset based lending, the Fairness Test for bank fees, we look at Federal Budget tax reductions and lastly recent ASIC policy changes.
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Date: 16 Apr 2008
Rising repossessions – an update on mortgagees duties when exercising the power of sale
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Date: 07 Mar 2008
This month's Banking and Finance Update outlines the following:
1. the procedures for dealing with caveats when seeking a mortgagee sale and injuncting the LPI; and
2. updates to the new possession list practice note.
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Date: 06 Feb 2008
This month's update reviews the new regulations put in place to rectify the regulatory gap affecting issuers of interests in managed investment schemes.
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Date: 31 Jan 2008
This month's 'Back in Black' highlights the importance of dealing with legal advice in a careful manner.
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Date: 22 Jan 2008
Information contained in SoAs is being made clearer and more concise. Client's are likely to benefit from these developments.
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Date: 11 Jan 2008
Amendments to the UCCC's policy in concern to bill facilities
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Date: 10 Jan 2008
This months update reviews the ASIC release of the final regulatory guide on compensation and insurance arrangements for AFS licensees
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Date: 01 Nov 2007
This month's Banking & Finance update reviews how the recent decision handed down by the High Court will have significant ramifications for incoming mortgagees. Additionally, this month’s newsletter outlines the important upcoming amendments to the Consumer Credit Code.
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Date: 05 Oct 2007
This month's update looks at mortgage fraud and indefeasibility of title. In addition we look at changes to the State Revenue and Other Legislation Amendment (Budget) Bill 2007 and who the main beneficies are.
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Date: 03 Oct 2007
This month's financial services reform update looks at how the Corporations Amendment Regulations 2007 (No. 10), which commenced on 25 August 2007, will facilitate shorter and simpler disclosure documents. This outcome is achieved because issuers of product disclosure statements and statements of advice are now able to 'incorporate information by reference’
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Date: 06 Sep 2007
This article focuses on how ASIC's power to issue Civil Penalty proceedings has been described as 'punitive' but questions why it does not have any duty of prosecutorial fairness.
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Date: 15 Aug 2007
This month's update focuses on the new compensation and professional indemnity (PI) insurance requirements
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Date: 13 Aug 2007
In response to increasing community concern about the growth in unsolicited telemarketing calls (from both within and outside of Australia), a national Do Not Call Register (“DNCR”) has been established under the Do Not Call Register Act 2006 allowing individuals to register their home and mobile numbers.
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Date: 29 Jun 2007
This month's update looks at the new Simpler Regulatory System Bill which was introduced into parliament on 24 May 2007. In addition we look at a number of issues and decisions relating to the Australian Securities and Investment Commission.
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Date: 31 May 2007
This month's update looks at the federal governments new proposal that Australia have a single national register for personal property. In addition the update provides a further warning against asset based lending.
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Date: 16 Apr 2007
On 26 March 2007, the Federal Government released the first round of draft regulations for public consultation, to implement reform proposals under the Corporate and Financial Services Regulation Review.
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Date: 05 Apr 2007
This month's Banking & Finance Update looks at Retention of Title clauses, and we also look at the case of Hurworth Nominees Pty Limited v ANZ Banking Group.
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Date: 02 Apr 2007
An entity that provides a designated service pursuant to Section 6 of the Anti Money Laundering and Counter Terrorism Financing Act 2006 (Cth) (“Act”) is a reporting entity that is subject to the obligations under the Act.
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Date: 26 Mar 2007
On 16 November 2006, the Federal Government issued a proposals paper for consultation relating to some of the proposed amendments to the Corporations Act to be implemented by the Simpler Regulatory System Bill. The aim of the Bill is to reduce the regulatory burden in the corporate and financial services sectors.
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Date: 28 Feb 2007
This month's update looks at a case involving the distinction between shareholders and creditors. In addition, the update looks at how receivers could face new liability due to a decision by the Industrial Relations Commission of NSW.
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Date: 12 Feb 2007
This month's update looks at the uncertainty in the law relating to legal professional privilege, and whether this can be claimed in a statutory investigation.
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Recent Finance & Markets Updates:
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Factsheets
Funds Management:
Debt Recovery:
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