ASIC’s Enforcement Focus – Greenwashing, Predatory Lending & Misleading Insurance Pricing Promises
In a recent media release on 15 February 2023, the Australian Securities and Investment Commission (ASIC) has warned businesses that it will actively target greenwashing, predatory lending and misleading insurance pricing promises in the coming year. The warning follows ASIC’s release of its ‘Enforcement Priorities’ report.[1] ASIC intends to establish these yearly priorities as a […]
ReadmoreASIC commences its first greenwashing court proceeding
On 28 February 2023, the Australian Securities and Investment Commission (ASIC) released an announcement stating that it has launched its first proceeding in the Federal Court against Mercer Superannuation (Australia) Ltd (Mercer) for allegedly ‘making misleading statements regarding the sustainable nature of some of its superannuation investment options’. Greenwashing has become a growing concern, as […]
ReadmoreNational Integrity Spotlight – February 2023
The February edition of the National Integrity Spotlight considers updates to the Corruption Perceptions Index, the Privacy Act Review Report prepared by the Attorney-General’s Department, the ACNC National Fundraising Principles, the recent Senate Estimates, reform of the Administrative Appeals Tribunal and the Perth Mint saga. Corruption Perceptions Index Transparency International Australia (TIA) recently released its […]
ReadmoreRegulatory action for greenwashing is upon us
Last week, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings for alleged greenwashing against Mercer Superannuation (Australia) Limited (Mercer). This is in addition to ASIC having issued penalty notices to at least four companies for alleged greenwashing, since October 2022. Last year, ASIC identified investigating greenwashing and taking enforcement action where greenwashing […]
ReadmoreQueensland Corruption and Integrity Update – February 2023
This month’s Queensland Corruption and Integrity Update provides an overview of the recent Parliamentary Crime and Corruption Committee meetings and associated public reports, details findings of misconduct against a Toowoomba Regional Council Councillor, discusses the official corruption charges against Brisbane barrister Salvatore ‘Sam’ Di Carlo and highlights developments arising from the review of the Public […]
ReadmorePooling order for the win!
On 2 March 2023 the Supreme Court of Victoria published its reasons in the matter of Atlas Gaming Holdings Pty Ltd [2023] VSC 91 (the Atlas case) in which Gadens acted on behalf of the Liquidator of four companies seeking a pooling order pursuant to section 579E of the Corporations Act 2001 (Cth) (the Act). […]
ReadmoreReasonable notice claim costs employer
The recent case of Daigle v SCT Operations Pty Limited [2022] NSWDC 364 (Daigle) has highlighted the importance of ensuring that employees have an agreed, lawful period of notice of termination in their employment contract. In Daigle, a geotechnical engineer who had been employed for over 16 years was made redundant. Daigle’s contract did not […]
ReadmorePenalties for consumer law breaches on the rise: Federal Court finds Employsure penalty ‘manifestly inadequate’
The recent Employsure decision makes it very clear that penalties for breaches of the Australian Consumer Law (ACL), particularly where those breaches occur online, cannot be considered a ‘cost of doing business’ by companies assessing risks around particular conduct or the adequacy of their compliance program. The Full Federal Court, on an appeal brought by […]
ReadmoreIs it really chicken! VCAT says no, confirming Landlords are entitled to withhold consent to an assignment of lease
A recent VCAT decision, Southern Restaurants Pty Ltd v United Petroleum Pty Ltd [2022] VCAT 666, has confirmed that an objective test applies under Section 60(1)(a) of the Retail Leases Act 2003 (Vic) when landlords are looking to refuse consent to an assignment of a lease on the basis that an assignee proposes to use […]
ReadmoreNational Integrity Spotlight – January 2023
The inaugural National Integrity Spotlight highlights a number of key developments in the Federal integrity landscape in what is going to be a landmark year in this space. In this edition, we consider how organisations are preparing for the impending commencement of the National Anti-Corruption Commission (NACC) with reference to the Commonwealth Integrity Maturity Framework; […]
ReadmoreDoes the AFCA have jurisdiction to decide your financial dispute? Guidance from the decision in AgriWealth Capital Limited v Australian Financial Complaints Authority Limited [2022] FCA 1336
In a recent case concerning a complaint brought against a financial services business operating several registered forestry management investment schemes in New South Whales (the Complaint), the Federal Court of Australia considered an application that challenged the jurisdiction of the Australian Financial Complaints Authority Limited (AFCA) to decide the Complaint. Background Following the review of […]
ReadmoreFire in the house: Interest guaranteed despite extinguishment of debt under deed of company arrangement
The Victorian Court of Appeal has affirmed that whilst a company’s debts can be released to some extent under a DOCA, that section 444J of the Corporations Act 2001 (Cth) (Act) expressly provides for a creditor’s rights under a guarantee or indemnity. The Court found that the ultimate page of AOL’s trading account credit terms, […]
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