Increased competition and consumer law penalties now take effect
The maximum penalties for contraventions of competition law prohibitions in the Competition and Consumer Act 2010 (Cth) and offence and civil penalty provisions in the Australian Consumer Law have now markedly increased following the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) having received the Royal Assent. Of particular note, the maximum penalty for […]
ReadmoreDate set for ‘unfair contract terms’ to be rendered unlawful: Time to act
Businesses now have less than 12 months to cease using unfair contract terms in their standard form consumer contracts and small business contracts, now that the Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) has received the Royal Assent. Whereas unfair contract terms can presently be rendered void and unenforceable, the use of unfair […]
ReadmoreThe crypto winter and custody – practical advice for shoring up custody arrangements
The digital assets world has been rocked by the liquidity run on FTX the week, the world’s second largest exchange, and the near buyout by Binance, the world’s largest exchange. While there are various reasons being put forward for the issues facing FTX, in a febrile environment part of the focus is on custody of […]
ReadmoreCartel Update: First criminal cartel jail sentence handed down by Federal Court of Australia
The Federal Court of Australia has affirmed its position that any cartel conduct, as prohibited by the Competition and Consumer Act 2010 (Cth) (CCA), will be treated extremely seriously by the Courts and that in addition to companies involved in such behaviour being prosecuted and fined, that the Courts have every intention to hold individual […]
ReadmoreProper construction – the meaning of “for” within the context of section 6(5) of the National Credit Code
In the matter of Australian Securities and Investments Commission v BHF Solutions Pty Ltd [2022] FCAFC 108, the Court considered whether one or more of the fees charged by the Second Respondent could be considered “a charge that is or may be made for providing the credit” within the meaning of s 6(5) of the […]
ReadmoreTransfers to defeat creditors – contextualisation is all important
The Full Federal Court, overturning Flick’s J decision at first instance ([2020] FCA 1759), found that the bankrupt’s main purpose in transferring their property was, in substance, not to prevent, hinder or delay this property becoming divisible amongst his creditors in breach of s 121(1) of the Bankruptcy Act 1966 (Cth). The Full Court outlined […]
ReadmoreCourt grants orders vesting interest in property that had previously been disclaimed
On 29 June 2022, the Federal Court of Australia made an order vesting an interest in a half share of land in Aaron Kevin Lucan in his capacity as trustee (the Trustee) of the bankrupt estate of Christopher Williams (the Bankrupt Estate). The Trustee was seeking an order pursuant to section 133(9) and/or section 30(1)(b) […]
ReadmoreThe who, what and when of director IDs
Time is fast running out for directors to apply for a director ID. In previous articles, we discussed the reasons for the introduction of the director ID regime (see here) and the application process in detail (see here). We have summarised the need-to-know information for existing directors who are in a rush to apply for […]
ReadmoreCorruption and Integrity Update – October 2022
This month’s Corruption and Integrity Update considers the progress made towards the National-Anti-Corruption Commission (NACC), including where money is being directed under the latest budget; the Royal Commission into Robodebt which has just commenced public hearings; recent Queensland Integrity Reforms; and a status update from the Queensland Auditor-General. National Anti-Corruption Commission (NACC) Joint Select Committee […]
ReadmoreMajor reform of NSW construction legislation on the horizon
The New South Wales Government has recently introduced three new bills and one accompanying regulation which aims to improve the standards and accountability of participants in the construction industry within the state. The bills, which are currently in the consultation phase until 25 November of this year, are the: Building Bill 2022; Building Compliance and […]
ReadmoreThe Privacy landscape is heating up – but will tougher penalties and an expanded reach have the desired effect?
After a number of significant and high-profile cyber incidents in the last few weeks, it was almost inevitable the Government would take steps to fast-track its privacy reform agenda by seeking to push through headline-grabbing changes to the Privacy Act 1988 (Cth) (Privacy Act). Following the Attorney’s General (AG)’s foreshadowing on 22 October, 2022, the […]
ReadmorePaid family and domestic violence leave for all school staff
From 1 February 2023 all school employees will be entitled to paid family and domestic violence leave as changes to the National Employment Standard come into operation. The entitlement to ten days paid leave replaces and improves on the existing entitlement in the NES to five days unpaid leave. The changes are intended to help […]
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