Power to sell – Federal Court exercises discretion to allow company to realise trust assets
In Brooks, in the matter of Tease Hair & Spa Pty Ltd (in liquidation),[1] the Federal Court made orders in favour of the Liquidator, pursuant to section 90-15 of Schedule 2 to the Corporations Act 2001 (Cth) (Insolvency Practice Schedule (Corporations)) and section 47 of the Trustee Act 1989 (Tas) allowing the Liquidator to realise […]
ReadmoreShell company leads to successful unconscionable conduct claim for ‘wilful blindness’
The High Court has resolved to hold lenders responsible where they are wilfully blind to the position of a guarantor or take advantage of an individual’s lack of business acumen or financial resources. This extended to the use of independent legal and financial advice certificates (certificates) in relation to asset-based lending. The decision serves as […]
ReadmoreNew psychological health regulations for Victorian employers
The Occupational Health and Safety Amendment (Psychological Health) Regulations (Vic) (proposed Regulations) are expected to commence in mid-2022, subject to approval by the Minister, which is anticipated to occur shortly. Under Victorian OHS laws, an employer must, so far as is reasonably practicable, provide and maintain a working environment that is safe and without risks […]
ReadmoreA change in Government may put the brakes on Australia’s support of AI and ADM? Or perhaps not?
The recent change to Australia’s Government will likely see a raft of changes. Of particular interest is whether and to what extent the new Labor Government will embrace artificial intelligence (or AI) and automated decision making (or ADM). You will recall the release of the former Coalition government’s Digital Economy Strategy (Strategy) in Budget 2021-2022. […]
ReadmoreUnderstanding Big Brother ASIC: Exemptions from holding an AFS licence
Control of the present Organisations are facing continual changes to their regulatory requirements. So, understanding the change is essential to avoid costly fines, reputational damage, or even a loss of the right to operate. If you’re reading this article, you might be interested in whether you need to hold an Australian Financial Services Licence (AFSL) […]
ReadmoreProposed amendments to the Betting and Racing Regulation and the definition of an inducement
The Betting and Racing Regulation 2012 (NSW) (Betting and Racing Regulation) and Totalizator Regulation 2012 (NSW) will be repealed on 1 September 2022. In anticipation of the expiration of these regulations, Liquor and Gaming NSW (L&GNSW) have released the following draft regulations for consideration and feedback: Draft Betting and Racing Regulation 2022; and Draft Totalizator […]
ReadmoreReligious discrimination in employment in Victorian schools: The exceptions narrow
The purpose of changes to the Equal Opportunity Act 2010 (Vic) (the Act) from 14 June 2022, which apply to the employment practices of schools, are said to better balance the right to equality with the right to religious freedom, so that both can be appropriately recognised and enjoyed. The Act makes discrimination against the […]
ReadmoreUpdated guidance for corporate collective investment vehicles
On 23 June 2022, the Australian Securities and Investments Commission (ASIC) released a range of documents relevant to the commencement of the corporate collective investment vehicles (CCIVs) regime on 1 July 2022. The packet of material includes updates to key licensing guidance (Regulatory Guides 1, 2, and 3), general obligations under an Australian financial services […]
ReadmoreCorruption and Integrity Update | Updates from the CCC, and the release of the final report from the Coaldrake Review
This month’s edition of the Corruption and Integrity Update considers new corruption prevention resources released by the Crime and Corruption Commission (CCC); the CCC’s call for submissions on influencing practices in Queensland; and the CCC’s release of its investigation into allegations of disclosure of confidential information at the Integrity Commissioner. We also dive into the […]
ReadmoreConsidering Conflicts: Queensland Supreme Court rejects application to restrain liquidators’ choice of representation
This matter involved the former director and former accountant of CGS Constructions (QLD) Pty Ltd filing proceedings seeking an injunction to restrain the Liquidators from engaging Cornwalls Lawyers to act on the basis that: Cornwalls also acted for a substantial creditor, Union Share Pty Ltd; and the Liquidators, by engaging Cornwalls, had manifested a tendency […]
ReadmoreA cold winter for the A Team – Court freezes funds and assets
Between 31 May 2022 and 7 June 2022, ASIC obtained three freezing orders against the Mr Hopkins and his companies. In doing so, the Federal Court of Australia ordered: 1) the Defendants’ assets be frozen; 2) the disclosure of existing assets to the Court; 3) the appointment of a receiver over digital assets; and 4) […]
ReadmoreAnti-phoenixing laws demystified: The Victorian Supreme Court considers the creditor-defeating disposition regime
In Re Intellicomms Pty Ltd (in liq) [2022] VSC 228, it was determined that a sale agreement was a creditor-defeating disposition within the meaning of section 588FDB of the Corporations Act 2001 (Cth) (Act) and voidable pursuant to section 588FE(6B) of the Act. The Court held that, the consideration payable by the transaction was less […]
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