Notesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285
In Notesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285, the Supreme Court of NSW considered the validity of a Determination made by AFCA requiring Notesco Pty Ltd (Notesco) to pay compensation to an elderly resident of France who lost his life savings trading in CFDs (via a third party broker) on […]
ReadmoreSetting off on the wrong foot: creditors are now unable to rely on statutory set-off to defend an unfair preference claim by a liquidator
In a special question reserved for consideration, the Full Federal Court considered whether statutory set-off under s 553C(1) of the Corporations Act 2001 (Cth) (the Act) was available to defend against a liquidator’s claim to recover an unfair preference under s 588FA of the Act. The unanimous and somewhat emphatic answer to this question delivered […]
ReadmoreLiquidator granted approval to enter into funding agreements and confidentiality orders from the Federal Court
Thorn (liquidator), in the matter of South Townsville Developments Pty Ltd (in liq)[1] (Company) involved an ex parte application by a liquidator seeking approval under section 477(2B) of the Corporations Act 2001 (Cth) (Corporations Act) to enter into agreements to fund existing litigation and a request for the suppression and non-publication of certain details in […]
ReadmoreNSW Supreme Court provides guidance on the procedural requirements for disputes determined by AFCA
The case of Australian Capital Financial Management Pty Limited v Australian Financial Complaints Authority Limited (2021) NSWFC 1577 concerned an application made by Australian Capital Financial Management Pty Ltd seeking to have the Court set aside a previous determination made by AFCA. Background In 2014, Mr Bai, Ms Yang and Mr Lee established Australian Sheepskin […]
ReadmoreEquitable Assignment: The question is how the parties viewed the transaction not how the transaction was recorded
Business Finance Pty Ltd (receiver and manager appointed) v Partner Invest Pty Ltd (in liquidation) [2022] NSWSC 1 was a dispute between the external administrators of the plaintiff and defendant companies. Marcus Ayres was the appointed receiver and manager of Business Finance Pty Ltd (Business Finance) and Andrew Sallway was the liquidator of Partner Invest […]
ReadmoreQueensland’s Project Trust Account phased rollout delayed
Project Trust Accounts (PTAs) are currently required for eligible contracts for: State Government and Hospital and Health Services valued at $1 million or more (ex. GST); and since 1 January 2022, the requirement to have a PTA has been extended to the private sector and local government building contracts valued at $10 million or more […]
ReadmoreCorruption and Integrity Update – OIA functions and CCC powers subject to scrutiny
The past month has seen the spotlight turned on both the Office of the Independent Assessor (OIA), by way of Parliamentary Inquiry, and the Crime and Corruption Commission (CCC), by way of a Supreme Court challenge to its coercive powers. Inquiry into the functions of the Independent Assessor and the performance of those functions On […]
ReadmoreThe grass could be greener: The challenges facing sustainability linked loans in Australia
With greater focus on corporate social responsibility and achieving a more sustainable society as we emerge from the COVID-19 pandemic, the banking and finance industry in Australia has taken new strides in introducing sustainability linked loans to their commercial loan practice. We are at a particular tipping point in Australia, and the importance of finding […]
ReadmoreFMCG Express | March 2022 Edition
Welcome to the fifth edition of FMCG Express. Overseen by our new Editor, Partner Breanna Davies, Gadens’ team of contributors provide a snapshot of what’s in store for 2022. We are catching up on issues facing our clients and review potential legal developments in the FMCG space: from analysis of proposed changes to the unfair […]
ReadmoreThe digital frontier – staying ahead of the crypto curve
We are in an era that many are now describing as the ‘digital frontier’ – where visions of decentralised financial systems (DeFi) and decentralised autonomous organisations (DAOs) run abound with an endgame that intends to shake up the way traditional finance is offered to consumers. On 21 March 2022 the Treasury released its consultation paper […]
ReadmoreLiquidator loses game of Gulf: why the Supreme Court of Queensland refused to terminate the winding up of Gulf Aboriginal Development Company
In a recent case involving key stakeholders in the ‘Century Mine’ (Mine) – located in the lower Gulf of Carpentaria region in Northwest Queensland – the Supreme Court of Queensland considered an application brought by a liquidator and creditor for the termination of a winding up of pursuant to section 482(1) of the Corporations Act […]
ReadmoreIs it Just? Federal Court of Australia considers whether to reinstate a deregistered company and whether the deregistration itself prevented the proposed plaintiff from filing within the limitations period
In deciding whether to reinstate a deregistered company (and suspend a limitation period to allow the company to commence proceedings), the primary question for the court is whether it is just to do so. In the recent decision of the Federal Court in Price, in the matter of Advanced Polymer Recycling Pty Ltd v Australian […]
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