Gadens Regulatory Recap – 19 March 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, AFCA, the OAIC, and the ATO including various enforcement actions taken by the regulators. ASIC ASIC calls on insurers to improve claims handling practices: On 6 March 2024, ASIC issued a letter reminding general insurers of their obligations regarding insurance claims […]
ReadmoreSupreme Court of Victoria – Commercial Court Practice Note (Second Revision)
A new practice note has been issued by the Commercial Court of the Supreme Court of Victoria. The Commercial Court Practice Note (Second Revision) (Practice Note) supersedes its predecessor, becoming effective as of 26 February 2024, and applies to all current and future proceedings in the Commercial Court. This note captures key changes arising from […]
ReadmoreBuy Now Pay Later: the shape of the new regulatory regime
Treasury has released the much anticipated draft legislation for the regulation of Buy Now Pay Later (BNPL) products and confirmed that BNPL providers should prepare to obtain a new or modified Australian Credit Licence and work through the impact of being regulated as credit providers on their businesses. Anti-avoidance protections promise to ensure there is […]
ReadmoreCorruption and Integrity Update – February 2024
In this edition of the Corruption and Integrity Update we consider the proposed legislative amendments relating to the operation of the Crime and Corruption Commission (CCC), including the Crime and Corruption Amendment Bill 2023 and the Crime and Corruption and Other Legislation Amendment Bill 2024, as well as the establishment of an independent review of […]
ReadmoreThe QIRC rejects employee’s bid to return to work despite favourable medical assessments
The Queensland Industrial Relations Commission (QIRC) has rejected an employee’s claim that he was unlawfully discriminated against after his employer refused his request to return to work following a non-work related injury. The employee underwent multiple medical assessments which concluded he was able to resume normal duties, which the employer, for safety-related reasons, chose to […]
ReadmoreHutchinson Builders v ACCC: Full Court finds termination of subcontract did not contravene “boycotting” laws; clears Hutchies of wrongdoing
Hutchinson Builders (Hutchies) is Australia’s largest privately owned construction company. Throughout its 110+ year history it has delivered countless significant projects across Australia. One such project, which was the subject of the Full Court’s decision in J Hutchinson Pty Ltd v ACCC, was a construction project located in South Brisbane known as the “Southpoint Project”. […]
ReadmoreNew South Wales Supreme Court rejects bid to advance small business restructuring
In a proceeding brought by Mr Curran, in his capacity as the trustee for June Ellen Investment Trust (Plaintiff), to wind up Fitzgerald Housing Limited (formerly known as Kay Fitzgerald Housing Charity Limited) (Defendant), the New South Wales Supreme Court considered whether it was necessary to adjourn the winding up proceeding to allow the Defendant […]
ReadmoreNational Integrity Spotlight – February 2024
In this month’s edition of the National Integrity Spotlight, we consider the most recent updates from the NACC, developments from various state corruption and integrity bodies, a new OAIC investigation, and recent notable updates from the AFP. NACC Update Referral and Assessment Update The National Anti-Corruption Commission (NACC) continues to provide regular updates on the […]
ReadmoreCall in the experts: Bankrupt’s attempts to sell charged assets through CommSec rejected by the Federal Court in favour of liquidator appointment
Bankruptcy litigation can stem well beyond the primary bankruptcy proceedings. Continued litigation may be born out of disputes between bankrupts, bankruptcy trustees and other interested parties in respect of methods of asset liquidation. Consequently, the Court will often appoint a qualified person such as a liquidator to ensure bankrupt estate assets obtain their value when […]
ReadmoreOrmos v Ormos – Oral agreements and when to “trust” your family
In 2017, a de facto couple were seeking to purchase a family home and enlisted the help of the defendant (the first plaintiff’s father), to purchase the property with loaned monies in his name, due to his higher borrowing capacity. In exchange, the plaintiffs paid the defendant’s personal debts and were assured that all proper-acquisition […]
ReadmoreFalse and Misleading Statements – Potential to attract criminal and civil penalties
On 19 January 2024, in Walker v Members Equity Pty Ltd (formerly Members Equity Bank Ltd) (ME) [2024] FCA 15, the Court imposed sentences against ME for false and misleading representations and failing to provide written notices. In the first criminal prosecution of its kind, ME was fined $820,000. The Court recognised a requirement to […]
ReadmoreGadens Regulatory Recap – 5 March 2024
This edition of the Gadens Regulatory Recap highlights recent developments from ASIC, APRA, ACCC, the OAIC, and the ATO including various enforcement actions taken by the regulators. ASIC ASIC calls on industry to better respond to underperformance in choice superannuation investment portfolios: On 21 February 2024, ASIC released a report investigating how financial advisers, superannuation […]
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