Gadens Connect | 2020 Edition Four
This edition of Gadens Connect provides the first update from the new financial year for our clients in the financial services industry. COVID-19 has continued to impact business across Australia and we are continually working to support our clients where needed. We have seen our clients undertaking resumption activities with customers and preparing to deal […]
ReadmoreSimplifying access to credit – a win for lenders!
As Australia continues to recover from the COVID-19 pandemic, the Morrison Government announced proposed changes to access credit. The proposed changes, outlined in the article below, seek to simplify the system between consumers and lenders, making access to credit easier for consumers and small businesses. Read the full article below. Our Banking & Finance team […]
ReadmoreConflicted remuneration – mortgage brokers’ tricky year ahead
The Federal Treasury has released the long-awaited regulations which will govern mortgage broker remuneration from 1 January 2021, the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers) (Mortgage Brokers) Regulations 2020 (Regulations). It follows the release of the draft regulations and explanatory statement in August 2019. The Financial Sector Reform (Hayne Royal Commission Response – […]
ReadmoreSenate Select Committee on Fintech and Regulatory Tech publishes interim report
The need for permanent corporate law reforms for virtual company meetings and electronic communications and signatures by companies – Senate Select Committee inquiry on Financial Technology and Regulatory Technology interim report and recommendations. In September 2020, the Senate Select Committee inquiry on Financial Technology and Regulatory Technology (Committee) released its interim report. The preliminary recommendations […]
ReadmoreThe Singapore Convention Has Now Entered Into Force
Purpose One of the major roadblocks for parties contemplating mediation of cross-border commercial disputes has been the uncertainty, cost and/or delay in enforcing a breach of a term of mediated settlement agreement. This has often resulted in parties to a commercial cross-border dispute resorting to court/curial focused litigation or indeed foreign arbitral proceedings which are […]
ReadmoreCOVID-19 | Emergency Amendments to Insolvency Laws: What’s next?
In March, we reported that, as part of a suite of legislative and economic responses to COVID-19 the Commonwealth Government had announced a range of temporary amendments to certain insolvency laws. The amendments were aimed at temporarily amending insolvency laws, affecting in turn corporate governance, and directors’ duties. The purpose of the amendments was to […]
ReadmoreCOVID-19 | Victoria extends rental eviction moratorium
Rental Eviction Moratorium Extended – 31 December 2020 In response to the second COVID-19 wave in Victoria, the Victorian Government announced on 20 August 2020 that the rental eviction moratorium under the COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (Covid-19 Act) would be extended until 31 December 2020. The moratorium protects both residential and commercial tenants suffering financial distress […]
ReadmoreWorth the paper they are written on – the importance of independent advice certificates in financing transactions
Socrates famously said “to find yourself, think for yourself.” The Victorian Court of Appeal recently disagreed and reasserted the ability of lenders to rely on independent legal and financial advice certificates without making further inquiries of their own. Jams 2 Pty Ltd v Stubbings [2020] VSCA 200 involved “asset-based lending”, lending on the value of […]
ReadmoreCOVID-19 | ASIC publishes expectations of retail lenders when loan repayment deferrals end
On 13 August 2020, the Australian Securities and Investments Commission (ASIC) issued letters to lenders, notifying them of ASIC’s expectations once the mortgage deferral period expires next month. Lenders had offered the six month mortgage repayment deferral period to their customers, in response to the COVID-19 pandemic, which debt is estimated to be worth billions […]
ReadmoreHow ASIC’s new product intervention power may be used in the future – looking overseas for clues
In this briefing, we provide an overview of the Australian PIP regime, compare it to overseas regimes and list some of the products which have been banned in Australia and under comparable regimes overseas. This briefing offers an insight into the types of products that ASIC may intervene on in the next few years. Download […]
ReadmoreChanges to exemptions to the Electronic Transactions Act 1999 (Cth) yield mixed bag for banking industry
On 29 July 2020, the Commonwealth Government passed the Electronic Transactions Regulations 2020 (Cth) (Regulations), with changes to the scope of Commonwealth legislation that were wholly or partially exempt from the provisions of the Electronic Transactions Act 1999 (Cth) (Act) (Electronic Transactions Act). Exemption from the Act previously had the effect that requirements for writing, […]
ReadmoreChanges to Mortgagee Power of Sale process in Queensland: is a vesting order still needed when a property is disclaimed by a Trustee in Bankruptcy or Liquidator?
Gadens has had involvement in numerous matters where land, the subject of a registered mortgage, is disclaimed by a Trustee in Bankruptcy or Liquidator. Recent changes to the Property Law Act 1974 (Qld) (Act) have simplified the process for mortgagees exercising power of sale and do away with the need for a Court order. Previously, […]
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