Financial Services Royal Commission – where to after the federal election
Prior to the federal election held on 18 May 2019, there was frenetic discussion and debate over the 76 recommendations made by Commissioner Hayne AC QC in his final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Service Industry. Both major political parties promised reform, however, the extent of industry […]
ReadmoreWhen will a court impose a trust relationship in commercial agreements such as franchises?
In Re Stay in Bed Milk & Bread Pty Ltd (In Liquidation) ACN 115 166 982 [2019] VSC 181, the Court considered whether monies paid into a marketing fund by franchisees gave rise to a trust relationship. Background and the parties’ arguments Stay in Bed Milk & Bread Pty Ltd (the Company) was the franchisor of the […]
ReadmoreeDiscovery and eTrials in the Supreme Court of Queensland
Litigation can be costly. In particular, the discovery stage can form one of the most expensive phases of the litigation process. The Court and practitioners alike are increasingly turning to technological solutions to reduce the time and cost of the discovery process. Taking into account such factors, Gadens were recently involved in a proceeding in […]
ReadmoreSeven Year Hitch – PPSR turns 7 years old
On 30 January 2012 the “Personal Property Securities Register” (PPSR) commenced operations. The PPSR is an electronic register of security interests which was established under section 147 of the Personal Property Securities Act 2009 (Cth) (PPSA). This commencement date of 30 January 2012 means that on 30 January 2019 the PPSR turned seven years old. […]
ReadmoreBanks to take extra care with vulnerable customers
The new Banking Code of Practice, which commences on 1 July 2019, requires member banks to train their staff to take extra care with vulnerable customers, by acting with sensitivity, respect and compassion.
ReadmoreNot registering on the PPSR against an ACN CAN cause headaches
Yoni Baker, Lawyer, Melbourne In the recent case of IBM Global Financing Australia v Applied Business Technology Pty Ltd [2018] NSWSC 1984, corrupted internal procedures led to a number of registration errors on the Personal Property Securities Register (PPSR). Whilst relief was ultimately granted, the case is useful for highlighting the extensive time, effort and […]
ReadmoreCommon PPS Registration errors – what to do about them
The most common way for secured parties to perfect their security interests in personal property is by registration on the Personal Properties Securities Register. Download our process guide for details: Authored by: James Roland, Partner Clementine Woodhouse, Associate
ReadmorePPSR Registrations – the importance of getting it right
With the commencement of the Personal Property Securities Act 2009 (Cth) (PPSA) now more than seven years behind us, the importance of registering your security interests and getting the registrations right has become very apparent. A number of cases over these years demonstrate the cost of not having appropriate procedures in place for making registrations […]
ReadmoreEstablishing a payment default – minimum requirements for evidentiary certificates
Financiers take note. Proving a payment default may not be as straightforward as one would have you believe. The recent case of RHG Mortgage Corporation Ltd v Summerfield [2019] NSWCA 44 provides some helpful guidance on the minimum requirements for evidentiary certificates in establishing a payment default under a loan agreement. The facts The […]
ReadmoreCommunication and Transparency is Key
If you are a mortgagee, or acting for one, it is likely you will encounter a situation where the mortgagee is entitled to possession of, and to sell, a rented premises under a mortgage which was entered into before the tenancy agreement. If you find yourself in this scenario you must first issue a notice […]
ReadmoreGadens: PEXA leader among Australian law firms
The Gadens Brisbane Banking and Finance Group is a well-established team with significant experience in PEXA and the electronic conveyancing network. Gadens, with its already proven banking track record, has added a further string to their bow by becoming one of the leading transacting law practices on PEXA in Queensland with over 18,630 completed PEXA transactions, including over […]
ReadmoreIpso facto reforms: can I enforce my contractual rights?
Ipso facto clauses are contractual provisions that allow a party to terminate or modify the operation of a contract on the occurrence of a specified event. The Federal Government has introduced reforms which limit the rights of a party to enforce ipso facto clauses in certain insolvency scenarios. The reforms came into effect on 1 […]
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