Unconscionable conduct in asset based lending: Stubbings v Jams 2 Pty Ltd [2022] HCA 6
Recently, the High Court of Australia found unconscionable conduct on the part of a lender on an asset based loan and held that the lender could not rely on the certificates of independent legal and financial advice procured from the borrower to immunise the transaction against unconscionable conduct laws. The loan was made to a […]
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 […]
ReadmoreCOVID-19 | Victorian Commercial Tenancy Relief 3.0 – Victoria introduces extended rent relief for small business
In response to the ongoing impact of COVID-19, the Victorian Government has now released the Commercial Tenancy Relief Scheme Regulations 2022 (Vic) (2022 Regulations) which extends the entitlement to rent relief and related protections for certain small businesses. What has changed? Our previous publication on the Commercial Tenancy Relief Scheme Regulations 2021 (2021 Regulations) can be found […]
ReadmoreBuy Now Pay Later – A changing regulatory landscape
The Buy Now Pay Later (BNPL) industry has been making a lot of noise in recent times, attracting the attention of shareholders, regulators and consumer advocates alike. The industry has nevertheless remained largely unregulated to date, due in part to the proactive measures taken by BNPL providers to self-regulate under the Buy Now Pay Later […]
ReadmoreCOVID-19 | Victorian Commercial Tenancy Relief 2.0 – Here we go again!
On 24 August 2021 the Victorian Government released the Commercial Tenancy Relief Scheme Regulations 2021 (2021 Regulations). Unlike its 2020 predecessor, the 2021 Regulations are complex and include a number of key differences. The brief summary below does not lend itself well to the complexity that will be faced by landlords and tenants alike over the […]
ReadmoreImpact on mortgagees of a bankruptcy trustee’s disclaimer of mortgaged land
A mortgagee may be faced with a situation where the mortgagor becomes bankrupt and the trustee, in which the property then vests, disclaims the mortgaged property. We outline the process a mortgagee is required to follow when a mortgaged property has been disclaimed and summarise the key issues considered by the Court. Click below to […]
ReadmorePPSA: extension of time to register
The last 12 months has seen a number of court applications being made for an extension of time to register a PPSA security interest. In the following article, we summarise the key issues considered by the courts and provide practical tips for any secured party who finds themselves out of time to correctly register their […]
ReadmoreThe expansion of statutory unconscionable conduct risk in commercial transactions
Where a statute proscribes unconscionable conduct in business, a company can be liable whether or not the person to whom the allegedly unconscionable conduct is directed is vulnerable or at a special disadvantage. In ACCC v Quantum Housing Group Pty Ltd, handed down on 19 March 2021, the Full Federal Court placed the focus in […]
ReadmoreASIC’s new approach to regulatory investigations: the challenges and opportunities presented by Express Investigations
Under the banner of ‘when pilots become enduring practice’, ASIC Deputy Chair Karen Chester has announced that ASIC will supplement its traditional investigations processes with ‘Express Investigations’ (EI), ASIC’s new and preferred approach to enforcement. Corporate regulatory investigations are often legally and factually complex, high-stakes and process-heavy. Mountains of documents and witness evidence are commonplace. […]
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 – […]
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 […]
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