PPSA: 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 […]
ReadmoreTimely reminder for companies to lodge their financial reports
Recent prosecutions and convictions obtained by the corporate regulator serve as a timely reminder for companies of the importance of lodging financial reports. The Australian Securities and Investments Commission (ASIC) recently prosecuted and obtained convictions against three companies for failing to lodge annual financial reports with ASIC within the specified period after the end of […]
ReadmoreRe Cullen Group: When not contesting an application and agreeing to abide an order of the court can be… costly
In Re Cullen Group,[1] the Supreme Court of Queensland considered the determination of a preliminary question regarding the insolvency of Cullen Group Australia Pty Ltd (Cullen Group), which was placed into liquidation approximately four years prior to the hearing date. The issue of insolvency was relatively uncontroversial and, as noted by Justice Martin, “was not […]
ReadmoreQueensland Court of Appeal rejects ‘IOU’ as payment for debt
In Bayly v Westpac Banking Corporation[1], the Queensland Court of Appeal dismissed an appeal against a summary judgment granted in favour of Westpac Banking Corporation (Westpac). Whilst there were broadly, two grounds of appeal, the appellant was self-represented and raised numerous issues and alleged errors of law and fact made by the primary Judge. The […]
ReadmoreASIC provides ‘no action’ relief for conducting virtual meetings and delayed AGMs
After the Federal Government’s proposed legislation to extend the temporary relief for corporations to conduct virtual meetings stalled in the Parliament, we speculated in our recent update as to whether ASIC would issue a ‘no action’ position, electing not to take regulatory action against companies conducting virtual meetings despite requirements to do so in the […]
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. […]
ReadmoreImmunity for serious financial misconduct – ASIC’s new policy
Overview ASIC has just announced a new policy that allows individuals who think they might have been involved in market manipulation, insider trading, dishonest conduct or other contraventions of Part 7.10 of the Corporations Act 2001 (the Act) to apply for immunity from civil penalty or criminal proceedings. This policy expands ASIC’s ability to identify […]
ReadmoreFurther Regulations see the Commercial Tenancy Relief Scheme extended to 28 March 2021
Just in time for Christmas, the Victorian Government has extended the relevant period under the Commercial Tenancy Relief Scheme from 31 December 2021 until 28 March 2021, the date on which the enabling legislation is also scheduled to expire. The extension occurs via the COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Amendment Regulations 2020 […]
ReadmorePasta manufacturer not ‘retail premises’ under the Retail Leases Act 2003
In the recent decision of A. G. & F. Italiano Pty Ltd v Rovigo Pty Ltd[1] the Tribunal considered whether a premises which sells pre-packaged Italian produce predominately via online and telephone sales is a ‘retail premises’ used wholly or predominantly for the sale of goods by retail as defined by the Retail Leases Act […]
ReadmoreInsolvency Reforms Pass Parliament
Changes to Australia’s insolvency framework proposed by the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) have been passed by Parliament and will be available for eligible small businesses from 1 January 2021. Our recent article addressing the proposed Bill can be viewed here. The legislation introduces a new, simplified debt restructuring process accessible by […]
ReadmoreFalls Festival Class Action Claimants Lawyers win contingency fees
On 20 November 2020, her Honour Justice Rita Incerti of the Supreme Court of Victoria approved nearly $3.4m in costs in a $5.7m settlement in a class action against the Falls Music and Arts Festival in Victoria involving a stampede which injured revellers in December 2016. Her Honour approved the $3,369,478 costs claim of the […]
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