FSR Wrap | July 2020
Gadens has launched a new financial services regulatory update publication to keep the market informed of the latest developments – welcome to FSR Wrap. Gadens has extensive knowledge and expertise across the financial services sector. In the July 2020 edition of FSR Wrap, Edward Martin, Glenn McGowan QC, Dudley Kneller and Gadens’ FSR team focus […]
ReadmoreThe DIN is coming in! Australia’s introduction of a Director Identification Number (DIN) regime
Scrutiny of corporate governance and the role of directors is set to continue throughout 2020 and into 2021 as the aftermath of the Banking Royal Commission and economic impact of COVID-19 play out. Against that background, Australian directors and corporations now face a significant new administrative burden as the long-time-coming registry modernisation legislation passed without […]
ReadmoreLitigation funders’ new regulatory requirements – practical issues and the impact on class actions
Changing times The Federal Treasurer has announced that all litigation funders will soon be required to hold an Australian Financial Services Licence (AFSL), which will dramatically increase the Australian Securities and Investments Commission’s (ASIC) regulatory oversight over those funders who do not already hold an AFSL. The announcement follows the Federal Attorney General’s referral to […]
ReadmoreFederal Court seeks to limit High Court’s ban on Common Fund Orders
Tensions have intensified as the Federal Court experiments with alternative funding arrangements to revive common fund orders that were rejected by the High Court in certain circumstances. On 13 March 2020, the Federal Court in McKay Super Solutions Pty Ltd (Trustee) v Bellamy’s Australia Ltd (No 3) [2020] FCA 461 (Justice J Beach) (Bellamy’s No […]
ReadmoreContinuing Professional Development – 31 March 2020 | Legal ethical dilemmas in commercial and corporate transactions
Below you will find the recording from our recent Continuing Professional Development morning, hosted via webinar on Tuesday, 31 March 2020. If you have any queries regarding the session topic, or related issues, please do not hesitate to get in touch with the presenters or our wider team. Legal ethical dilemmas in commercial and corporate […]
ReadmoreAn overview of the changes to the witnessing requirements for Queensland Land Registry forms
The Natural Resources and Other Legislation Amendment Act 2019 (Qld) introduced additional requirements for witnessing documents including: requiring the witness to take reasonable steps to verify the identity of an individual and to ensure the individual is the person entitled to sign the document; requiring the witness to keep a written record of the steps they took […]
ReadmoreTo carry out no or little investigation and to say nothing is not an option – a warning to insolvency practitioners
The Federal Court has issued a warning to insolvency practitioners, involved in voluntary administrations, to ensure adequate investigation and reporting occurs of matters that have the potential to materially affect the outcome of the administration. In Adelaide Brighton Cement Limited, in the matter of Concrete Supply Pty Ltd v Concrete Supply Pty Ltd (Subject to Deed […]
ReadmoreCOVID-19 | Cash is King – 4 ways your business can best respond to the challenges of COVID-19
The coronavirus (COVID-19) outbreak is undoubtedly tragic for the thousands affected, with Governments around the world having to act swiftly and assertively to protect vulnerable people. But there is underlying harm being caused to the economy, too – and the real impact of this cost is only just emerging. We’ve all heard the saying before […]
ReadmoreForfeiture of non-proprietary interests
Equity may intervene to prevent the unconscionable exercise of a right to terminate a commercial contract. Whether equity will intervene to prevent the loss of a non-proprietary interest is controversial. Recent Victorian decisions have created greater uncertainty. Equitable principles are available to restrict the entitlement of an innocent party to terminate a contract for breach […]
ReadmoreASIC appeals Westpac’s success in the responsible consumer lending test case
In Australian Securities and Investments Commission v Westpac Banking Corporation (Liability Trial) [2019] FCA 1244, the Australian Securities and Investments Commission (ASIC) has brought a ‘test case’ considering alleged breaches of responsible lending obligations against Westpac Banking Corporation (Westpac). In particular, ASIC alleged Westpac breached the National Consumer Credit Protection Act 2009 (Cth) (the Act) through the use of its […]
ReadmoreLender’s minor omissions have major impact in summary judgment application
In Secure Funding v West [2017] QDC 169, the District Court of Queensland provides a helpful reminder of the importance of complying with contractual and legislative notice requirements. As this case demonstrates, it is important for lenders to be able to demonstrate service of default notices so as to avoid minor omissions which can be costly. […]
ReadmoreMarshalling – what is it and how can it help a second registered mortgagee?
Marshalling is an equitable doctrine designed to protect second registered mortgagees from not being paid because of the arbitrary or capricious realisation of a security property by a prior mortgagee. In certain circumstances, a second registered mortgagee may be able to access surplus proceeds of sale from a property which it did not hold a mortgage […]
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