COVID-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 […]
ReadmoreWebinar | The Butterfly Effect – insolvency, class actions and government
Challenging economic times inevitably lead to increased litigation, from which government is not immune whether in the enforcement of powers or contracts or in the defence of ambit claims. This session examines recent changes in the current environment, exacerbated by COVID-19 challenges to the content of laws and the practical administration of justice and the […]
ReadmoreCOVID-19 | The Court Speaks: Terminating leases in the age of COVID-19
On 31 July 2020, the NSW Supreme Court published a decision in the case of Sneakerboy Retail Pty Ltd trading as Sneakerboy v Georges Properties Pty Ltd [2020] NSWSC 996. The decision relates to an application by the tenant for relief against forfeiture, following termination of a retail lease on 25 March 2020. There is […]
ReadmoreWhen rent incurred might be elevated to a priority payment
Ford (Administrator), in the matter of The PAS Group Limited (Administrators Appointed) v Scentre Management Limited [2020] FCA 1023 In a decision made last week in the case of Ford (Administrator), in the matter of The PAS Group Limited (Administrators Appointed) v Scentre Management Limited[1], the Federal Court of Australia determined whether the rent incurred by […]
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, […]
ReadmoreSmethurst takes on the AFP with a win, a loss and ultimately no charge
The High Court in Smethurst v Commissioner of Police:[1] were unanimous in their decision that a search warrant gained by the Australian Federal Police (AFP) in the notorious search and seizure of the Sunday Telegraph’s journalist Annika Smethurst’s home was invalid; and by a 4:3 majority, refused to grant injunctive relief to the journalist and NewsCorp, […]
ReadmoreACCC’s scrutiny of APRA’s licence fees and royalties is music to some businesses’ ears
Everybody will be familiar with hearing music playing in the background in shops, bars, cafes and restaurants or on the radio and TV. Unless there are alternative licensing arrangements in place, these businesses are required to obtain and pay for a licence from Australasian Performing Right Association (APRA) to do so. The fees from these […]
ReadmoreFSR 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 […]
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