AFCA has the final word: Courts will only disturb AFCA determinations in limited circumstances
Australia Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2022] NSWCA 204 The NSW Court of Appeal has upheld a decision that AFCA had jurisdiction to decide that a lender engaged in unconscionable conduct by taking a guarantee such that it was unenforceable and compensation had to be paid, despite the lender […]
ReadmoreChanges to Victoria’s Farm Debt Mediation Act
On 1 December 2011, the Farm Debt Mediation Act 2011 (Vic) (FDMA) was introduced in Victoria. The purpose of the Act is to provide for the efficient and equitable resolution of farm debt disputes between a creditor and a farmer. The FDMA provides a farmer with an option to mediate before a creditor takes possession […]
ReadmoreWhat goes up, must come down – Declining property values, rising interest rates, mortgage distress and assisting through financial difficulty
Partner Sonia Apikian and Senior Associate Susan Verginis discuss trends on Australian housing values, interest rates and their impact upon mortgage distress, with a focus on how lenders can assist their customers through financial difficulty. Click below to read the full article. If you found this insight article useful and you would like to subscribe […]
ReadmoreBuy Now Pay Later: Industry awaiting Issues Paper with bated breath
For better or worse, the Buy Now Pay Later (BNPL) industry has continued to make headlines since our last report. The sector’s meteoric rise has been tempered in recent months by a combination of market saturation, broader macroeconomic factors, and, most recently, a new political climate. The new Labor Government has made clear its intentions […]
ReadmoreGreen loan financing – taking root in fertile soil
Green finance is financing where the proceeds are used by a borrower in financing projects that make a contribution to an environmental objective. This is an important way in which finance markets are contributing to the objectives of the 2015 Paris Climate Agreement, seeking to align finance with low greenhouse gas emissions and climate-resilient development. […]
ReadmoreUnconscionable 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 […]
ReadmoreGadens Connect | 2021 Edition Four
In this edition of Gadens Connect, our team provides an overview of key performance indicators as we move into Christmas; an update on the new Financial Difficulty Guideline; an insight into legislative changes in relation to witnessing of affidavits (South Australia); a summary of FAQs regarding mortgagee in possession liability; and an overview of smoke […]
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 […]
ReadmoreGadens Connect | 2021 Edition Three
For the third edition for 2021 of Gadens Connect, our team provides an overview of key performance indicators including the impact of COVID-19 holds across the recoveries portfolio, an update on permanent changes to the Justice Legislation Amendment (System Enhancements and Other Matters) Act 2021 (Vic) and an insight into setting aside default judgment by […]
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 […]
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