“Legal Phoenix” – The burdens and benefits of professional advice
In ACN 093 117 232 Pty Ltd (In Liq) v Intelara Engineering Consultants Pty Ltd (In Liq) [2019] FCA 1489, the court considered whether a “legal phoenix” arrangement entered into after receiving professional advice was in fact a voidable transaction. The facts Intelara Pty Ltd (OldCo) operated an engineering consultancy business and after experiencing financial difficulties in […]
ReadmoreHolding company director as “officer” of subsidiary under the Corporations Act
In ASIC v King [2020] HCA 4, the High Court considered whether a director of a holding company was an “officer” of a subsidiary company for the purposes of the Corporations Act (the Act). If so, the “officer” may have been liable for breaches of duties as an “officer”. Background Mr King was the CEO and an executive director of […]
ReadmoreCOVID-19 | Modern slavery update
The Modern Slavery Act 2018 (Cth) came into force on 1 January 2019 and established a national modern slavery reporting requirement for large businesses and other entities in the Australian market with annual consolidated revenue of at least $100 million. Our previous article sets out a comprehensive overview of the legislation and the steps that […]
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 […]
ReadmoreCOVID-19 | Executing Documents Electronically and Serving under the Security of Payment Act
The Australian construction and property industry is experiencing unprecedented uncertainty in respect of COVID-19. Practical challenges arise in relation to executing, lodging and serving documents by traditional means. Executing and lodging formal documents electronically The Australian states and territories have dealt with electronic signature and electronic lodgement differently. A summary of the electronic signing of […]
ReadmoreCOVID-19 | Banking & Finance Update – Part 2
The COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (COVID-19 Act), which commenced on 25 April 2020, has introduced temporary amendments to the Residential Tenancies Act 1997 (Vic) (RT Act). These amendments came into effect on 29 March 2020 and will continue 6 months after the commencement of the COVID-19 Act. Part of the amendments have […]
ReadmoreOff the plan sales and changes to the property
Can the purchaser of an apartment off the plan terminate the contract because the carspace allocated to the lot contained a PWD symbol? Perhaps surprisingly the issue was recently considered by the Supreme Court of New South Wales[1]. The decision provides a useful reminder of the principles which apply to variations between contract and settlement. […]
ReadmoreReal estate agent email hacked but buyer pays the price
If you have bought or sold a property recently, you probably received a warning about relying on emails directing you to pay money to a particular bank account without first checking with the sender that the email has not been altered. Given the amount of money involved, real estate transactions are a prime target for […]
ReadmoreCOVID-19 | Update: Changes to foreign investment framework and implications for the commercial leasing sector
Further to our previous article regarding changes to the foreign investment framework and the implications for the commercial leasing sector, on 24 April 2020 the Foreign Investment Review Board (FIRB) released a guidance note which, among other things, provides clarification as to the effect of the temporary measures which result from the Foreign Acquisitions and […]
ReadmoreCOVID-19 | COVIDSafe update: legislation and source code
The Commonwealth Parliament has now passed legislation to regulate the collection and use of COVID app data. In addition, the Commonwealth Digital Transformation Agency has now released the source code for the app, which has allowed independent analysis of how the app operates. This update discusses the legislation and the commentary in relation to the […]
ReadmoreCOVID-19 | Webinar | Stories from the Employer Frontline
Employers are facing significant challenges in managing their workforces through the constantly changing risk, economic and regulatory environment presenting as a result of the global COVID-19 pandemic. During this webinar (hosted on Thursday 14 May), our panel discussed in depth the nitty gritty of some complex real life examples playing out for employers and most […]
ReadmoreCOVID-19 | Emergency Measures in Victoria – Electronic execution of deeds and mortgages, and remote witnessing
On 24 April 2020, the Victorian Government’s COVID-19 Omnibus (Emergency Measures) Act 2020 received Royal Assent. That Act made sweeping changes in various areas, on a temporary basis, to address many practical issues being faced due to the various restrictions in force to seek to minimise the spread of COVID-19. That Act permitted the Governor […]
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