Stamp duty changes to hit residential developments in Victoria
The Victorian Government is proposing a sweeping reform of the “economic entitlement” provisions of the Victorian duties legislation. The result of the proposed changes would be to effectively bring to duty a common form of project funding and structuring used for residential developments in Victoria. Typically these transactions enable a residential developer to secure rights […]
ReadmoreRelease of liability clauses: how far can they go?
It is a well-established legal principle that a release clause in a settlement deed will only be effective to the extent it releases a party from liability in respect of matters that are in the contemplation of the parties at the time it is provided. Notwithstanding this, it is not uncommon to see release clauses […]
ReadmoreLiquidators settling court proceedings: the importance of creditors’ wishes
As is illustrated by the recent Supreme Court of Victoria Court of Appeal decision in McDermott and Potts as liquidators of Lonnex Pty Ltd (in liquidation), creditors’ wishes are important when a liquidator is looking to settle court proceedings. Though liquidators should not act at the dictation of creditors, it is important to bear in […]
ReadmoreCourt endorses close oversight of conduct of liquidation by priority creditors including FEG and GEERS
In the matter of 1st Fleet Pty Ltd (in liquidation), the Commonwealth applied for orders that the liquidators of 10 companies in liquidation provide specific information and/or produce certain documents to the Commonwealth. This request related to the validity of the constitution of and certain steps taken by the Committee of Inspection and the reasonableness […]
ReadmoreLegal snapshot: Australian capital raising exemptions
Companies seeking to raise capital in Australia through an offer of securities should familiarise themselves with the prospectus requirements and exemptions to those requirements in Chapter 6D of the Corporations Act 2001 (Cth) (the Corporations Act) before undertaking any fundraising activities. Generally, an offer of “securities” in Australia will require the preparation of a disclosure […]
ReadmoreJudicial review – proper, genuine and realistic consideration
A recent Federal Court decision is a timely reminder that Ministers should not rely entirely on briefing notes before making decisions – and when the decision is defended, it is the Minister who is expected to give evidence. The Federal Court recently found that a Minister had failed to “consider any comments, information or documents” […]
ReadmoreThe Importance of Sticking to the Letter of the Agreement
Contracting by Government can be a minefield, with the usual commercial considerations overlaid by expectations on Government to contract in good faith, be model litigants in the event of a dispute and achieve an outcome that meets it obligations to the public. In traversing that minefield, it can be tempting to only superficially deal with […]
ReadmoreAvoiding unintended consequences
The Building Industry Fairness (Security of Payment) Act 2017 (BIF) contains new provisions designed to protect payments to subcontractors in building projects by setting up a form of statutory trust, of which subcontractors are beneficiaries. Chapter 2 of the Building Industry Fairness (Security of Payment) Act 2017 (BIF) contains new provisions designed to protect payments to subcontractors in […]
ReadmoreHuman Rights Act – employment claims
The Human Rights Act 2019 (Qld) (HRA), which is expected to commence operation on 1 January 2020, will materially influence public sector decision-making in Queensland by limiting the exercise of government power. It is essential for public entities to prepare for the new regime as it will place a magnifying glass over decision making. This […]
ReadmoreLessons from 12 months of notifiable data breaches in Australia
The notifiable data breach regime under the Privacy Act 1988 (Cth) has now been in place for a little over 12 months. Earlier this week the Office of the Australian Information Commissioner released a 12-month Insights Report which contains some interesting statistics and observations. Statistics – notifiable data breaches Extrapolating from the full-year statistics for […]
ReadmoreEconomic duress – what it is, and what it is not
Customers in disputes with their lender often raise economic duress in circumstances where a lender attempts to take enforcement action. The potential ramifications are significant because a successful claim of economic duress can render the relevant agreement voidable. However economic duress is not simply the application of economic pressure applied by one contracting party over […]
ReadmoreThe risks of discontinuing: a look at the High Court’s decision in UBS v Tyne
The recent High Court decision of UBS v Tyne [2018] HCA 45 concerned circumstances where an original trustee of a trust discontinued proceedings in the Supreme Court of New South Wales, then almost 2 years later a subsequently-appointed trustee of the same trust commenced fresh proceedings in the Federal Court raising, in substance, the same claims against […]
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