This matter involved the former director and former accountant of CGS Constructions (QLD) Pty Ltd filing proceedings seeking an injunction to restrain the Liquidators from engaging Cornwalls Lawyers to act on the basis that: Cornwalls also acted for a substantial creditor, Union Share Pty Ltd; and the Liquidators, by engaging Cornwalls, had manifested a tendency […]
ReadmoreBetween 31 May 2022 and 7 June 2022, ASIC obtained three freezing orders against the Mr Hopkins and his companies. In doing so, the Federal Court of Australia ordered: 1) the Defendants’ assets be frozen; 2) the disclosure of existing assets to the Court; 3) the appointment of a receiver over digital assets; and 4) […]
ReadmoreThe obligation to give clients a fee disclosure statement (FDS) annually where there is an ongoing fee arrangement has applied since 1 July 2012. From 1 July 2021, two broad additional obligations have applied between both advisors and clients where there is an ongoing fee arrangement (OFA) in place. These additional obligations were introduced by […]
ReadmoreCombining Anti-Money Laundering (AML) considerations with cryptocurrency technology is akin to adding gasoline to a bonfire. It is a hot topic on the mind of every member of the global financial services industry. How are we to regulate and manage a new technology that seems to feed into the hands of money launderers? As AUSTRAC […]
ReadmoreConsumer Data Right presents new legal risks and challenges for insurers. Consumer Data Right (CDR) gives a consumer more control over their information, enabling them to access and share their data with accredited third parties to obtain better deals on everyday products and services. The Australian Government sees the CDR as central to driving competition […]
ReadmoreOn 23 March 2022, in BT Funds Management Limited (ACN 002 916 458) as trustee for the Retirement Wrap Superannuation Fund the Court made orders giving its consent to certain conduct engaged in or proposed to be engaged in by the plaintiff, BT Funds Management Limited (ACN 002 916 458) (BTFM/Trustee) as trustee for the […]
ReadmoreThe Supreme Court of Victoria has considered the viability of allowing a company to enter a second voluntary administration after going into liquidation following a failed DOCA. The Court considered that rather than maintain a state of liquidation, the secondary voluntary administration process would better serve the best interests of creditors and optimise the efficiency […]
ReadmoreIn the investigation process, questions regarding legal professional privilege often arise, especially as it relates to reports forming part of any investigations. Recently, Gadens examined the way in which legal professional privilege can pose operational hazards for multi-disciplinary firms. This article considers legal professional privilege generally, and how it may apply in the context of […]
ReadmoreIn the recent case of In the matter of Spitfire Corporation Limited (in liquidation) and Aspirio Pty Ltd (in liquidation) [2022] NSWSC 340, the NSW Supreme Court has provided clarity on the order of priority for employee debts and secured creditor claims, where the key asset is an entitlement to tax refunds for research and […]
ReadmoreIn a recent case involving a default judgment to recover the sum of an outstanding loan, the Federal Court of Australia considered whether it had jurisdiction to set aside a bankruptcy notice issued against the guarantor of the loan and whether it had jurisdiction to extend the time for compliance with the bankruptcy notice. Background […]
ReadmoreDefendants to a proceeding related to a breach of an Asset Sale Agreement, successfully joined directors to the action by way of a third party notice, seeking damages for liability incurred where those directors had breached their directors obligations to discharge their duties with due care and diligence (Section 180(1) of the Corporations Act 2001 (Cth)). […]
ReadmoreIn Notesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285, the Supreme Court of NSW considered the validity of a Determination made by AFCA requiring Notesco Pty Ltd (Notesco) to pay compensation to an elderly resident of France who lost his life savings trading in CFDs (via a third party broker) on […]
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