Working out your priorities – how employee creditors claims were able to trump research and development tax refunds

In 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 […]

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Missed it by that much: The FCA decides the proper construction of the UCPR in relation to online filing

In 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 […]

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Court identifies a ‘very poorly drafted deed’ and sets aside Statutory Demand – reminder to have a properly drafted deed to avoid potential disputes

In the matter of Jana Pty Ltd[1] is a decision of the Supreme Court of New South Wales setting aside a Statutory Demand issued for an alleged guaranteed debt arising out of a Deed. The Deed contained conflicting and ambiguous clauses which led to a dispute about the debt specified in the Statutory Demand. This […]

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The Court’s willingness to extend the convening period for a meeting of creditors where the administration is large and complex

In Algeri, in the matter of WBHO Australia Pty Ltd (Administrators Appointed) [2022] FCA 169, the Federal Court heard the second application by the administrators who were seeking an extension to the convening period for the second meeting of creditors, which pursuant to section 439A(5) of the Corporations Act 2001 (Cth) (the Act) was set […]

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Green 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. […]

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A storm in a contract

Weather patterns in 2021 and 2022 have been – at best – challenging for construction, and this has put many projects under pressure. Extensions of time may not be available for the prolonged wet weather that has affected much of the east coast of Australia, and force majeure clauses have generally been of little assistance […]

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Federal Court cracks down on legal privilege claims – An operational hazard for the multi-disciplinary firms?

A multi-disciplinary firm has used legal privilege to shield documents from the ATO during an audit of its multinational clients, a judge has found, in a ruling that has put multi-disciplinary firms on notice. In Commissioner of Taxation v PricewaterhouseCoopers [2022] FCA 278 Federal Court Justice Moshinsky ruled that a legitimate relationship between lawyer and […]

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Full Court of the Federal Court of Australia dismisses DABUS – An AI system cannot be an Inventor

In July 2021, Justice Beach of the Federal Court, determined in the historic decision of Thaler v Commissioner of Patents [2021] FCA 879 that an AI system could be named as the inventor on a patent application. The decision was the first judicial determination in the world to say ‘yes’ to AI inventors. However, in […]

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Federal Court finds RI Advice failed to adequately manage cybersecurity risks

In the landmark decision of Australian Securities and Investments Commission v RI Advice Group Pty Ltd (RI Advice) [2022] FCA 496, the Federal Court found that Australian Financial Services licensee, RI Advice, breached its license obligations to act efficiently and fairly when it failed to have adequate risk management systems to manage its cybersecurity risks. […]

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Disclosure obligations for financial service providers in NSW: One-year on from reforms to the Fair Trading Act 1987 (NSW)

It has been over a year since reforms were introduced under the Fair Trading Act 1987 (NSW) (the Act) requiring suppliers (including of financial services) to take reasonable steps to disclose to their customers prejudicial contract terms and for intermediaries to disclose the arrangement under which they are acting, including referral commissions. The disclosure requirements […]

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Australian Regulators Weekly Wrap — Monday, 2 May 2022

Keeping on top of the latest financial services regulatory and compliance trends? Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian Regulators Weekly Wrap is designed to keep you at the forefront of your practice by quickly setting out the top five developments from the […]

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Corruption and Integrity Update – Coaldrake interim report in the Queensland public sector released

With the CCC Commission of Inquiry and the Parliamentary Inquiry into the Office of the Independent Assessor ongoing, there has been a noticeable absence of public releases by the CCC and OIA of late. Notably, however, Professor Peter Coaldrake AO released his Interim Report of the Review of culture and accountability in the Queensland public […]

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