COVID-19 | Emergency Amendments to Insolvency Laws: What’s next?

In March, we reported that, as part of a suite of legislative and economic responses to COVID-19 the Commonwealth Government had announced a range of temporary amendments to certain insolvency laws. The amendments were aimed at temporarily amending insolvency laws, affecting in turn corporate governance, and directors’ duties. The purpose of the amendments was to […]

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COVID-19 | Victoria extends rental eviction moratorium

Rental Eviction Moratorium Extended – 31 December 2020 In response to the second COVID-19 wave in Victoria, the Victorian Government announced on 20 August 2020 that the rental eviction moratorium under the COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (Covid-19 Act) would be extended until 31 December 2020. The moratorium protects both residential and commercial tenants suffering financial distress […]

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COVID-19 | ASIC publishes expectations of retail lenders when loan repayment deferrals end

On 13 August 2020, the Australian Securities and Investments Commission (ASIC) issued letters to lenders, notifying them of ASIC’s expectations once the mortgage deferral period expires next month. Lenders had offered the six month mortgage repayment deferral period to their customers, in response to the COVID-19 pandemic, which debt is estimated to be worth billions […]

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When rent incurred might be elevated to a priority payment

Ford (Administrator), in the matter of The PAS Group Limited (Administrators Appointed) v Scentre Management Limited [2020] FCA 1023 In a decision made last week in the case of Ford (Administrator), in the matter of The PAS Group Limited (Administrators Appointed) v Scentre Management Limited[1], the Federal Court of Australia determined whether the rent incurred by […]

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Gadens Connect | 2020 Edition Three

In the third edition of Gadens Connect, we bring you the second quarter update for 2020. These last few months have seen us all adjusting to a new ‘norm’ and the challenges the COVID-19 pandemic has continued to bring to business and life in Australia. In this edition, we focus heavily on the impact of […]

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Consumer Data Right – becoming an Accredited Data Recipient

The Consumer Data Right (CDR) reached a further milestone on 1 July 2020, as the Big 4 banks are now required to share consumer data in response to a consumer request. At present, this includes data from debit and credit cards, and savings and transaction accounts, and from November 2020 will include data from home […]

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Sale of unsecured debt: New industry guideline

On 1 March 2020, the Australian Banking Association (ABA) introduced a voluntary industry guideline concerning the sale of unsecured debt (the Guideline). The Guideline complements certain provisions of the Banking Code of Practice and it outlines additional safeguards for customers when a bank sells unsecured debt to another party. Click here to download the full […]

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Gadens Connect | 2020 Edition Two

Welcome to the second edition of Gadens Connect, and our first quarter update of 2020. This year has seen many challenges for lenders, from bushfires to the more recent COVID-19 pandemic. We know you have been working hard to support thousands of affected customers and we are here to work with you, and support your […]

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COVID-19 | Director’s duties amid recent changes to insolvency law

With the impact of COVID-19 well and truly being felt by business, many may be heartened by the Government’s recent temporary changes to insolvency laws. What all directors need to remember however, is that their conduct is not only policed by sections 588G and 588M of the Corporations Act 2001 (Act), but also by sections […]

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An overview of the changes to the witnessing requirements for Queensland Land Registry forms

The Natural Resources and Other Legislation Amendment Act 2019 (Qld) introduced additional requirements for witnessing documents including: requiring the witness to take reasonable steps to verify the identity of an individual and to ensure the individual is the person entitled to sign the document; requiring the witness to keep a written record of the steps they took […]

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COVID-19 | Emergency Amendments to Insolvency Laws

Government moves to amend insolvency laws The Commonwealth Government announced a range of temporary amendments to certain insolvency laws as part of its economic response to COVID-19. The amendments will temporarily affect insolvency laws, corporate governance, and directors’ duties. The purpose of the amendments is to support otherwise viable businesses which will temporarily suffer financial […]

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COVID-19 | Cash is King – 4 ways your business can best respond to the challenges of COVID-19

The coronavirus (COVID-19) outbreak is undoubtedly tragic for the thousands affected, with Governments around the world having to act swiftly and assertively to protect vulnerable people. But there is underlying harm being caused to the economy, too – and the real impact of this cost is only just emerging. We’ve all heard the saying before […]

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