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 […]
ReadmoreWhen 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 […]
ReadmoreGadens 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 […]
ReadmoreConsumer 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 […]
ReadmoreSale 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 […]
ReadmoreGadens 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 […]
ReadmoreCOVID-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 (Cth) (Act), but also by […]
ReadmoreAn 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 […]
ReadmoreCOVID-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 […]
ReadmoreCOVID-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 […]
ReadmoreResponding to a subpoena – is it always necessary to lay everything bare?
In Harvard Nominees Pty Ltd v Tiller,[1] the Federal Court of Australia was tasked with considering the grounds on which a subpoena to produce may be set aside. Interestingly, the subpoenas in question were made for third parties (which were related to the respondents) to produce financial records and other documents to the Court in the context […]
ReadmoreEarth to the Mothership: a reminder to liquidators bringing group unfair preference claims to follow the rules
Recently, some liquidators appear to prefer to commence unfair preference claims against multiple defendants within a single proceeding, rather than multiple separate proceedings. Proceedings commenced in this way are often referred to as ‘mothership proceedings’. The appeal of ‘mothership proceedings’ from the liquidators’ point of view is obvious. Justice Brereton in Re Bias Boating Pty Ltd[1] […]
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