Mandatory sustainability reporting regime: An update – Second reading debate completed

In the March 2024 edition of Gadens’ FMCG Express, we discussed the exposure draft of the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Draft Legislation), which outlined a proposal for the implementation of a mandatory climate-related financial disclosure regime based on existing international frameworks and standards. On 27 March 2024, the Treasury Laws Amendment […]

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Court orders are not needed to evict renters

In the recent Supreme Court decision of Justice Harris in Commonwealth Bank of Australia v Shrestha [2024] VSC 229 (Shrestha) the Court was asked to determine whether a court order showing a mortgagee’s entitlement to possession of a mortgaged property is required prior to making a possession order against a renter under s 325 of […]

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Court considers whether a concerns notice was validly ‘given’ to commence a defamation proceeding

Gadens acted for the successful Defendant in the decision of Khan v Hassan [2023] VCC 852 where the court strictly applied requirements under the Defamation Act 2005 (Vic) (the Act) that must be met when serving a concerns notice to commence a defamation proceeding. The new requirement to give a valid concerns notice and wait […]

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ASIC obtains Judgement against SunshineLoans for charging fees not permitted by the National Credit Code

The Australian Securities and Investments Commission (ASIC) brought proceedings against SunshineLoans Pty Ltd (SunshineLoans) alleging contraventions of the National Consumer Credit Protection Act 2009 (Cth) (NCCPA) in its lending business, which involved small amount credit contracts (SACCs). ASIC alleged that SunshineLoans charged customers certain fees which were prohibited. ASIC sought injunctions and declarations of contravention, […]

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ASIC issues infringement notices to an auditor for failing to comply with independence standards

The Australian Securities & Investments Commission (ASIC) has, for the first time, issued infringement notices pursuant to the Corporations Act 2001 (Cth) (the Act) alleging that an auditor failed to comply with his audit rotation obligations. Allegations Following a voluntary disclosure to ASIC by the auditor pursuant to section 311 of the Act, ASIC stated […]

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ASIC secures victory against Vanguard Investments for ‘ethically conscious’ greenwashing conduct

Last year, we reported on the Australian Securities and Investments Commissions (ASIC) commencement of proceedings against Vanguard Investments Australia Ltd (Vanguard) alleging that Vanguard engaged in misleading conduct in breach of the ASIC Act by making false or misleading claims about the ESG criteria applied to an investment fund it offered to potential investors. On […]

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Finder: ASIC to continue to pursue cases to clarify crypto regulation as the Federal Court finds that a crypto-asset is not a debenture

The Federal Court has handed down its second significant decision involving crypto assets this year. The judgment in ASIC v Finder Wallet Pty Ltd[1] (Finder) follows the recent decision in the BlockEarner case[2] and provides some further guidance for crypto-asset issuers attempting to navigate the present uncertainty around the intersection of digital assets and financial […]

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Supreme Court of Victoria – Commercial Court Practice Note (Second Revision)

A new practice note has been issued by the Commercial Court of the Supreme Court of Victoria. The Commercial Court Practice Note (Second Revision) (Practice Note) supersedes its predecessor, becoming effective as of 26 February 2024, and applies to all current and future proceedings in the Commercial Court. This note captures key changes arising from […]

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Buy Now Pay Later: the shape of the new regulatory regime

Treasury has released the much anticipated draft legislation for the regulation of Buy Now Pay Later (BNPL) products and confirmed that BNPL providers should prepare to obtain a new or modified Australian Credit Licence and work through the impact of being regulated as credit providers on their businesses. Anti-avoidance protections promise to ensure there is […]

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Hutchinson Builders v ACCC: Full Court finds termination of subcontract did not contravene “boycotting” laws; clears Hutchies of wrongdoing

Hutchinson Builders (Hutchies) is Australia’s largest privately owned construction company. Throughout its 110+ year history it has delivered countless significant projects across Australia. One such project, which was the subject of the Full Court’s decision in J Hutchinson Pty Ltd v ACCC, was a construction project located in South Brisbane known as the “Southpoint Project”. […]

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New South Wales Supreme Court rejects bid to advance small business restructuring

In a proceeding brought by Mr Curran, in his capacity as the trustee for June Ellen Investment Trust (Plaintiff), to wind up Fitzgerald Housing Limited (formerly known as Kay Fitzgerald Housing Charity Limited) (Defendant), the New South Wales Supreme Court considered whether it was necessary to adjourn the winding up proceeding to allow the Defendant […]

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Call in the experts: Bankrupt’s attempts to sell charged assets through CommSec rejected by the Federal Court in favour of liquidator appointment

Bankruptcy litigation can stem well beyond the primary bankruptcy proceedings. Continued litigation may be born out of disputes between bankrupts, bankruptcy trustees and other interested parties in respect of methods of asset liquidation. Consequently, the Court will often appoint a qualified person such as a liquidator to ensure bankrupt estate assets obtain their value when […]

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