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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Responding 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 […]

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Earth 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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Gadens Connect | 2020 Edition One

Welcome to Gadens Connect – a newsletter to share insights, trends and opportunities for our clients in the financial services industry. In this edition we share some key performance insights from 2019 and provide an overview of topics including updates to our GPSR platform (automation and integration solutions), MIP sale obligations and updates to the […]

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Considerations for an early release of superannuation request

Quite often a lender will receive a request from their customer to support an early release of superannuation to assist with mortgage repayments and pay outstanding arrears in situations where the lender has commenced enforcement action for possession of the mortgaged property. Click here for full size image.               […]

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Update: Banking Code of Practice

Following recommendations made by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry, ASIC has approved an updated version of the Banking Code of Practice, which will take effect from 1 March 2020. Click here for full size image.                          […]

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Farm Debt Mediation Act 2018 (SA)

3 September 2018 marked the commencement of the Farm Debt Mediation Act 2018 (SA) (Act), to be administered by the South Australian Small Business Commissioner (Commissioner). The Act enshrines in law mandatory farm debt mediation, bringing South Australia into line with its eastern state counterparts – New South Wales, Victoria and Queensland. The object of […]

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Compensation Claims for Lodging Caveat Without Reasonable Cause

The recent Supreme Court decision of Mukhtar AsJ in KB Corporate Pty Ltd v Sayfe & Anor [2017] VSC 623 concerned caveats lodged by the defendant caveator without a supporting caveatable interest.  The Court was asked to determine whether the caveats were lodged without reasonable cause and whether the caveator was liable to pay compensation to the […]

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