On 22 May 2023, the Treasury announced that the Buy Now Pay Later (BNPL) industry will be regulated under the National Consumer Credit Protection Act 2009 (Credit Act). The move was announced by the financial services minister and assistant treasurer, Stephen Jones MP, at the Responsible Lending & Borrowing Summit. The announcement confirms that the […]
ReadmoreIn a recent case concerning a complaint brought against a financial services business operating several registered forestry management investment schemes in New South Whales (the Complaint), the Federal Court of Australia considered an application that challenged the jurisdiction of the Australian Financial Complaints Authority Limited (AFCA) to decide the Complaint. Background Following the review of […]
ReadmoreThe Victorian Court of Appeal has affirmed that whilst a company’s debts can be released to some extent under a DOCA, that section 444J of the Corporations Act 2001 (Cth) (Act) expressly provides for a creditor’s rights under a guarantee or indemnity. The Court found that the ultimate page of AOL’s trading account credit terms, […]
ReadmoreOn 19 October 2022, the Federal Court of Australia made an order granting leave for the Deed Administrators to transfer all existing shares in the capital of the Collection House Limited to Credit Corp Group Limited, or its nominee, in accordance with the Deed of Company Arrangement entered into between the parties on 21 September […]
ReadmoreIn Seven Network (Operations) Limited v Cricket Australia, the Court made orders deferring any application for discovery until each of the parties had filed and served their evidence in chief. Further the Court ordered that Cricket Australia file an amended defence in accordance with the Federal Court Rules 2011 (Cth) to remove all references in […]
ReadmoreOn 21 November 2022, the Buy Now Pay Later (BNPL) options paper was released by Treasury for public consultation (Options Paper). The Options Paper examines the regulatory challenges of emerging financial products, particularly BNPL, and the appropriate regulatory approach to maintain the advantages of accessing credit while sufficiently protecting consumers. With the closing date for […]
ReadmoreAustralia Capital Financial Management Pty Ltd v Australian Financial Complaints Authority Limited [2022] NSWCA 204 The NSW Court of Appeal has upheld a decision that AFCA had jurisdiction to decide that a lender engaged in unconscionable conduct by taking a guarantee such that it was unenforceable and compensation had to be paid, despite the lender […]
ReadmoreOn 1 December 2011, the Farm Debt Mediation Act 2011 (Vic) (FDMA) was introduced in Victoria. The purpose of the Act is to provide for the efficient and equitable resolution of farm debt disputes between a creditor and a farmer. The FDMA provides a farmer with an option to mediate before a creditor takes possession […]
ReadmorePartner Sonia Apikian and Senior Associate Susan Verginis discuss trends on Australian housing values, interest rates and their impact upon mortgage distress, with a focus on how lenders can assist their customers through financial difficulty. Click below to read the full article. If you found this insight article useful and you would like to subscribe […]
ReadmoreFor better or worse, the Buy Now Pay Later (BNPL) industry has continued to make headlines since our last report. The sector’s meteoric rise has been tempered in recent months by a combination of market saturation, broader macroeconomic factors, and, most recently, a new political climate. The new Labor Government has made clear its intentions […]
ReadmoreGreen 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. […]
ReadmoreRecently, the High Court of Australia found unconscionable conduct on the part of a lender on an asset based loan and held that the lender could not rely on the certificates of independent legal and financial advice procured from the borrower to immunise the transaction against unconscionable conduct laws. The loan was made to a […]
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