Court identifies a ‘very poorly drafted deed’ and sets aside Statutory Demand – reminder to have a properly drafted deed to avoid potential disputes

In the matter of Jana Pty Ltd[1] is a decision of the Supreme Court of New South Wales setting aside a Statutory Demand issued for an alleged guaranteed debt arising out of a Deed. The Deed contained conflicting and ambiguous clauses which led to a dispute about the debt specified in the Statutory Demand. This […]

Readmore

The Court’s willingness to extend the convening period for a meeting of creditors where the administration is large and complex

In Algeri, in the matter of WBHO Australia Pty Ltd (Administrators Appointed) [2022] FCA 169, the Federal Court heard the second application by the administrators who were seeking an extension to the convening period for the second meeting of creditors, which pursuant to section 439A(5) of the Corporations Act 2001 (Cth) (the Act) was set […]

Readmore

Green loan financing – taking root in fertile soil

Green 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. […]

Readmore

A storm in a contract

Weather patterns in 2021 and 2022 have been – at best – challenging for construction, and this has put many projects under pressure. Extensions of time may not be available for the prolonged wet weather that has affected much of the east coast of Australia, and force majeure clauses have generally been of little assistance […]

Readmore

Federal Court cracks down on legal privilege claims – An operational hazard for the multi-disciplinary firms?

A multi-disciplinary firm has used legal privilege to shield documents from the ATO during an audit of its multinational clients, a judge has found, in a ruling that has put multi-disciplinary firms on notice. In Commissioner of Taxation v PricewaterhouseCoopers [2022] FCA 278 Federal Court Justice Moshinsky ruled that a legitimate relationship between lawyer and […]

Readmore

Full Court of the Federal Court of Australia dismisses DABUS – An AI system cannot be an Inventor

In July 2021, Justice Beach of the Federal Court, determined in the historic decision of Thaler v Commissioner of Patents [2021] FCA 879 that an AI system could be named as the inventor on a patent application. The decision was the first judicial determination in the world to say ‘yes’ to AI inventors. However, in […]

Readmore

Federal Court finds RI Advice failed to adequately manage cybersecurity risks

In the landmark decision of Australian Securities and Investments Commission v RI Advice Group Pty Ltd (RI Advice) [2022] FCA 496, the Federal Court found that Australian Financial Services licensee, RI Advice, breached its license obligations to act efficiently and fairly when it failed to have adequate risk management systems to manage its cybersecurity risks. […]

Readmore

Disclosure obligations for financial service providers in NSW: One-year on from reforms to the Fair Trading Act 1987 (NSW)

It has been over a year since reforms were introduced under the Fair Trading Act 1987 (NSW) (the Act) requiring suppliers (including of financial services) to take reasonable steps to disclose to their customers prejudicial contract terms and for intermediaries to disclose the arrangement under which they are acting, including referral commissions. The disclosure requirements […]

Readmore

Corruption and Integrity Update – Coaldrake interim report in the Queensland public sector released

With the CCC Commission of Inquiry and the Parliamentary Inquiry into the Office of the Independent Assessor ongoing, there has been a noticeable absence of public releases by the CCC and OIA of late. Notably, however, Professor Peter Coaldrake AO released his Interim Report of the Review of culture and accountability in the Queensland public […]

Readmore

The importance of being cautiously aware of contractual terms relating to insolvency termination events

In the matter of Carna Group Pty Ltd v The Griffin Coal Mining Company (No 6) [2021] FCA 1214, the Court held that Griffin Coal Mining Company (Griffin) was insolvent, without having to prove so under the section 95A Corporations Act 2001 (Cth) (Corporations Act). This was in accordance with a contractual provision where it […]

Readmore

Federal Court’s refusal to grant leave to amend pleadings

On 11 February 2022 in Canavan v ICRA Rolleston Pty Ltd (Receivers and Managers Appointed)(in liquidation) [2022] FCA 117 the Federal Court of Australia refused to permit the Plaintiff to amend his points of claim less than two weeks before trial. In considering the legal principles and matters relevant to the exercise of the court’s […]

Readmore

How to avoid contaminating an insolvency appointment: when a disclaimer of land may be set aside

In March 2019, Liquidators were appointed to The Australian Sawmilling Company Pty Ltd (TASCO) by way of a creditors’ voluntary winding up. TASCO owned a large lot of contaminated land – there were stockpiles of construction and demolition waste resulting from a former licensee conducting a materials recycling business. Close to a year before this, […]

Readmore