Does property held by a bankrupt on trust for another vest in the bankruptcy trustee?
On 13 December 2019, in Franz Boensch as Trustee of the Boensch Trust v Scott Darren Pascoe[1] the High Court unanimously dismissed an appeal from a judgment of the Full Court of the Federal Court of Australia, in which the appellant sought compensation from his former trustee in bankruptcy pursuant to section 74P of the Real Property Act […]
ReadmoreCan a “Gentleman’s Agreement” not to enforce a guarantee be relied upon?
In Harburg Nominees Pty Ltd & Anor v Deen,[1] the Supreme Court of Queensland considered whether an oral “gentleman’s agreement”, that is the oral representations made, meant that the guarantees were unenforceable. The facts As at May 2015, Harburg Nominees Pty Ltd (Harburg) had, over time, advanced approximately $18.5 million to Warapar Resources Pty Ltd (Warapar) for […]
ReadmoreMajor Trade Promotion Changes in NSW
Major changes to trade promotions regulations in New South Wales take effect tomorrow (1 July 2020). The key change implemented by the Community Gaming Regulation 2020 is that a permit will no longer be required for a trade promotion with a total prize pool worth $10,000 or less. This is a significant change that will […]
ReadmoreNSW Court of Appeal casts a shadow over voting rights
Whilst the power of a chairperson to exercise a casting vote at creditors’ meetings is a useful mechanism to resolve a deadlock in voting, it does not confer unconstrained discretion. The recent Glenfyne Appeal[1] provides valuable guidance as to the appropriate exercise of a casting vote and also serves as a reminder of the Court’s […]
ReadmoreThe Residential Apartment Buildings Act: 5 Things You Need to Know
Recent reports of structural defects in high-rise apartments including the Opal tower and Mascot tower have undermined public confidence in the quality of construction work carried out in New South Wales. It has also raised questions as to avenues open to property owners to seek redress for defective work and the enforcement powers available to […]
ReadmoreOwners Corporation Fees – How to recover when the lot owner fails to pay
In the current economic climate many lot owners may find it financially challenging to pay owners corporation fees. This can be problematic for an Owners Corporation where cash flow is crucial in order to fund the ongoing cost of maintaining the common property. Initiating the fee recovery process The Owners Corporation Act 2006 (Vic) (the […]
ReadmoreASIC’s guidance to mortgage brokers on their ‘best interests’ duty – time to act!
The Australian Securities and Investments Commission (ASIC) has just released RG 273, which sets out its view on how mortgage brokers may comply with their ‘best interests’ obligations which commence in January 2021. The guidance follows the passing, on 6 February 2020, of the Financial Sector Reform (Hayne Royal Commission Response – Protecting Customers (2019 […]
ReadmoreGoogle’s purchase of Fitbit raises anti-competitive concerns
On 18 June 2020, the Australian Competition and Consumer Commission (ACCC) released its Statement of Issues detailing its preliminary concerns with Google’s proposed acquisition of Fitbit. The ACCC has raised concerns with the proposed acquisition on the basis that it may provide Google with access to large volumes of consumer health data (in addition to […]
ReadmoreDeveloper loses appeal against refusal for overdevelopment of land for retirement village
In GTH Resorts No 5 Pty Ltd v Gold Coast City Council [2020] QPEC 2020, the Planning and Environment Court was required to determine whether a proposed retirement village was an overdevelopment of the land and, if so, were there relevant grounds to justify approval despite the overdevelopment. The land the subject of the proposed […]
ReadmoreLandowners win against council in rating categorisation dispute
In a major win for the owners of two Bunnings warehouses in Ipswich, the Court of Appeal has held that the Ipswich City Council wrongly categorised their properties for rating purposes. The decision highlights the financial impact, as well as the difficulties, that can arise in applying differential rating categories to land. The long running […]
ReadmoreWhat weight should be given to a draft Planning Scheme or Planning Scheme Amendment?
A proposed amendment to a planning scheme may have drastic consequences for the development potential of land, particularly where land is proposed to be ‘down zoned’ or a more restrictive overlay constraint is proposed. There are a number of key issues which need careful consideration in terms of appropriately timing development in light of a […]
ReadmoreCOVID-19 | Coronavirus and Trade Promotions: The Latest
COVID-19 has interrupted the marketing and promotional activities of many businesses. We look at the changes being implemented by the trade promotion regulators around Australia in response to the pandemic. Click below to download the full article. For details of all our COVID-19 tips and updates, visit the Gadens COVID-19 Hub. Authored by: David […]
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