Owners Corporation Update: Obtaining an order for unanimous consent just got harder

The Owners Corporations and Other Acts Amendment Act 2021 (the Amending Act) which is due to commence on 1 December 2021 will significantly alter the circumstances in which a member of an owners corporation, or an owners corporation itself, have standing to apply to VCAT for orders under sections 32 or 33 of the Subdivision […]

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Insolvency Reforms Pass Parliament

Changes to Australia’s insolvency framework proposed by the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) have been passed by Parliament and will be available for eligible small businesses from 1 January 2021. Our recent article addressing the proposed Bill can be viewed here. The legislation introduces a new, simplified debt restructuring process accessible by […]

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Small Business Insolvency Reforms – What this means for SME businesses as COVID restrictions ease and into the future

Following Treasury’s announcement on 24 September 2020 that it will introduce a suite of reforms to Australia’s insolvency framework, the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) (Draft Bill) was released for public consultation between 7 and 12 October 2020, providing much needed clarity as to the practical effect of the insolvency reforms, which […]

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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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‘Black Summer’ Royal Commission could redefine Commonwealth, State and local government roles, responsibilities and powers around natural disasters

After close to four months of battling bushfires in New South Wales and Victoria and confronting devastating loss of life, property, livelihood and wildlife, as well as two months of speculation, a Royal Commission arising from the ‘Black Summer’ bushfires has been announced. The Royal Commission into National Natural Disaster Arrangements will, however, inquire more […]

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“Cracking the Code” – The Khoury Review

The Australian Bankers’ Association (ABA) commissioned a review of the Code of Banking Practice (Code) as part of a range of industry initiatives announced on 21 April 2016 (Review).  Broadly speaking, the Terms of Reference for the Review are to identify whether the Code is serving its purpose, is meeting reasonable stakeholder expectations and where […]

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