Landlords beware – Ipso facto reforms further restrict your rights on insolvency default

On 1 July 2018, the new Insolvency Law reforms in relation to the restrictions on “Ipso Facto” clauses came into force (see new s.415D, s.434J and s.451E of the Corporations Act). In short, the Ipso Facto reforms create an automatic stay on a party’s right to enforce a provision to terminate or amend a Contract […]

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Possession remains only 9/10ths of the law post PPSA

Since the commencement of the Personal Property Securities Act in January 2012 (PPS Act) there appears to have developed a single minded attitude amongst Insolvency Practitioners that if :- they have an asset in their possession; and it is not subject to a registered security interest under the PPSA; then they are entitled to possession […]

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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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Insolvency Update | Small Business Loans Inquiry

The Report into the Bank’s small business lending practices has been released today by the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell AO. Whilst concentrating on the Bank’s practices, some of the Report’s 15 recommendations have a direct bearing on the interaction of Insolvency Practitioners with their Banking clients. In particular, in relation […]

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