On 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 […]
ReadmoreIn this edition of Gadens Connect, our team provides an overview of key performance indicators as we move into Christmas; an update on the new Financial Difficulty Guideline; an insight into legislative changes in relation to witnessing of affidavits (South Australia); a summary of FAQs regarding mortgagee in possession liability; and an overview of smoke […]
ReadmoreASIC’s new Regulatory Guide 271 comes into effect on 5 October, covering new expanded IDR requirements that seek to address ASIC’s long-standing concerns regarding deficiencies and delays in the banks’ processes including in the identification, investigation and resolution of potential systemic issues raised by complaints. In this article, Sonia Apikian and Trish Kastanias explore the […]
ReadmoreFor the third edition for 2021 of Gadens Connect, our team provides an overview of key performance indicators including the impact of COVID-19 holds across the recoveries portfolio, an update on permanent changes to the Justice Legislation Amendment (System Enhancements and Other Matters) Act 2021 (Vic) and an insight into setting aside default judgment by […]
ReadmoreA mortgagee may be faced with a situation where the mortgagor becomes bankrupt and the trustee, in which the property then vests, disclaims the mortgaged property. We outline the process a mortgagee is required to follow when a mortgaged property has been disclaimed and summarise the key issues considered by the Court. Click below to […]
ReadmoreThe last 12 months has seen a number of court applications being made for an extension of time to register a PPSA security interest. In the following article, we summarise the key issues considered by the courts and provide practical tips for any secured party who finds themselves out of time to correctly register their […]
ReadmoreIn this edition of Gadens Connect, our team provides an overview of key performance indicators from last quarter; shares an overview of important changes to the Residential Tenancies Amendment Act 2018 (Vic) and AFCA determinations on Early Release of Superannuation; and addresses mortgagee in possession FAQs. As always, we welcome your feedback on this publication. […]
ReadmoreWelcome to the first edition of Gadens Connect for 2021. The festive season was different for many of us, with some enduring yet another lockdown, while others had travel plans cancelled or could not get back to their home state. This edition focuses on moving forward with COVID-19, and how we can help you and […]
ReadmoreThis edition of Gadens Connect provides the first update from the new financial year for our clients in the financial services industry. COVID-19 has continued to impact business across Australia and we are continually working to support our clients where needed. We have seen our clients undertaking resumption activities with customers and preparing to deal […]
ReadmoreAs Australia continues to recover from the COVID-19 pandemic, the Morrison Government announced proposed changes to access credit. The proposed changes, outlined in the article below, seek to simplify the system between consumers and lenders, making access to credit easier for consumers and small businesses. Read the full article below. Our Banking & Finance team […]
ReadmoreRental Eviction Moratorium Extended – 31 December 2020 In response to the second COVID-19 wave in Victoria, the Victorian Government announced on 20 August 2020 that the rental eviction moratorium under the COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic) (Covid-19 Act) would be extended until 31 December 2020. The moratorium protects both residential and commercial tenants suffering financial distress […]
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