Mortgage Brokers – You could be up for $1.05M in fines from 1 July 2020
On 6 February 2020, the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures) Bill 2019 (Bill) passed in Parliament. The Bill gives effect to recommendations 4.7 and 4.2 of the Hayne Royal Commission by amending the National Consumer Credit Protection Act 2009 (Cth) (NCCP) and the National Consumer Credit Protection (Transitional […]
ReadmoreFinancial Services Royal Commission – where to after the federal election
Prior to the federal election held on 18 May 2019, there was frenetic discussion and debate over the 76 recommendations made by Commissioner Hayne AC QC in his final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Service Industry. Both major political parties promised reform, however, the extent of industry […]
ReadmoreLinc Energy: Special leave refused by High Court
In the final instalment of the Linc Energy Case,[1] the High Court has refused to grant the Queensland State Government special leave to appeal a decision of the Queensland Court of Appeal with respect to the liability of liquidators to comply with an environmental protection order (EPO). Background The litigation has been ongoing since 2016 […]
ReadmoreHigh Court decision validates Holding Deeds of Company Arrangement
In Australia of Mighty River International Limited v Hughes, Mighty River International Limited v Mineral Resources Limited [2018] HCA 38, the High Court considered whether a Deed of Company Arrangement (DOCA) contravened Part 5.3A of the Corporations Act 2001 (Cth) (the Act). In particular, the High Court considered whether what is commonly described as a […]
ReadmoreRelation back day changes
Section 588FE and 588FF of the Corporations Act 2001 (Cth) (Act) operate to make certain transactions by a company voidable within a prescribed period prior to the company entering liquidation/voluntary administration. The relation back day is the date by which the prescribed period begins whereby transactions entered into by the company may be considered void. […]
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