Call in the experts: Bankrupt’s attempts to sell charged assets through CommSec rejected by the Federal Court in favour of liquidator appointment
Bankruptcy litigation can stem well beyond the primary bankruptcy proceedings. Continued litigation may be born out of disputes between bankrupts, bankruptcy trustees and other interested parties in respect of methods of asset liquidation. Consequently, the Court will often appoint a qualified person such as a liquidator to ensure bankrupt estate assets obtain their value when […]
ReadmoreDoes the AFCA have jurisdiction to decide your financial dispute? Guidance from the decision in AgriWealth Capital Limited v Australian Financial Complaints Authority Limited [2022] FCA 1336
In a recent case concerning a complaint brought against a financial services business operating several registered forestry management investment schemes in New South Whales (the Complaint), the Federal Court of Australia considered an application that challenged the jurisdiction of the Australian Financial Complaints Authority Limited (AFCA) to decide the Complaint. Background Following the review of […]
ReadmoreA new challenger enters the arena: why the CCIV is poised to dethrone the MIS as the preferred funds management structure
On 10 February 2022, after numerous rounds of feedback, the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 (Cth) (CCIV Bill), passed both Houses of Federal Parliament and came quietly into being – its impact on the Australian funds landscape will undoubtedly be anything but. The CCIV Bill establishes the corporate collective investment […]
ReadmoreSecurity Legislation Amendment (Critical Infrastructure) Act 2021
Executive Summary The recently released Security Legislation Amendment (Critical Infrastructure) Act 2021 (Cth) (SOCI Act) has amended the Security of Critical Infrastructure Act 2018 (Cth) with a view to further managing the complex and evolving national security risks of sabotage, espionage and coercion posed by foreign involvement in Australia’s critical infrastructure. The amended SOCI legislation […]
ReadmoreIs a Mortgagee’s 60% default interest rate just a collateral advantage? Or is it unfair and unconscionable?
Mortgagees should not only consider the content of a mortgage term, but the effect of its operation. If the effect of the mortgage terms could be seen to operate unfairly or unconscionably to a mortgagor, as discussed in the recent decision of the New South Wales Supreme Court in First Mortgage Capital Pty Ltd v […]
ReadmoreGadens Connect | 2021 Edition Four
In 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 […]
ReadmoreAre you prepared? October breach reporting changes loom
In anticipation of the upcoming breach reporting obligations commencing on 1 October 2021, ASIC has released Regulatory Guide 78 (New RG 78) on Breach Reporting by Australian Financial Services (AFS) licensees and credit (AC) licensees. These new expanded reporting obligations seek to address ASIC’s long-standing concerns regarding the timeliness and quality of breach reporting across […]
ReadmoreWho can use documents obtained in public examinations and when?
In LCM Operations Pty Ltd, in the matter of 316 Group Pty Ltd (In Liquidation) [2021] FCA 324, the Federal Court considered whether a third party who has been assigned a company’s claim by a liquidator breached the Harman undertaking with respect to documents obtained through public examinations. What happened? 316 Group Pty Ltd (316) […]
ReadmoreGadens Connect | 2021 Edition Three
For 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 […]
ReadmoreImportance of properly formulating offers made in proceedings involving counterclaims
In Wiggins Island Coal Export Terminal Pty Limited v Civil Mining & Construction Pty Ltd[1], the Queensland Court of Appeal considered the costs implications of an ‘all up’ offer made under the Uniform Civil Procedure Rules 1999 (Qld) (the UCPR) and whether it could determine the ‘net result’ of two orders (each order made in […]
ReadmoreFinancial Accountability Regime – Key Facts
On Friday, 16 July 2021, Treasury released the exposure draft legislation for the Financial Accountability Regime (FAR). Building on the Banking Executive Accountability Regime introduced on 1 July 2018, FAR will apply to all prudentially-regulated institutions e.g. banks, insurers and super funds and will operate to place institutional and personal liability on key executives for […]
ReadmoreGadens Connect | 2021 Edition Two
In 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. […]
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