Gadens 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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En Garde for the Mortgage Broker Referral Regime

Introduction Information sharing and stricter reporting obligations are key to most reforms to financial services law since the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Service Industry. Mortgage brokers are about to be subject to the double-edged sword that is the Mortgage Broker Referral Regime, expected to come into play for all […]

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Gadens Connect | 2021 Edition One

Welcome 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 […]

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Gadens Connect | 2020 Edition Four

This 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 […]

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Conflicted remuneration – mortgage brokers’ tricky year ahead

The Federal Treasury has released the long-awaited regulations which will govern mortgage broker remuneration from 1 January 2021, the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers) (Mortgage Brokers) Regulations 2020 (Regulations). It follows the release of the draft regulations and explanatory statement in August 2019. The Financial Sector Reform (Hayne Royal Commission Response – […]

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Liquidators Be Aware – Statutory Demands and Personal Liability for Costs

In SJG Developments Pty Ltd v NT Two Nominees Pty Ltd (in liq),[1] the Supreme Court of Queensland set aside a statutory demand served by the liquidators of NT Two Nominees Pty Ltd (in liquidation) (NT Two Nominees) on SJG Developments Pty Ltd (SJG).  Costs were awarded on the indemnity basis and more significantly, were also ordered […]

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How ASIC’s new product intervention power may be used in the future – looking overseas for clues

In this briefing, we provide an overview of the Australian PIP regime, compare it to overseas regimes and list some of the products which have been banned in Australia and under comparable regimes overseas. This briefing offers an insight into the types of products that ASIC may intervene on in the next few years. Download […]

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Changes to Mortgagee Power of Sale process in Queensland: is a vesting order still needed when a property is disclaimed by a Trustee in Bankruptcy or Liquidator?

Gadens has had involvement in numerous matters where land, the subject of a registered mortgage, is disclaimed by a Trustee in Bankruptcy or Liquidator. Recent changes to the Property Law Act 1974 (Qld) (Act) have simplified the process for mortgagees exercising power of sale and do away with the need for a Court order. Previously, […]

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By whose authority? Court deems payments made under a DOCA to the DCT voidable as unfair preferences

In Yeo, in the matter of Ready Kit Cabinets Pty Ltd (in liq) v Deputy Commissioner of Taxation,[1] the Court considered whether payments made to the Deputy Commission of Taxation (DCT) by a director of the company, required under a Deed of Company Arrangement (DOCA) were recoverable as unfair preferences. The case turned on whether the payments […]

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Gadens Connect | 2020 Edition Three

In the third edition of Gadens Connect, we bring you the second quarter update for 2020. These last few months have seen us all adjusting to a new ‘norm’ and the challenges the COVID-19 pandemic has continued to bring to business and life in Australia. In this edition, we focus heavily on the impact of […]

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Can a “Gentleman’s Agreement” not to enforce a guarantee be relied upon?

In Harburg Nominees Pty Ltd & Anor v Deen,[1] the Supreme Court of Queensland considered whether an oral “gentleman’s agreement”, that is the oral representations made, meant that the guarantees were unenforceable. The facts As at May 2015, Harburg Nominees Pty Ltd (Harburg) had, over time, advanced approximately $18.5 million to Warapar Resources Pty Ltd (Warapar) for […]

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“Legal Phoenix” – The burdens and benefits of professional advice

In ACN 093 117 232 Pty Ltd (In Liq) v Intelara Engineering Consultants Pty Ltd (In Liq) [2019] FCA 1489, the court considered whether a “legal phoenix” arrangement entered into after receiving professional advice was in fact a voidable transaction. The facts Intelara Pty Ltd (OldCo) operated an engineering consultancy business and after experiencing financial difficulties in […]

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