Insights

The perils of disregarding due process

Receivers may breach their duty of care if they sell property over which they are appointed without first conducting a marketing campaign or running a public auction.

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To adjourn, or not to adjourn: applications by administrators to adjourn winding up applications

It is not uncommon for administrators to be appointed in the period between a company being served with a creditor’s winding up application and the date on which that application is to be heard...

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Redundancy – NES relied on to interpret employment contracts

As highlighted by a recent Full Bench decision of the WA AIRC (Spotless Group v Dennis Buckle [2017] WAIRC 00024), tribunals are prepared to refer to the National Employment Standards to resolve...

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Procedural fundamentals: extension of convening period for second creditors’ meetings

The factors which an administrator can cite in support of any extension application will necessarily depend upon the unique factual circumstances involved.

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Australian Energy Regulator v Australian Competition Tribunal (Ausgrid decisions)

A decision by the Full Federal Court supports the Australian Competition Tribunal’s February 2016 findings: that there may be a different benchmark efficient entity for each service provider, and...

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Approvals for CSG water treatment facilities in NSW

On 14 March 2017, the Court of Appeal of the Supreme Court of NSW gave its decision in People for the Plains Incorporated v Santos NSW (Eastern) Pty Ltd [2017] NSWCA 46 (Case). The Case considered...

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Acumen June 2017

noun – quickness of perception; keen insight. A range of legal issues relevant to corporate counsel and senior executives, written by our senior practitioners.

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Likely new corporate offence of failing to prevent foreign bribery

All companies, however large or small, will need to comply with these proposed laws when (rather than if) they are enacted.

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Foreign Bribery Update 2016: May

Important developments in Australia and overseas in foreign bribery policy, investigations and regulation to 20 May 2016, including international the role of intermediaries in Unaoil and the Panama...

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Can the knowledge of several employees be aggregated and attributed to the company?

In certain circumstances, knowledge of fraud by employees may be aggregated to determine culpability of a company where there is a duty and opportunity to communicate it to the other.

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PPS leases get another makeover

Insolvency practitioners will need to consider whether a lease is entered into before or after the commencement of the Amending Act, as this will determine which set of rules apply.

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In the matter of Boart Longyear Limited

"Justice Black in In the matter of Boart Longyear Limited [2017] NSWSC 537 has confirmed that section 411(16) of the Corporations Act 2011 (Cth) (the Act), can be used to provide companies...

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Transparency on the beneficial ownership of companies

In February 2017, the Australian Government released a consultation paper titled ‘Increasing Transparency of the Beneficial Ownership of Companies’ (Consultation Paper) to explore the potential to...

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ATO to provide guidance for new financial reporting requirements of significant global entities

As part of a wider effort to combat corporate tax avoidance and improve the transparency of multinational companies’ financial affairs, in late 2015 the Australian Parliament amended existing...

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Continuous Disclosure Shareholder Class Actions in Australia

Shareholder class actions for alleged breaches of a listed company’s continuous disclosure obligations are an established part of the Australian legal landscape with more than 50 shareholder class...

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PPSR registration – Route [1]66 now closed

The New South Wales Supreme Court has found that a secured party can't rely on its own mistake when registering on the PPSR to claim that the defective registration “temporarily perfects” its...

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AFS licensing exemption under the FFSP Class Orders - reporting and disclosure requirements

Foreign financial service providers (FFSPs), that provide financial services to wholesale clients in Australia relying on one of the FFSP Class Order exemptions from holding an Australian financial...

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Acumen Federal Budget Special Edition 2017

This special edition of Acumen discusses the key taxation reforms for business announced on the evening of 9 May 2017 by Treasurer Scott Morrison in the 2017 Australian Federal Budget.

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2016 AGM Season Survey Results

At the conclusion of the 2016 AGM season, we conducted our annual survey of remuneration report voting for S&P/ASX 1001entities.

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Linc Energy (In Liq): Liquidators obliged to prioritise State environmental laws despite disclaimer

The decision of Jackson J has wide-ranging consequences for the insolvency industry, as the outcome effectively relegates (at least in QLD) liquidator remuneration, employee entitlements and all...

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Pari Passu now the norm in trust distributions

Section 433 of the Corporations Act 2001 (Cth) (the Act) concerns the payment to employees as priority creditors by a receiver from the assets subject to a circulating security interest. This...

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Options and risks: extending time for commencing or serving proceedings

There are a number of reasons why liquidators might want to slow things down when it comes to commencing or prosecuting proceedings. A liquidator might want more time to fully investigate certain...

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Foreign Bribery Update – April 2017

This Update covers a range of important developments in Australia and overseas in the area of foreign bribery policy, investigations and regulation to 1 April 2017. These developments will impact...

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Review 2017

This 2017 edition of Review highlights a selection of the public assignments undertaken by us over the past year as well as major legislative and policy developments occurring over that period.

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