The Supreme Court of New South Wales has recently handed down its decision in proceedings (“Arrium Proceedings”) brought by a number of lenders against former officers and employees of Arrium Limited and its subsidiaries...more
10/15/2021
/ Australia ,
Borrowers ,
CFOs ,
Duty of Care ,
Financial Institutions ,
Insolvency ,
Lenders ,
Loss Causation ,
Material Adverse Change Clauses (MACs) ,
Material Adverse Effects ,
Negligence ,
Secondary Markets ,
Supreme Court of New South Wales
ASIC has provided long-awaited confirmation of its policy position with regard to applications for relief from the operation of the takeover restrictions in the Corporations Act 2001 (Cth) ("Act") in relation to compulsory...more
The Australian Government has introduced new laws which are intended to avoid unnecessary corporate insolvencies in light of the challenges presented by the unfolding COVID-19 global pandemic....more
One year on from Australia's Royal Commission on Banking -
The report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Report), was published one year ago....more
2/6/2020
/ Australia ,
Banking Regulators ,
Consumer Complaint System ,
Corporate Misconduct ,
Duty of Care ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Intermediaries ,
Legislative Agendas ,
Ombudsman ,
Regulatory Agenda ,
Regulatory Oversight ,
Small and Medium-Sized Enterprises (SMEs) ,
UK
Recently, three of Australia's four largest banks have self-reported breaches of anti-money laundering and counter-terrorism financing laws. Commonwealth Bank of Australia in 2018 admitted fault and agreed to pay a civil...more
1/22/2020
/ AML/CFT ,
Anti-Money Laundering ,
Australia ,
Banks ,
Bribery ,
Corporate Crimes ,
Corporate Misconduct ,
Deferred Prosecution Agreements ,
Enforcement Actions ,
Legislative Agendas ,
Money Laundering ,
Pending Legislation ,
Regulatory Agenda ,
Risk Mitigation ,
Terrorism Funding ,
Terrorist Financing Regulations ,
Whistleblowers ,
White Collar Crimes
Hong Kong and Australia have signed a wide-ranging free trade agreement in a variety of areas including trade in goods and services, government procurement, construction, communications, and intellectual property....more
In July 2017, we wrote about the case of Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (in liquidation) (receivers and managers appointed), in which the Western Australian Supreme Court held that rights of set off...more
In our previous blog post, we examined the decision of the New South Wales Court of Appeal to uphold the composition of classes of creditors in the Boart Longyear restructuring by way of scheme of arrangement....more