Regulator - November 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Regulator - October 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
Octaviar, round 3 - the saga continues. What should we do now? - 19 October 2009
As we reported on 16 October, in the ongoing Octaviar matter an application was lodged with the High Court on Thursday 15 October 2009 for special leave to appeal against the decision of the Queensland Court of Appeal, which had overturned the unsettling first instance judgement.
Octaviar - the saga continues: appeal to the High Court - 16 October 2009
The Public Trustee of Queensland has lodged an application for special leave to appeal to the High Court from the decision of the Queensland Court of Appeal (see our Alerts of 18 September and 21 September 2009).
Octaviar - was it all just a bad dream? - 21 September 2009
The Octaviar decision has been emphatically overturned by the Queensland Court of Appeal. But this does not yet mean that life necessarily returns to the way it was. For a start, there is the possibility of appeal. In any event, the “genie is out of the bottle”: parties who want to attack charges will be looking closely at the registration provisions of the Corporations Act and the drafting and registration of charges and variations, and at least one remark in the appeal judgment may leave some uncertainty. Thus, parties taking security will need to remain alert, though not alarmed.
Octaviar decision overturned on appeal - 18 September 2009
The Queensland Court of Appeal has found for Fortress in the appeal from the decision of McMurdo J in Re Octaviar Ltd; Re Octaviar Administration Pty Ltd [2009] QSC 37, thus overturning the decision at first instance.
Regulator - 2nd edition - 14 August 2009
Regulator - 2 July 2009
Mallesons’ Regulator Newsletter offers perspectives on current regulatory issues from the Market Regulation team.
PPS Bill: major changes to personal property securities registration - 30 June 2009
Proposed changes to the Personal Property Securities Bill 2009 (PPS) recently introduced into the House of Representatives, signifies an overhaul of the registration of securities.
Analysis of the NSW mortgage duty changes - 19 June 2009
The NSW Government has introduced into Parliament the State Revenue Legislation Further Amendment Bill 2009. Among other things, it seeks to make several significant amendments to the mortgage duty provisions in the Duties Act 1997 (NSW), with effect from 1 July 2009. These changes will affect securities put in place prior to 1 July, as well as those executed after this date.
New mortgage rules for NSW - 7 May 2009
The Real Property and Conveyancing Legislation Amendment Bill 2009 was passed by the NSW Parliament on 6 May 2009. The Bill makes important changes to the law regarding the execution of Torrens title mortgages in NSW. It is a response to the growing threat of mortgage fraud - in particular, "identity theft" - as well as the growing number of claims against the Torrens Assurance Fund arising out of forged mortgages. The Bill will commence on a date to be proclaimed.
Octaviar - proposed solutions for the past and the future - 1 May 2009
The Qld Supreme Court's decision in Re Octaviar Ltd; Re Octaviar Administration Pty Ltd [2009] QSC 37 (6 March 2009) has generated a great deal of concern (and inconsistent positions) in the banking and finance industry, and among legal and other advisers. In an effort to focus the debate and begin to stabilise market practice in a post-Octaviar environment, Mallesons Stephen Jaques and Allens Arthur Robinson are making available to the market some practical solutions which we have formulated together, working with John Sheahan SC.
Court widens category of registrable instruments relating to charges - 10 March 2009
The Queensland Supreme Court handed down its decision in Re Octaviar Ltd; Re Octaviar Administration Pty Ltd [2009] QSC 37 last Friday, 6 March 2009. The decision is widely regarded as surprising because it appears to cut across current market practice.
Australian Government releases guarantee scheme documents - 21 November 2008
The Australian Government (“Government”) has today published its guarantee facility under which Australian authorised deposit-taking institutions (“ADIs”) may apply to have deposit amounts over A$1 million and certain funding liabilities guaranteed by the Government. Foreign banks (“Foreign ADIs”) authorised to carry on banking business in Australia under the Banking Act 1959 may also apply to have certain deposits and funding liabilities held by Australian residents guaranteed by the Government.
Personal Property Securities Bill released - 16 May 2008
A consultation draft of the Personal Property Securities Bill 2008 (Bill) was released for public comment today.
Personal property securities reform still on the agenda - 14 March 2008
The Australian Attorney-General has confirmed that the Australian Government remains committed to reforming the law on personal property securities (PPS) and that it plans to release exposure draft legislation shortly.
Personal property security reform - Will you be affected? - 28 May 2007
In our previous Review, we outlined the current proposal to reform the law on personal property securities (PPS), including the proposal to replace the current system of registration with a single national register. In this Review, we examine which types of transactions may be affected by the PPS reform.
Asset finance - budget and interest withholding tax legislation - 15 May 2007
We examine some budget changes affecting finance leases, film incentives, Australian property trusts and personal property security reform. We also draw your attention to some legislation introduced in parliament last week concerning exemptions for withholding tax for certain syndicated loan facilities.
It's time to start thinking about personal property security reform - 9 May 2007
Reforming the law on personal property security (PPS) in Australia has been on the agenda for some time. However, the most recent proposal appears to be gaining momentum (including allocation of funding for the reform announced in last night’s budget). So it may be time to start thinking about how the proposed changes will affect your business.
New South Wales Duties (Abolition of State Taxes) Bill - 19 June 2006
On 6 June 2006, the State Taxes Bill was introduced into the New South Wales Parliament as part of the State Budget. It significantly amends the mortgage duty provisions. These will apply from 1 July 2006 until the abolition of mortgage duty on 1 January 2011. The proposed amendments may impact on deals you are currently doing where securities are to be executed or funding is to be provided on or after 1 July 2006.
Is there sufficient support for personal property securities law reform in Australia? - 24 April 2006
Australia has started down the path to change its personal property securities law to match USA, Canada and New Zealand. This could lead to a single national electronic scheme affecting all property other than interests in land. The Attorney-General, Philip Ruddock is driving the change. An Options Paper invites your comments by 2 June 2006.
Part 47 Civil Aviation Safety Regulations - change to transition arrangements - 2 November 2005
There has been a change to the transition arrangements for the transfer of registration of aircraft on the Australian register to registration under Part 47 of the Civil Aviation Safety Regulations 1998. By 15 November 2005, owners, lessees and financiers of aircraft need to make sure that the prescribed Form 025 “Transition of Registration to CASR Part 47” is lodged with Civil Aviation Safety Authority (CASA) to transition the registration of the aircraft. Failure to do this, risks CASA cancelling or suspending the aircraft’s registration.
Finally …. legislative reform of NSW bills of sale and wool, stock and crop securities - 25 October 2005
Two of the oldest statutes in NSW (the Bills of Sale Act 1898 and the Liens on Crops and Wool and Stock Mortgages Act 1898) are to be repealed and replaced with a new Act. The Security Interests in Goods Bill 2005 received assent on 19 October 2005 and is expected to commence on 1 February 2006. If you are a financier who provides finance secured over agricultural produce or goods (or personal chattels) located in New South Wales, you need to review your security documents to ensure they are ready for this new regime.
Read our archived publications…