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 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.
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.
Major NSW Stamp Duty changes announced - 18 June 2009
The NSW government has announced significant changes to the stamp duties laws which will impact on financiers, borrowers, property development and the secondary market for landowning entities.
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.
Release of National Consumer Credit Protection Bill 2009 - 27 April 2009
A public exposure draft of the National Consumer Credit Protection Bill 2009 was released today. The Bill implements phase 1 of the Government’s Action Plan for single, standard, national regulation of consumer credit. The Bill will have a significant impact on any person involved in the origination, management and enforcement of both consumer credit and credit provided to purchase, renovate or improve residential property for investment purposes. The key features of the bill include the establishment of a national licensing regime and the creation of responsible lending obligations. Submissions on the Bill are due by Friday, 22 May 2009.
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.
High Court decision overturns GST treatment of forfeited deposits - 22 May 2008
In a unanimous decision, the High Court has held that GST does apply to a forfeited deposit. This overturns the earlier decision of the Full Federal Court, which specified that GST does not apply to a forfeited deposit.
Affordable housing initiative will create new property industry sector - 3 March 2008
Mallesons Stephen Jaques predicts the emergence of a new property industry sector catering for affordable housing developments, kick started by the government’s affordable housing subsidy.
Managed investment scheme issuers are now subject to anti-money laundering laws - 30 January 2008
On Thursday 31 January 2008, the Anti-Money Laundering and Counter-Terrorism Financing Regulations 2008 will take effect under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act).
Lessons from Australia as Asian REITs thrive - 12 April 2006
Recent developments in Hong Kong and Singapore are stimulating growth in REIT activity. But the regulatory environment can still be improved, argue John Sullivan and Hayden Flinn. This article was published in International Financial Law Review March 2006.
Real estate investment trusts - 28 October 2005
Recent positive regulatory developments in Hong Kong and Singapore make it an exciting time for real estate investment trusts. There are now seven REITs listed in Singapore and it is anticipated there will shortly be REIT listings in Hong Kong. The regulatory developments should encourage further growth in domestic and cross-border REIT activity. While several of the regulatory changes aim to accommodate overseas investments, all REITs listed in Hong Kong and Singapore are affected by the developments.
“Typical feedback for this ‘prestigious’ practice is summed up by one source's assertion that it ‘dominates the property market, to be frank.’ … There is also real depth to the pool of legal talent here… Expertise is available in property-related IPOs, property trusts, development projects ...”
Chambers Global Guide 2004-2005