Upcoming Mallesons seminarsAll entities that hold (or have the benefit of) or have granted registrable charges, or who may do so.
What do you need to do?Review and become familiar with the solutions that have been formulated for both past and future transactions. We can help.
Martin James
Partner
Nuncio D'Angelo
Partner
Martin James
Partner
T +61 2 9296 2198
Sydney
Nuncio D'Angelo
Melbourne
Ian Paterson
Perth
Nicholas Creed
Brisbane
Aaron Bourke
Hong Kong
Richard Mazzochi
(馬紹基)
Beijing
David Olsson
(沈文)
London
Rowan Russell
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.
On 10 March 2009 we sent out an Alert about the decision, which raised issues around the registration of charges and variations to them. Both lenders and borrowers in the market are becoming frustrated. 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.
Whatever one may think of the merits of the decision, it is the law until reversed on appeal or by legislative intervention, and so it is incumbent on the market to deal properly with its consequences, in a sensible and consistent way.
Mallesons Stephen Jaques and Allens Arthur Robinson decided to work together on this because the matter was of interest to many clients we have in common. We jointly briefed John Sheahan SC to consider, refine and confirm our proposed solutions.
Those solutions have been set out in the form of a table. You can link to that table here. Please read the Note at the beginning of the table before using it. We may update the Table over time and any updated table will be at the same address on our website.