Banking Royal Commission Reveals Culture of ‘Greed and Dishonesty’

On the 28th of September, Kenneth Hayne, Head of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, published an interim report following months of investigations. The report reflects on the first four rounds of public hearings, which considered consumer lending, financial advice and small to medium enterprise loans. Commissioner Hayne’s findings […]

Supreme Court of Queensland Issues Costs Guidelines

Practice Direction 22 of 2018 The Supreme Court of Queensland has for the first time issued guidance as to the appropriate percentage uplift to professional fees to be allowed pursuant to Item 1 of the Scale of Costs (the Scale) contained in Schedule 1 to the Uniform Civil Procedure Rules 1999 (UCPR). Background On 24 […]

High Court of Australia rules that ‘Holding DOCAs’ are permissible in certain circumstances

Mighty River International Limited v Hughes; Mighty River International Limited v Mineral Resources Limited [2018] HCA 38. Background Mesa Minerals Limited (Mesa) is a listed mining company which owned a 50% joint venture interest in two manganese projects[1].  It was placed into Voluntary Administration on 13 July 2016[2]. Voluntary Administrations are governed by Part 5.3A […]

High Court refuses special leave to appeal QCA’s decision in Linc Energy

On 26th March, we published an article summarising the Queensland Court of Appeal’s decision in Longley & Ors v Chief Executive, Department of Environment and Heritage Protection & Anor; Longley & Ors v Chief Executive, Department of Environment and Heritage Protection [2018] QCA 32 (the Linc Energy decision). At the time of publication, it was […]

HCA Publishes Reasons for Confirming Validity of Holding DOCAs

The High Court recently released the reasons for decision in dismissing the appeal in Mighty River International Ltd v Hughes & Ors [2018] HCA 38. This decision confirms the validity of employing a certain form of deeds of company arrangement (“DOCAs”), known as a “holding DOCA” as a restructuring tool. The case centers around a […]

Naming Wrong Employer Invalidates Fair Work Claim

The recent case of Lili Sinden v HDR Inc. T/A HDR [2018] FWC 5643 provides a reminder that when bringing a claim against employers, any would be applicant must ensure they name the correct entity in their application. The applicant in this case, Ms Lili Sinden a HR manager, attempted to file a general protections […]

New Zealand Set to Reform Insolvency Laws

With the Insolvency Practitioners Bill currently before the New Zealand Parliament, the nation’s insolvency laws are set to undergo a significant transformation. The bill was first introduced to parliament in April 2010, and sought to introduce a ‘negative licensing system’ for insolvency practitioners. In doing so, the initial bill afforded the Registrar of Companies power to […]

NSWSC: Liquidators Must Not Use Casting Vote to Veto Their Removal

In a recent judgment delivered by the Supreme Court of New South Wales, the court found in favour of a creditor who sought to remove its liquidator, despite previously failing to do so at a meeting convened pursuant to the Insolvency Practice Schedule (Corporations). Background The case involved The Owners – Strata Plan 84741 (Strata […]

CBA Joins World Bank To Deliver World’s First Blockchain Bond

The World Bank has endorsed the Commonwealth Bank of Australia as the sole arranger of the world’s first blockchain bond. The development comes in response to strong investor interest in bond-i (blockchain offered new debt instrument) technology, and is expected to launch following consultation with a wider investment group. Labelled ‘$AUD Kangaroo bond’, the new […]

FCA: Trustees Entitled to Acquire Assigned Claims

In Rambaldi v Meletsis, in the matter of Karas (Bankrupt) [2018] FCA 791, the court was required to consider whether the trustees of a bankrupt estate had the power to acquire assigned claims. Background In 2011, Nick Meletsis replaced his brother-in-law, Tom Karas, as the sole director and shareholder of 70 Nicholson Street Pty Ltd. Following this, […]