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Insolvency

Accessorial Liability under the Corporations Act 2001 (Cth)

Meaning of accessorial liability Individuals or corporations may be liable for contraventions of the Corporations Act 2001 (Cth) ('the Act') on the basis of their primary liability or accessorial liability. Primary...

Published by Chiara Rawlins
7 February, 2023
Insolvency

“No deposit, no interest”: ASIC commences proceedings against Harvey Norman and Latitude for misleading advertising

Last week, the Australian Securities and Investments Commission (ASIC) launched civil proceedings in the Federal Court of Australia against retail giant Harvey Norman Holdings Ltd (Harvey Norman) and its credit-card ...

Published by Foez Dewan
12 October, 2022
Insolvency

Avoiding knowledge of vulnerable borrowers is no excuse to unconscionable conduct in asset-based lending: Stubbings v Jams 2 Pty Ltd [2022] HCA 6

In the case of Stubbings v Jams 2 Pty Ltd [2022] HCA 6, the High Court allowed an appeal in relation to unconscionable conduct surrounding asset-based lending and vulnerable borrowers. In particular, the High Court found that lenders cannot ...

Published by Foez Dewan
5 May, 2022
COVID-19

Case Law update: Vitality Works Australia Pty Ltd v Yelda (No 2) [2021] NSWCA 147

Sexual harassment in the workplace traditionally involves offensive or unwelcome behaviour of a sexual nature from a colleague or manager. However, in a more unusual decision, two companies were recently found liable for $200,000 in damages after fea...

Published by Tim McDonald
5 August, 2021
Insolvency

$1 million might not be the end of it for Crown Resorts

The Crown Resorts Limited's (Crown) $1 million fine from the Victorian Regulator would seem insignificant in the context of the potential penalties under the Corporations Act 2001 (Cth) (the Act) if Crown is...

Published by Foez Dewan
19 May, 2021
Insolvency

A warning to company directors: Federal Court orders $240,000 penalty for director being ‘knowingly concerned’ in the company’s false or misleading conduct

On 5 March 2021, in Australian Securities and Investments Commission v Dover Financial Advisers Pty Ltd (No 3) [2021] FCA 170, the Federal Court ordered Dover Financial Advisers Pty Ltd (Dover) to pay a $1.2 million penalty ...

Published by Chiara Rawlins
11 March, 2021
Insolvency

Overhaul of Australia’s insolvency laws for SMEs: Rise of a ‘debtor in possession’ insolvency model

On 1 January 2021, drastic reforms were made to the Australian insolvency legal landscape through The Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (Cth) (the Amending Act). Despite these reforms only applyi...

Published by Foez Dewan
10 March, 2021
Insolvency

Betting on Bitcoin: the law on directors’ duties and cryptocurrencies

Bitcoin has hit an all-time-high this week, breaching AUD$60,000 and appears to be in a new price-discovery phase. The rise is, at least partially, coming off the back of ubiquitous American electric vehicle automotive company, Tesla, confirming in S...

Published by Chiara Rawlins
10 February, 2021
Insolvency

Will the Court grant leave to continue proceedings when an association enters voluntary administration before final orders?

The NSW Court of Appeal has recently dealt with the issue of whether leave should be granted to allow proceedings to continue to final orders in a situation where administrators were appointed after publication of the Court's reasons, but before fina...

Published by Foez Dewan
15 December, 2020
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