Insolvency Reforms: for better or for worse?

On 24 September 2020, the Australian Federal Government announced what it called the most significant reforms to Australia's insolvency framework in over 30 years. "The reforms, which draw on key features from Chapter 11 of the...

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ASIC loses its responsible lending appeal to the Full Federal Court of Australia

In a judgment handed down on 26 June 2020, the Full Federal Court of Australia in the case of Australian Securities and Investments Commission v Westpac Banking Corporation [2020] FCAFC 111 dismissed an appeal by the Australian ...

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Latest Updates from AFCA

1. Business Booming 2. AFCA gives more time to resolve complaints 3. Significant Event Response Plans – Is AFCA prejudging the Issue? 4. Two recent cases consider AFCA powers 5. Did the making of a decision by AFCA involve a...

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Court orders variation of unfair contract terms – lessons when using unilateral variation clauses

A recent Federal Court decision could serve as a guide when incorporating unilateral variation clauses into standard-form contracts with small business and consumers. ASIC successfully obtained orders declaring void and varying "u...

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ASIC releases further details of deferrals and dispensations in response to COVID-19

In our recent newsletter,  we reported on the announcement by ASIC on Monday 23 March 2020 that it was recalibrating its regulatory priorities to focus on COVID-19 challenges. On Tuesday 14 April 2020 ASIC provided further det...

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ASIC announces a change in its regulatory focus during the Covid 19 emergency

The announcement by ASIC on Monday 23 March 2020 that it is recalibrating its regulatory priorities to focus on COVID-19 challenges is a welcome relief to the finance industry in these challenging times. ASIC states that it w...

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