Monthly Archives: April 2015

Cash Store is a landmark case for the consumer credit regime. Cash Store confirms that the systemic selling of high-priced and inappropriate, even illusory, insurance cover to financially disadvantaged and financially vulnerable consumers is unlawful, and can potentially lead to enforcement action by ASIC and severe penalties.

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The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) took enforcement actions against a number of the companies and individuals involved in the collapse of the Trio Capital Group (Trio Group). These enforcement actions are summarised in the Appendix of this publication. Further details of the actions against particular individuals are also provided.

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The Full Federal Court (Rares, Yates and Griffiths JJ) has dismissed an appeal by Mr Mervyn Tarrant from a decision of the Administrative Appeals Tribunal (AAT) (President D Kerr and Senior Member Ms JL Redfern). The AAT’s decision was to dismiss Mr Tarrant’s application for review of a seven-year ban from providing financial services imposed by the Australian Securities and Investments Commission (ASIC). This brings to a close Mr Tarrant’s appeals in relation to ASIC’s original ban. The case is Tarrant v Australian Securities and Investments Commission.

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The Western Australian Court of Appeal (Martin CJ, Buss JA and Beech J) has held that the surviving trustee of a self-managed superannuation fund (SMSF) was not required to appoint one of the deceased trustee’s executors as a replacement trustee, and that the trustee had acted bona fides in exercising its discretion to pay the death benefit. The case is Ioppolo v Conti.

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The Supreme Court of Queensland last week clarified the law relating to penalties as it applies to liquidated damages clauses in construction contracts and, in so doing, provided welcome reassurance for many contracting parties operating within the construction industry across Australia.

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Previously, under section 249D of the Corporations Act 2001, a Club Board could be required to call and hold a General Meeting on the request of..

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In the recent United Kingdom decision in Mr E Goldswain and Miss J Hale v Beltec Limited (trading as BCS Consulting) and AIMS Plumbing and Building Services Limited [2015] EWHC 556, the Technology and Construction Court considered an attempt to widen the scope of an engineer's duty to warn.

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Thomson Geer has advised McPherson's Limited on its $60 million corporate bond offer, and the refinance of the McPherson's group's senior debt facilities.

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From 1 May 2015 head contractors on construction projects with a value of at least $20 million will be required to hold retention money in trust for subcontractors, in a separate trust account.

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