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| Alerts |
| Insolvency Alert - 1 July 2010
Creditor Petitions & Bankruptcy Notices - Changes to Minimum Debt
On 24 June 2010, the Federal Parliament passed amendments to the Bankruptcy Act 1966 changing the minimum debt amount prescribed by the Act for: A bankruptcy notice to be issued (Section 41); and A creditor's petition (Section 44).
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| Banking Services Alert - NSW Extends Interest Cap Provisions
With all the changes going on in Consumer Credit Law at present some changes appear to have "flown under the radar". A case in point is the extension to the interest cap legislation in New South Wales which was buried in the Credit (Commonwealth Powers) Bill 2010 (NSW). In an alert issued by an industry association the expression "bombshell" has been used to describe this change.
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| Banking In Brief |
| Banking In Brief - Issue 24 - April 2010
NSW Mortgage Identification - What is Reasonable? Queensland Lenders will already be familiar with this concept as there is already an identification requirement in Queensland. Unfortunately the New South Wals proposals went well beyond the Queensland requirements and would have imposed unreasonable requirements on Lenders.
Credit Code Legislation - Are You Ready? MacGillivrays has a variety of service options available to assist you.
On the Margin. If you make margin loans or advise clients about margin loans then you must apply to ASIC for an AFSL licence by 30 June 2010.
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| Banking in Brief - Issue 23
NEW NATIONAL CREDIT REGULATION LAWS - START DATE EXTENDED
It was reported last week that January 2010 is now likely to be the new start
date for federal takeover of consumer credit regulation laws, six months later
than originally envisaged. It is expected that Parliament will pass the enabling
legislation in September this year, instead of July as was originally proposed.
EXECUTIVE REMUNERATION - THE REGULATORY DEBATE
In March 2009, John Trowbridge, Executive Member of the Australian
Prudential Regulation Authority (‘APRA’) in a speech delivered at the 2009
Remuneration Forum, not only expressed APRA’s view on this topic but
outlined possible new prudential standards to be issued by APRA.
TINY TERMS CONTRACTS- IMPLEMENTATION OF AMENDMENTS TO QLD CREDIT CODE
Our June 2008 Banking In Brief publication
referred to legislation1 that had been passed in
Queensland to amend the national Consumer
Credit Code extending its application to:
• Certain Terms Sale of Land Contracts;
• Conditional Sale of Goods Agreements; and
• Tiny Terms Contracts.
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| Client Information Bulletin |
| Client Information Bulletin Issue 79 - June 2010
Do Your References Stack Up? A new website has been created to enable profiles of people to be added by anyone. Ex-employers with a grudge or co-workers could potentially add a review about your work performance and provide sensitive details to others. Could this be defamatory conduct?
Genuine Steps for Dispute Resolution. As part of the Federal Government's strategic framework principles, legislation was introduced by the Attorney-General on 16 June 2010 to require parties involved in legal disputes to take genuine steps to resolve their dispute before going to Court.
New Associates Appointed. We are delighted to advise the promotion of two of our staff to the position of Associate in our Litigation & Dispute Resolution Services Division.
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| Corporate & Business |
| Corporate & Business In Brief - Issue 12 - March 2010
Superannuation update - The latest Government statistics regarding our ageing population raise some interesting reminders for all self employed people who either trade as individuals or control companies through their own or their Family Trust’s shareholdings. Often those businesses have been successful in paying monies into Self Managed Super Funds (SMSF). Every day we hear the question “how much money will I need in my old age and when do I retire?”
iiNet v Roadshow Films - In the recent Federal Court decision of Roadshow Films Pty Ltd v iiNet Limited (No 3) [2010] FCA 24, a total of 34 applicants including Roadshow films, Universal Studios, Paramount Pictures and Disney combined forces to bring proceedings against iiNET, a Perth-based ISP and in turn, brought about a landmark copyright decision.
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| Employment & Industrial Relations |
| Employment In Brief - Issue 8 - 31 May 2010
Are unfair dismissals becoming more trendy? When the new Fair Work Act and national Employment standards were anounced to commence on 1 January 2010 employers were concerned that this would result in an increase of unfair dismissal cases.
Multinational Employers Beware. A recent Fair Work Australia decision on an application for unfair dismissal.
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