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NSW Government paves way by introducing new scheme for mandatory notification of data breaches for public sector agencies

In late 2022, the NSW parliament passed the Privacy and Personal Information Protection Amendment Act 2022. The Act amends the Privacy and Personal Information Protection Act 1998 (PPIP Act) by introducing a Mandatory Notification of Data Breach (MNDB) scheme, which echoes the existing Commonwealth scheme (Notifiable Data Breach Scheme). NSW is the first State and Territory government to introduce a mandatory scheme for its government agencies.

CCIVs – changing the investment game one share company at a time

As of 1 July 2022, a new type of company exists in Australia, called a Corporate Collective Investment Vehicle (CCIV). After years of consultation and discussion, the next step is here in changing ways that Australians can invest their money and grow their personal investments.

Blatant illegal phoenixing stamped out in a first for the new Anti-phoenixing Laws

The Supreme Court of Victoria recently handed down a decision in Re Intellicomms Pty Ltd (in liq)[2022] VSC 228 (Intellicomms), in what is a first for anti-phoenixing jurisprudence in Australia. The decision made findings in relation to the creditor defeating disposition provisions in the Corporations Act 2001 (Cth) (Act), which were introduced relatively recently by way of the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 (Cth) (Phoenixing Act). The decision in Intellicomms was the first of its kind to utilise the creditor defeating disposition amendments in the Act to hold that a transaction was a creditor defeating disposition, pursuant to section 588FDB of the Act and voidable under section 588FE(6B) of the Act. This is the first example of the new provisions combatting illegal phoenixing as was intended by the legislature.
  • 21 Jun 2022


London Calling: The Clash of Smart Legal Contracts?

Distributed ledger technology such as blockchain is driving increasing innovation to disrupt established markets in new ways of transacting. Legally binding smart legal contracts (SLCs) executed without human intervention are spawning investment in new areas ranging from insurance, finance, real estate and supply chains. In November 2021, the UK Law Commission presented advice to the UK Parliament on how existing laws can accommodate SLCs. The report provides useful insights into gaps and considerations in Australia. Their conclusion is that the current legal framework can support SLCs.

Electronic execution now permanent for Australian companies

Changes to the Corporations Act for COVID-19 that allowed virtual company meetings and electronic execution of company documents have been made permanent. These changes mean that companies no longer have to fear a return to doing everything in hard copy and in person. 

How to protect yourself against Construction Company insolvencies.

Entering into a contract to build a new home for a fixed price would seem, at least on the surface, to be the easiest and most stress-free way to get yourself a brand-new home...  

Set-off shield to unfair preference claims dropped

Last Thursday (16 December 2021), in the decision of Morton as Liquidator of MJ Woodman Electrical Contractors Pty Ltd v Metal Manufacturers Pty Limited [2021] FCAFC 228 (MJ Woodman), the Full Court of the Federal Court delivered a highly anticipated decision surrounding section 553C of the Corporations Act 2001 (Cth) (Act) and a liquidator’s unfair preference claim.
  • 24 Dec 2021


Did you really pay? Who is liable for payment in an invoice redirection scam?

According to the ACCC, Australian businesses lost over $132 million to business email compromise scams in 2019. One example is the invoice redirection scam, which can involve a fraudster hacking into the system of the supplier or intercepting emails and sending altered invoices to customers with different banking details. Payments made to these accounts are likely never recoverable. With work becoming increasingly digital, it is imperative for businesses to protect themselves and their customers from such scams.

Raising the bar for raising funds – improvements to charitable fundraising rules boast tighter enforcement

From 1 July 2021, new rules apply to charities and appeals. Although there may be less red tape, the most significant changes relate to enforcement.  

No more peak indebtedness in unfair preferences - 3 things you should know

The Full Court of the Federal Court of Australia in Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (in liq) (receivers and managers appointed)[2021] FCAFC 64 (Badenoch No. 1) has decided that the peak indebtedness rule, often relied upon by liquidators in calculating the quantum of unfair preference claims in situations where there was a continuing trading relationship between the company in liquidation and the creditor under section 588FA(3) of the Corporations Act 2001 (Cth) (the Act), does not apply.
  • 26 Jul 2021


Exposing breaches of privacy – mandatory notification of data breach scheme approaching for NSW

For over two years, the NSW Government has considered whether a mandatory reporting scheme for data breaches should be adopted under the State’s privacy framework.

ASIC extends relief on virtual meetings

The recent lockdown in Brisbane is a timely reminder that a return to ‘business as usual’ is still uncertain.  This article explores the Australian Securities and Investments Commission (ASIC)’s ‘no action’ position, which is intended to facilitate businesses to hold their meetings effectively despite restrictions on gatherings and travel.

A Backward Stride for COVID-19 bankruptcy measures

As the extension of the temporary relief and protection provided by the Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020 during the outbreak of COVID-19 came to an end on 31 December 2020, as of 1 January 2021:
  • 8 Apr 2021


Corporate Insolvency Reforms. New Year, New Scheme - What you need to know.

As the temporary relief and protection for businesses impacted by COVID-19 comes to an end on 31 December 2020, insolvency experts brace for a potential floodgate of insolvency administrations. Parliament clarifies the new provisions under the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) (Bill) which will commence on 1 January 2021.
  • 7 Dec 2020


5 things you should know: Insolvency Reforms for Small Business

On 24 September 2020, the Australian Government announced its proposed major reforms to insolvency laws to support small business recovery and to streamline the insolvency process. The reforms are expected to commence on 1 January 2021, subject to the passing of legislation. The reforms will adopt features from Chapter 11 of the United States Bankruptcy Code, being a “debtor in possession” corporate insolvency model.
  • 13 Oct 2020

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