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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.
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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.  
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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.
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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.
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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.
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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:
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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.

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