Allens

16 May 2013

Since before the operational commencement of the Personal Property Securities Act 2009 (Cth) (the PPSA) in January 2012, and certainly since then, law firms have been settling their position on the many issues it raises. They have also been revising their precedent documentation.

23 April 2013

Foreign investment in Mongolia fell away dramatically after the Mongolian Government last year introduced laws regulating foreign investment into strategically important business areas as well as investment by state-owned entities. Now the Government has introduced amendments which soften some of those restrictions in an effort to again encourage inbound capital. Partner David Wenger and Lawyer Anthony Lepere look at the amendments andtheir significance to foreign investors.

08 March 2013

Greater levels of foreign investment will be allowed, and registration and approval requirements will be simplified, under proposed changes to Vietnam's regulations on foreign ownership of credit institutions. Partner Robert Fish, Senior Associate Linh Bui and Lawyer Cara Stevens report.

19 February 2013

Proposals for regulation of small business credit have been deferred. Partner John Gallimore and Lawyer Andrew Shetliffe report on a recent Treasury announcement affecting the national consumer credit reform.

19 February 2013

With the midpoint of the two-year transition period under the Personal Property Securities Act having just passed, it is a good time to reflect on some issues that have come to light in the past 12 months. The Allens PPS team reports.

14 February 2013

In response to recent Full Federal Court decisions, the Federal Government has introduced legislation to amend the general anti avoidance rules (Part IVA) in the Tax Act. Partner Martin Fry and Lawyer Claire Nicholson explain the proposed amendments that will modify the way in which the 'tax benefit' test is applied and the way in which it interacts with the operative provision of Part IVA.

24 January 2013

As part of its ongoing reform of consumer credit protection, the Federal Government has released for consultation draft amendments to national consumer credit legislation. Partner John Gallimore and Lawyer Andrew Shetliffe report on the changes that, if implemented, will have significant consequences for providers of credit to investors and small business as well as other participants in the credit industry.

19 December 2012

The NSW Government State Infrastructure Strategy and NSW Long Term Transport Master Plan were released last week. Partners Nigel Papi and Leighton O'Brien spoke to BRR Media about the plan and the outlook for Australian infrastructure in 2013

14 December 2012

Partner Diccon Loxton and Lawyer Lisa Zhou look at a recent English High Court decision that is a useful case study on the rights and duties of a security trustee and mortgagees generally, and on the lack of rights of mezzanine lenders in an enforcement and restructuring put into effect on the instructions of senior lenders; particularly when senior lenders are 'under water' and mezzanine lenders stand to recover nothing.

14 December 2012

Securities investment funds are currently sold to the public in China through a number of channels - through predominantly commercial banks but also through fund management companies and securities companies. With a view to expanding the range of distribution channels, the CSRC has issued consultation rules proposing to also allow insurance institutions to sell securities investment funds. The consultation period ends on 5 December 2012.

19 November 2012

Policy makers face a major challenge following the global financial crisis in funding the massive global demand for new energy sources and infrastructure.

13 November 2012

Those involved in the aviation finance sector in Australia will welcome the Federal Government's intention to ratify two important conventions dealing with the international registration of interests in mobile equipment. Partner Ian Wallace reports.

22 October 2012

A recent Federal Court case serves as a warning that mortgagees should take into account any garnishee notice issued in relation to a mortgagor's tax debt before agreeing to release a mortgage to facilitate a sale by the mortgagor. Partner John Gallimore and Law Graduate Andrew Shetliffe report.

10 October 2012

A burgeoning national infrastructure deficit, and a growing, ageing and rapidly urbanising population, is causing a rethink about the role of user charges in funding Australia's infrastructure. Partner David Donnelly and Lawyer Fiona Borrelli report.

08 October 2012

Two long-awaited draft Tax Determinations released by the Australian Taxation Office highlight the obligations of insolvency practitioners, and others who act as an agent or trustee, to retain sufficient money to pay tax which is, or will become, payable on any income, profits or gains arising from their appointment. Partners Charles Armitage and Michael Quinlan and Senior Associate Joanne Langford report

27 September 2012

The recent Infrastructure Finance Working Group report Infrastructure Finance and Funding Reform continues the ongoing discussion around increasing the level of superannuation investment in Australian infrastructure. While this has primarily focused on lowering the existing barriers to investment, the changing economic landscape also provides opportunities. In the first of a series of articles exploring the role of superannuation funds in funding Australia's infrastructure needs, Partners David Donnelly and Robert Clarke, Senior Associate Geoff Sanders and Lawyer Fiona Borrelli provide an overview of some of the key issues framing the discussion.

26 September 2012

The Equator Principles, which promote environmentally and socially responsible project financing, are in the process of being updated. Although, initially, it may seem that the revised principles will increase signatories' obligations, their enhanced alignment with other international standards will facilitate a streamlining of financial institutions' policies and processes. Partner Louise Jenkins and Lawyers Catie Shavin and Loren Atkins report.

20 September 2012

The Western Australian Court of Appeal has handed down its 1024-page judgment in the Bell Group litigation, Australia's longest-running proceedings. The case arose out of an attempted work-out, in which a group of companies in financial difficulties gave security to banks in exchange for giving the borrower more time, and to avoid liquidation. More than a year later, liquidators were appointed to the companies and the banks enforced their security.

27 August 2012

The New South Wales Government has issued new guidelines to govern the private public partnership procurement process in that state. Partner Nigel Papi and Lawyer Tom Levi report on the new guidelines, which are intended to supplement the national PPP guidelines

22 August 2012

The latest bond issue by Queensland Treasury Corporation features innovations that may appear in the future in the corporate sector. Partner David Clifford talks to BRR Media about the bond issue, and what it means for Australian debt markets.

16 August 2012

The PPS register has now been in operation for six months. Partner Diccon Loxton speaks to BRR Media about the lessons and traps for suppliers of goods on lease or retention of title terms

23 May 2012

Recently, as part of its foreign exchange reforms, the People's Bank of China signed a bilateral currency swap agreement with the Reserve Bank of Australia. Partner David Wenger, Senior Associate Wayne Wang and PRC Consultant Scarlet Feng report on the currency swap agreement and the introduction of PRC laws relating to the internationalisation of the RMB

18 April 2012

The English Court of Appeal has provided clarity on the operation under English law of some clauses in the ISDA Master Agreement, including a key protection for Non-defaulting Parties - the flawed asset provision under Section 2(a)(iii). Partners Diccon Loxton and Tom Highnam and Senior Associate Caleb Chua report

12 April 2012

Recent amendments to the Corporations Regulations and guidance from the Australian Securities and Investments Commission establish the financial services licensing regime that will apply to carbon permits and derivatives over them from the commencement of the carbon pricing scheme. Partner Grant Anderson and Senior Associates Penelope Barclay and Simon Lewis report

26 March 2012

In the fourth of a series of audio updates on issues surrounding major projects in 2012, Partner Ren Niemann talks to BRR Media about trends in procurement of infrastructure in the resources sector

22 March 2012

Partners Charles Armitage and Martin Fry talk to BRR Media about the proposed new tax loss rules for major projects and the lessons learned from projects that have run into financial difficulty

21 March 2012

A significant High Court judgment has provided clear guidance on the limitations imposed under New South Wales farm debt mediation legislation on lenders enforcing security over farms. Partner Andrew Boxall and Lawyer Marian Pond report

16 March 2012

In the second of our series of audio updates on issues surrounding major projects in 2012, Partners Anthony Patten and Rob Watt talk to BRR Media about the outlook for oil and gas projects

14 March 2012

In the first of a series on the outlook for major projects in 2012, Partner Anthony Arrow spoke to BRR Media on the growing demand for Public Private Partnerships over the past year and whether this trend will continue

02 March 2012

The Federal Government has announced that it will be introducing changes to the general anti-avoidance rule. Partner Larry Magid spoke to BRR Media about the reasons behind the move and how the changes may impact on Australian businesses

22 February 2012

New opportunities to establish or invest in a business in China may be opened up following the Chinese Government's release of its amended Foreign Investment Industrial Guidance Catalogue. The new Catalogue took effect on 30 January 2012 and presents an interesting picture of China's economic focus for the next several years. Special Counsel Ross Keene, Senior Associate Adrian Fisher and PRC Consultant Crystal Zhang report

07 February 2012

Personal property securities reform has passed into law in PNG but will not come into force until a security interest registry is established. Partners Steve Pemberton and Vaughan Mills look at the implications of the new law for doing business in PNG

16 January 2012

A new Civil Code that will significantly change Cambodia's legal framework for a wide range of civil and commercial matters has recently come into force. Partner Marae Ciantar and Lawyer Anne Beresford report.

11 January 2012

The Chinese Government has made further moves towards the internationalisation of its currency with the release of a number of regulations regarding the use of the RMB both in investments made by Chinese companies overseas and, significantly, investments made by overseas companies into the PRC. Special Counsel Ross Keene, Senior Associates Adrian Fisher and Maggie Ma and PRC Consultant Michelle Ding report

14 December 2011

The Federal Government has released a discussion paper that outlines proposals to reform the Australian retail corporate bond market. Partners Stuart McCulloch and David Clifford spoke to Boardroom Radio about some of the proposals and what their implementation may mean for the market

22 June 2011

The Personal Property Securities Act 2009 (Cth) is on track for commencement in October this year. In the first of a series, Senior Associate Andrew Edington speaks to Boardroom Radio on the legislation, how it affects a wide range of services and businesses, and the risks to organisations that fail to protect their security interests

25 March 2011

A recent case in the NSW Court of Appeal gives some important clarification on aspects of a mortgagee's obligation following the exercise of a power of sale. Partner John Gallimore and Lawyer Jacinta Dyer report on how the court dealt with the issue of contested surplus funds

24 March 2011

The Federal Government today released its exposure draft legislation relating to the issue by authorised deposit-taking institutions of covered bonds. Partners Matthew Allchurch and David Clifford outline the proposed legislative regime and comment on its implications

01 March 2011

A recent English High Court decision introduces conditions on relying on flawed asset clauses, particularly with respect to the ISDA Master Agreement. Partner Tom Highnam and Summer Clerk Elise Ho report

15 February 2011

A recent English decision is a useful case study (and cautionary tale) for lenders in LBOs and syndicated loans generally. Partner Diccon Loxton and Lawyer Michael Wells look at a case that highlights what can occur when an affiliate of a private equity sponsor purchases the majority of debt in a facility. With distressed debt now regularly traded, it also raises the distinct possibility of majority decisions being reversed and changed as a syndicate changes

19 January 2011

In a judgment that will be welcomed by securitisers, syndicated lenders and other buyers and sellers of financial assets, the full bench of the Federal Court has handed down its decision in the Goodridge appeal. In this article, Partner Matthew Allchurch examines the appeal judgment and its ramifications

14 December 2010

An exposure draft of legislation to introduce a new civil prohibition regarding the exchange of sensitive information between competitors has been released by the Federal Government. Partner David Brewster spoke to Boardroom Radio about the implications of the new legislation

09 September 2010

The far-reaching Personal Property Securities Act 2009 (Cth) is due to come into force in May 2011 and businesses operating in the manufacturing and retail sectors will be affected. It covers a wide range of transactions, not just security interests. It is not just limited to consumer transactions, and significantly alters aspects of commercial law and contracts law. Partner Diccon Loxton reports on how the changes will affect the manufacturing and retail industries

01 September 2010

This morning, the High Court unanimously rejected the appeal from the decision of the Queensland Court of Appeal and thus quashed the first instance decision in Octaviar which had thrown long-accepted practices into doubt. On a first reading, affected parties can now relax. Partners Diccon Loxton and Andrew Boxall and Lawyer Michael Wells report

30 August 2010

The far-reaching personal property securities reform is due to come into force in May 2011 and companies with significant intellectual property assets will be affected by the sweeping changes the new legislation will bring to Australia's commercial law. Partners Diccon Loxton and Tim Golder, Special Counsel Rebecca Sadleir and Senior Associate Robyn Chatwood report on how the changes will affect IP owners

10 August 2010

The Personal Property Securities Act 2009 (Cth) will commence in May 2011. It covers a wide range of transactions, not just security interests. It is not limited to consumer transactions, and significantly alters aspects of commercial law and contracts law. It makes fundamental changes to the way in which securities are taken and enforced over most forms of property other than land. Significantly for those in the construction industry, the legislation will affect retention of title clauses and rights over temporary works and a contractor's equipment. Partners Leighton O'Brien, Steve Pemberton and Diccon Loxton and Lawyer Merav Bloch report

21 July 2010

The far-reaching Personal Property Securities Act 2009 (Cth) is due to come into force in May 2011 and businesses operating in the mining and petroleum sectors will be affected. It covers a wide range of transactions, not just security interests. It is not limited to consumer transactions, and significantly alters aspects of commercial law and contracts law. Partners David Maloney and Diccon Loxton report on how the changes will affect the mining and petroleum industries

14 July 2010

The far-reaching Personal Property Securities Act 2009 (Cth) is due to come into force in May 2011 and companies operating in the communications, media or technology sectors will be affected by the sweeping changes the new legislation will bring to Australia's commercial law. Partners Ian McGill and Diccon Loxton and Lawyer Valeska Bloch report on how the changes will affect those sectors

21 June 2010

The first covered bond in Australasia was launched in New Zealand this month. Partner Tom Highnam and Senior Associate Paul Cerch speak to Boardroom Radio about what this means for the Australian covered bonds market

04 June 2010

Existing regulations require Indonesian insurance companies and banks meet new minimum equity capital requirements by the end of 2010. As the deadline approaches, Partners David Holme (Jakarta) and Robert Clarke (Singapore) and Lawyer Brooke Nicholls revisit the requirements, and examine the consequences for businesses that fail to comply and the opportunities that will arise from the expected consolidation and capital raising