Last week, the Federal Court of Australia took matters a step further than previous decisions by holding that a head contractor who holds security from the sub-contractor (in this case, bank guarantees), may call on that security to recover funds which it has been ordered to pay over by an adjudicator under security of payment legislation.
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Can a bank guarantee defeat the intent of Australian building and construction industry security of payment legislation?
10 Dec 2015
On Thursday, 3 December 2015 the Attorney-General’s Department released an exposure draft of the ]]>Privacy Amendment (Notification of Serious Data Breaches) Bill 2015]]> (the Bill), together with a discussion paper, draft explanatory memorandum and draft regulatory impact statement. The Bill is intended to replace the Privacy Amendment (Privacy Alerts) Bill 2013, which lapsed at the end of the previous Parliament despite bipartisan support.
8 Dec 2015
The costs of challenging an international arbitration agreement – Australia differs from England, Hong Kong and Singapore
The Federal Court of Australia has rejected a line of English, Hong Kong, Singaporean and Australian authority which holds that litigants who unsuccessfully challenge an arbitration agreement should normally be penalised with indemnity costs.
3 Dec 2015
Obtaining relief from the requirement to notify policyholders when transferring general insurance and reinsurance business in Australia
The Federal Court of Australia granted an insurer relief from the requirement to notify all affected policy holders when transferring general insurance and reinsurance business. It imposed an alternative notice regime which included notification of overseas regulators, and of each national head office in the case of multi-national corporate group cedents. The judgment will assist insurers who are considering a transfer of amalgamation of insurance business in Australia.
25 Nov 2015
An increasing number of Australians obtain total and permanent disability (TPD) insurance through their superannuation fund, often with little awareness of it. Life insurers frequently form relationships with the trustees of superannuation funds in order to offer group insurance products, including TPD policies, which cover any member of the fund.
19 Nov 2015
UNCITRAL Model Law on Cross-Border Insolvency does not necessarily defeat maritime lien or quasi-lien claims
For centuries, international maritime law developed its own security regimes. Potential conflict arises where the UNCITRAL Model Law on Cross-Border Insolvency (the Model Law) does not recognise or take account of international maritime law and the operation of Australian and British Admiralty legislation.
17 Nov 2015
The Strata Schemes Development Bill 2015 and the Strata Schemes Management Bill 2015 have been passed by both houses of Parliament, and received the Royal Assent on 5 November 2015. Most of the laws are expected to come into force on 1 July 2016.
12 Nov 2015
Federal Court of Australia issues freezing orders to enforce Chinese arbitration award, despite appeal pending in Chinese court
International arbitration continues to grow in importance as a means of regulating trade and commerce between the People Republic of China (PRC) and Australia. Last week, the Chief Justice of the Federal Court of Australia enforced a Chinese arbitral award by “freezing” five properties in Australia, despite the fact that an appeal from the award is pending in a Chinese Court.
11 Nov 2015
Responsibility for defects in strata title buildings is an issue that continues to excite controversy in New South Wales. In March 2015 there has even been a political party registered to fight for the rights of strata owners.
11 Nov 2015
In August 2014 the Federal Government released its preliminary report on the operation of the Personal Property Securities Act (the “PPSA”). This report will be followed in January 2015 with a final report on what changes, if any, should be made to the PPSA.
11 Sep 2015