Banking and Financial Services Insights

30 April 2004

Welcome to the April 2004 edition of Clayton Utz Banking & Financial Services Insights, in which we'll look at the

  • safety in super reforms;
  • the personal liability of directors of corporate trustees for liabilities incurred by trustees;
  • whether courts will always validate late registration of debentures;
  • privacy law and authorities for the collection of personal information; and
  • how to avoid process contracts.

Personal liability extended for directors of corporate trustees

By Anna Sharpe and Clayton Barrett.

If a decision of the South Australian Supreme Court is followed, say Anna Sharpe and Clayton Barrett, directors of corporate trustees will be personally liable for any liability incurred by the trustee if the trustee had insufficient assets to meet that liability at the time it was incurred.

Process Contracts in tendering - How they can be avoided

By Sid Wang and Luke Buchanan.

A recent decision highlights risks for participants in tender processes. Sid Wang and Luke Buchanan tease out the implications for financiers of purchasers as well as receivers and administrators.

Tardy secured lenders put on notice

By Karen O'Flynn.

Karen O'Flynn warns that secured lenders may need to tighten up their back office procedures if recent judicial rumblings start to get louder. The Federal Court has questioned the use of judicial discretion to validate the late registration of debentures and other charges.

Privacy update: N v Private Insurer

By Mark Sammut and Amanda-Jane Lovering.

Authorities allowing insurers and financiers to collect and disclose personal information should not be drafted too widely, say Mark Sammut and Amanda-Jayne Lovering, following a recent decision.

Small change

The restructure of Loy Yang A's debt is one of the largest debt restructurings ever undertaken in Australia, and certainly the largest project finance restructuring.

Profile - Brian Salter

Brian is widely regarded as Australia's most senior and experienced securitisation lawyer.

For more information, contact...
Email: Randal Dennings, Consultant
Tel: +61 7 3292 7017
Email: Geoff Geha, Partner
Tel: +61 2 9353 4606
Email: Sonia Goumenis, Partner
Tel: +61 2 9353 4378
Email: Graeme Gurney, Partner
Tel: +61 2 9353 4152
Email: Steven Klimt, Partner
Tel: +61 2 9353 4133
Email: Jane Paskin, Consultant
Tel: +61 2 9353 4205
Email: John Shirbin, Partner
Tel: +61 2 9353 4117
Email: Narelle Smythe, Partner
Tel: +61 2 9353 4220
Email: Murray West, Partner
Tel: +61 2 9353 4184
Email: Marcus Davenport, Partner
Tel: +61 3 9286 6325
Email: Dan Fitts, Partner
Tel: +61 3 9286 6904
Email: Nick Poole, Partner
Tel: +61 3 9286 6185
Email: Brad Vann, Strategic Adviser
Tel: +61 3 9286 6155
Email: Alfonso del Rio, Partner
Tel: +61 2 6279 4009
Email: David Lester, Partner
Tel: +61 7 3292 7263
Email: Alan Maguire, Partner in Charge
Tel: +61 7 3292 7018
Email: Margaret Michaels, Partner
Tel: +61 8 8943 2517
Email: Mark Spain, Partner in Charge
Tel: +61 8 8943 2512