07 December 2004
Welcome to the last edition of Clayton Utz Banking & Financial Services Insights for 2004.
With the introduction of the International Financial Reporting Standards happening soon, we'll look at APRA's approach to implementation and its prudential implications.
With the pending introduction of the new choice of fund regime, do you have a choice?
We'll look at two problems in lending this month:how far do all monies provisions go, and does registering a mortgage over real property help the lender if the existence of the debt which it is intended to secure cannot be established?
Our next edition will be in early February. All of the partners and staff here in Banking & Financial Services wish you season's greetings and a healthy and prosperous new year.
By Marcus Davenport and Quentin Solomon.
A recent Federal Court decision supports limiting the broad scope of all monies provisions, warn Marcus Davenport and Quentin Solomon.
By Zein El Hassan and Sonia Lopes.
Zein El Hassan and Sonia Lopes examine the new choice of fund regime which will commence on 1 July 2005. From this date, many employees will be able to choose the superannuation fund to which their employer must pay their compulsory superannuation contributions.
By Brian Salter and Daniel Tynan.
Brian Salter and Daniel Tynan discuss how APRA outlines its approach, from a prudential and regulatory perspective, on the effect of the new Standards on the entities it supervises, particularly authorised deposit taking institutions, general insurers, life companies and friendly societies.
The firm recently completed the largest receivership sale by asset value in Australia to date. The $1.9 billion deal involved an asset in WA, overseas and domestic bidders, and an incoming security trustee located in Victoria.
By Mark Waller.
When someone buys an asset on negligent advice, and the asset's value falls, says Mark Waller, the buyer can recover damages not only for the loss of purchase price when compared to "real or fair value" of the property at the time of purchase, but also the consequent loss in a falling market.
Quentin Solomon is one of Clayton Utz' most experienced banking and finance lawyers, practising in the areas of project and corporate finance, and distressed loan asset restructuring.
