Banking and Financial Services Insights

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.

Further limitation on "all monies" clauses

By Quentin Solomon.

A recent Federal Court decision supports limiting the broad scope of all monies provisions, warn Marcus Davenport and Quentin Solomon.

APRA announces its approach to the International Financial Reporting Standards

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.

Completion of major transaction an Epic event

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.

Buy high, sell low, and argue about the loss

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.

Profile - Quentin Solomon

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.

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
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