Banking and Financial Services Insights

12 December 2006

Welcome to the December edition of Clayton Utz Banking & Financial Services Insights for 2006, in which we'll examine:

fixed and floating charges
when an institutional investor should participate in a class action
a finding that a mortgage is unjust despite false statements by borrower
pooling in insolvent corporate groups
the stamp duty implications resulting from the takeover of a Victorian land rich listed company
a recent decision on super trustees and the best interests covenant.

This is our last edition for the year, and on behalf of all of the partners and staff here in Banking & Financial Services I'd like to wish you season's greetings and a healthy and prosperous new year.

Institutional investors and shareholder class actions: when to participate?

By Michael Legg and Zein El Hassan.

When should an institutional investor participate in a class action and in what capacity? Michael Legg and Zein El Hassan look to the US experience for some answers.

Everyone's a winner, baby? Pooling insolvent groups

By David Cowling.

David Cowling examines the details of the Federal Government’s proposed set of rules specifically designed to allow pooling in insolvent corporate groups.

Court finds mortgage unjust despite false statements by borrower

By Randal Dennings.

Credit providers can’t just rely on documents supplied by the borrower, but should take further steps to verify the borrower’s income and servicing capabilities, warns Randal Dennings.

Stamp duties: Compulsory acquisition of Victorian land rich companies

By David Klarich and Keshni Maharaj.

David Klarich and Keshni Maharaj discuss the change in policy in Victoria which could lead to stamp duty being payable upon the takeover of a Victorian land rich listed company.

APRA and the AXA Staff Plan Directors - Part 1

By Zein El Hassan and Phillip Turner.

Trustees should review their trust deeds and disclosure documents to ensure that they use clear words where they intend to apply negative investment returns to members' benefits following a recent decision, say Zein El Hassan and Phillip Turner.

Judicial consideration of scope of fixed charge

By Louise McCoach.

Is a charge over an option fixed or floating? A recent decision gives some guidance, as Louise McCoach and Belinda Bible show.

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