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Secured lenders beware: Octaviar

Hall & Wilcox
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Australia
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September 1 2009

The requirement under the corporations legislation to notify the Australian Securities and Investments Commission (ASIC) within 45 days of the creation of a registrable charge is generally well understood in the business world

Fund manager insulated from fraudulent conversion of cheques

Norton Rose LLP
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Australia
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September 9 2009

In Perpetual Trustees Australia Ltd v Heperu Pty Ltd 2009 NSWCA 84, the New South Wales Court of Appeal examined whether an investor who was the victim of fraud could recover lost funds from the manager of a common fund

Octaviar decision overturned on appeal

Norton Rose LLP
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Australia
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September 18 2009

The Queensland Court of Appeal today unanimously upheld the appeal against the decision in re Octaviar Limited; re Octaviar Administration Pty Ltd 2009 QCS37 (Octaviar

Octaviar decision overturned

Hall & Wilcox
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Australia
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September 24 2009

Further to our article Secured Lender beware: Octaviar the Court of Appeal of the Supreme Court of Queensland has heard, and unanimously allowed an appeal against the first instance decision in Re Octaviar Ltd; Re Octaviar Administration Pty Ltd 2009 QSC 37 (6 March 2009) (Octaviar

Better late than never? Not according to the High Court

Norton Rose LLP
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Australia
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June 25 2009

In the recent decision of Agricultural and Rural Finance Pty Limited v Gardiner (2008) 251 ALR 322, the High Court has unanimously determined that the term "punctually" means, not surprisingly, "precisely on time", "on the assigned day" and "not late"

Contracting out of a fiduciary relationship investment banks and clients

Freshfields Bruckhaus Deringer LLP
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Australia
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August 22 2007

The Australian Federal Court (Court) handed down a judgment on 28 June 2007 that considered whether the terms of a letter of engagement, under which an investment bank was retained by a large public company to advise it on a proposed takeover and including a clause that on its face excluded the existence of a fiduciary relationship between the investment bank and its client, did so successfully

Is it enough if legal advice is given to an attorney?

Norton Rose LLP
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Australia
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October 27 2009

A recent unanimous decision of the New South Wales Court of Appeal in Spina v Permanent Custodians Limited (2009) NSWCA 206 highlights the risks faced by lenders who consider that independent legal advice with respect to loan and security documents given to the appointed attorney under a power of attorney, rather than to the donor personally, is acceptable

Octaviar: application for special leave to appeal

Clayton Utz
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Australia
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October 16 2009

Our Alert of 21 September 2009 discussed Re Octaviar Ltd (No7) 2009 QCA 282, an appeal from the decision of Re Octaviar Ltd; Re Octaviar Administration Pty Ltd 2009 QSC 37