The status of electronic execution

In March 2022, we published an article (Execution of documents – where do things stand?) addressing the law regarding the execution of documents in Australia following various changes implemented as a result of the COVID-19 pandemic.  Thankfully, the anticipated reforms mentioned in that article are now permanent, and the market is moving towards greater acceptance …

Wind and Solar Farms from the perspective of the landowner’s mortgagee

The Australian energy sector is evolving, and as a result, we are seeing a growing development pipeline of renewable energy projects, including land based wind and solar projects. In almost all cases, these projects will be built across vast areas of farming land and require the cooperation of the relevant landowner, and inevitably, their mortgagee. …

Money talks – reporting convergence across project finance and capital raising

Last year we highlighted the impact that ESG initiatives are having on financing Australia’s significant resource and renewable industry.  12 months down the track, and access to capital to fund the next wave of projects and investment continues to be one of the major challenges for Australian project operators, however the new era of reporting frameworks …

Featherweight securities and administration risk – make sure you have sufficient security

Featherweight security and administration risk are unique to Australia and often misunderstood or overlooked in the market. In this article, our Finance team step through administration risk, outline the benefit of featherweight security, and set out some key concepts that should be considered and addressed. Key takeaways Financiers taking security from a company that does …

Key considerations for Queensland’s eConveyancing mandate – commencing February 2023

Earlier this year, we discussed Queensland’s move towards mandatory electronic conveyancing (eConveyancing). The Land Title Regulation 2022 (Qld) (Regulation) has now been issued, providing further detail on the initial scope of the eConveyancing mandate for Queensland commencing on 20 February 2023. This article summarises the documents that must be lodged through an Electronic Lodgment Network …

Electronic Conveyancing in Queensland

The adoption of electronic conveyancing (eConveyancing) has been a gradual process since the establishment of the Electronic Conveyancing National Law in 2012. Although Queensland was a front-runner in the conversion to electronic titles (which was implemented in 1994, with the abolishment of paper certificates of title in 2019), the uptake of eConveyancing for property settlements …

Verification of identity: a refresher

The requirement for mortgagees to verify the identity of mortgagors is nothing new. However, this does not necessarily mean that the process is well understood, particularly as it has continued to evolve in the context of the challenges presented by the COVID-19 pandemic. This article provides a “refresher” on the purpose of and procedure for …

Execution of documents – where do things stand?

The law regarding execution of documents in Australia has been in a constant state of flux over the past two years, with numerous temporary measures coming and going, and coming back. While reforms permitting electronic execution have generally been welcomed, the continuing uncertainty on what rules apply at what time has caused confusion and disruption. …

Post-IPO lock-up: Protecting Australian investors at the risk of global competitiveness

The Australian Stock Exchange (ASX) has made welcome changes to its rules around post-IPO lock-ups. But do they go far enough? While a strong regime benefits new investors and market integrity, is the position globally competitive? Do we risk losing IPOs to other jurisdictions? If Australia’s regime is not globally competitive, we risk losing Australian …

Business Interruption Insurance – COVID-19 Test Case creates opportunity for loss recovery

The outbreak of the COVID-19 pandemic in Australia and overseas has had a hugely damaging economic effect on the business community. Many of these businesses hold Business Interruption (BI) insurance and may have either had claims declined or not pursued them on advice that the policy did not respond. Alternatively, they may not have considered …

New rules and a bigger box – your toolkit for playing in the Australian Government enhanced regulatory sandbox

[vc_row][vc_column][vc_column_text]The ASIC regulatory sandbox, established in December 2016, provided a licensing exemption to allow eligible fintech companies to test certain products or services for up to 12 months without an Australian financial services licence (AFSL) or Australian credit licence (ACL).  The Australian Government enhanced regulatory sandbox (ERS) commenced on 1 September 2020 and superseded the …

BIF Act reforms commencing 1 October 2020

Respondents beware of new protections for claimants enforcing adjudicated amounts WHO SHOULD READ THIS All principals, head contractors, subcontractors, suppliers and consultants performing construction work in Queensland as well as institutions that provide finance for building and construction projects. THINGS YOU NEED TO KNOW Key provisions of the Building Industry Fairness (Security of Payment) and …

Overview of Australia’s regulatory framework

Business dealings in Australia are controlled by a large number of regulators. These regulatory bodies have jurisdiction at both the Federal and State level. Australia’s regulators have a broad remit to oversee the conduct of businesses in a wide range of sectors, from financial services to energy infrastructure. Australia’s corporate regulators are creatures of statute. …

Are loan books next on the block for Australia?

Australia, like everyone else, has experienced a seismic shock to its financial system and economy arising out of the Black Swan of COVID-19.  And this time it is different, for an Australia which did not suffer in the same way as many other advanced economies arising out of the Great Recession. Then, it benefited from the …

Viruses about! Cyber-security update for lenders

The Lender series publications are a series of easy to read and practical ‘how to’ guides aimed at assisting lenders with typical issues encountered when providing finance. The COVID-19 outbreak poses an array of cyber security challenges for lenders in Australia.  The ACCC’s cyber monitor, ScamWatch, has reported a significant increase in cyber security incidents …

Data Security Checklist

[vc_row][vc_column][vc_column_text]Ensuring business continuity in the time of COVID-19 pandemic: data security risks As Governments implement severe measures to fight the COVID-19 pandemic, businesses are increasingly reliant on remote Internet-connected workforces in order to ensure business continuity. With this shift to remote working, comes heightened data sensitivity risks, including an increase in the likelihood of cyber …

Legal impact of COVID-19 on the entertainment industry

[vc_row][vc_column][vc_column_text]COVID-19 is significantly impacting industries across Australia, and the nation’s arts and entertainment industry is no exception. In response to this crisis, public gatherings have been prohibited and theatres, cinemas, music festivals, shows and tours have been closed or cancelled indefinitely. Australian film productions are also being postponed. So where does this leave the industry …

COVID-19: Leasing in precarious times

[vc_row][vc_column][vc_column_text] During these precarious times, landlords and tenants alike should be aware of a number of risk management measures that can be implemented to mitigate the impact of the COVID-19 pandemic on their leasing arrangements. Below are a number of items which both landlords and tenants should consider in relation to their leases.  Given that …

Practical considerations for electronic execution

COVID-19 has brought many challenges to the commercial landscape, including the execution of documents when parties may not, because of the requirement to self isolate, be able to receive, sign and exchange hardcopy documents. Electronic execution can be used in many cases so that transactions may progress, however not all documents can be executed electronically. …

Side Deeds – what, when and why?

The Lender series publications are a series of easy to read and practical ‘how to’ guides aimed at assisting lenders with typical issues encountered when providing finance. In the financing world, side deeds (sometimes also referred to as tripartite deeds, consent deeds or direct agreements) are frequently the source of robust negotiations between parties. This …

Ralan and pre-sale deposits – Key messages for financiers

The ‘Lender series‘ publications are a series of easy to read and practical ‘how to’ guides aimed at assisting lenders with typical issues encountered when providing finance. Introduction The collapse of the Ralan Group provides a timely reminder of the protections and safeguards that financiers implement when funding residential development projects. This practical illustration of …

Negotiating a financing term sheet

Borrower Tips and Tricks: How to negotiate a financing term sheet The publication series will be practical ‘how to’ guides aimed at assisting borrowers to navigate the challenges and pitfalls of financing transactions. What is a financing term sheet? A financing term sheet is a document, usually issued by a lender proposing to provide finance …

What a mezzanine lender wants in an intercreditor deed

 The ‘Lender series’ publications are a series of easy to read and practical ‘how to’ guides aimed at assisting lenders with typical issues encountered when providing finance. Mezzanine lenders On some transactions, mezzanine lenders play a crucial role to bridge the funding gap between equity and senior debt. Immediately post GFC, senior lenders became less …