news, events & resources

Corporate Alert: New Financial Services Bill will capture ‘traditional trustee company services’ (Newsflash)

Corporate Alert: ASIC Review of 30 June 2009 Financial Reports (Newsflash)

ASIC has publicised that it will be reviewing the 30 June 2009 financial reports of about 350 listed entities and unlisted entities with large numbers of users.

ASIC has highlighted a number of areas in respect of company Boards and those responsible for the preparation of financial reports should focus in the upcoming reporting period.

Given the current economic conditions which are likely to result in readjustment of asset values, write downs and debt refinancing, ASIC will primarily focus on whether a financial report has an appropriate recognition and measurement of assets and liabilities and contains appropriate disclosures and explanations.

Insurance Update: When should insurers contribute? QBE Insurance (Australia) Limited and Lumley General Insurance Limited [2009] VSCA124 (Caseflash)

A subcontractor accidentally triggered a sprinkler. It discharged water which caused property damage to a Melbourne office fit-out. Lumley General Insurance Limited insured the head contractor for the fit-out works and its sub-contractors. QBE Insurance (Australia) Limited insured the sub-contractor and its principal, the head contractor.

Lumley met the claim for the property damage and, then, sought contribution from QBE. QBE rejected the claim for contribution. The trial judge upheld Lumley’s claim. QBE appealed.

Passing on Land Tax Costs to Tenants (Newsflash)

On 22 June 2009 the Revenue and Other Legislation Amendment Act 2009 (Qld) (“Act”) received Royal Assent. One substantial effect of the Act is to permit landlords, in some commercial leases in Queensland, to pass on the cost of land tax to tenants. The relevant provisions of the Act become effective on 30 June 2009.

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Reforms of Australian Consumer Law - Targeting Standard Form Contracts (Newsflash)

On 2 October 2008 the Council of Australian Governments (COAG) agreed to introduce a national consumer protection law to implement the recommendations made in the Productivity Commission’s Review of Australia’s Consumer Policy Framework of May 2008.  

Generic consumer protection laws are directed at protecting a consumer from potentially harmful or exploitative conduct by a supplier and either prohibit specific forms of conduct or provide a consumer with a right to take legal action in respect of harm he or she suffers.  These generic consumer protections for Australian consumers are currently found in 12 separate laws, the Trade Practices Act 1974 (TPA), the Australian Securities and Investments Commission Act 2001, and in 10 State and Territory Fair Trading Acts.

Please click here to view a PDF version of this CaseFlash.