Welcome to the Financial Services Bulletin, April 2017
We are excited to release the final three parts of TurksLegal's 'What the Life Insurance Code of Practice means for...' series which translates the key elements of the Financial Services Council’s Life Insurance Code of Practice from the perspective of the insurer, and how it affects:
Ecosse Property Holdings Pty Ltd v Gee Dee Nominees Pty Ltd [2017] HCA 12
Published | krystal prasad
We are pleased to announce that John Myatt, Partner and Head of the firm’s Insurance & Financial Services group and Doug Vorbach, Special Counsel in our Employers Liability group have received recognition in the 10th Edition of The Best Lawyers in Australia in the practice area of Insurance Law.
Both John and Doug have been recognised in the coveted Best Lawyers list since 2014.
Summary
The Insolvency Law Reform Act 2016 (ILRA), with effect from 1 March 2017, significantly changed creditors’ rights to access information from trustees and liquidators.
The ILRA amends the Bankruptcy Act (Cth) 1966 and the Corporations Act (Cth) 2001, by adding what is called “Insolvency Practice Schedules” (IPS) to both Acts.
For the purpose of this summary, we have looked at the provisions relevant to external administrators, but similar provisions have been introduced in respect of bankruptcy trustees.
Summary
In a claim for pure economic loss against a builder and engineers, the Supreme Court of Queensland has affirmed the necessity for a plaintiff bringing a claim for pure economic loss in negligence to be able to demonstrate that it was not in a position to protect itself from the consequences of the defendant’s lack of care.
Background
Vulnerability and Negligence
On 28 March 2017, the Commonwealth Government released exposure draft legislation dealing with reform of Australia’s insolvency laws.
Published | krystal prasad
The winners of the 2017 Financial Services Council (FSC) Life Insurance Awards were announced in Sydney on Wednesday evening at the Annual Life Insurance Awards dinner.
TurksLegal was proud to sponsor the Best Industry Research Award which recognises a team or organisation that has shown leadership and innovative thinking in the area of research that seeks to enhance the reputation, innovation or development of the insurance industry and its customers, products and services.
Summary
The Federal Court of Australia recently held in Re Langdon1 that a company’s receivers need not apply a $53,469,010.64 tax refund issued post-appointment to priority employee entitlements. Only an asset that exists and is identifiable at appointment qualifies as a ‘circulating asset’ under the Personal Property Securities Act 2009 (Cth) (‘PPSA’) is subject to an employee priority claim under section 433 of the Corporations Act 2001 (Cth) (‘the Act’).
Background
Optus Administration Pty Limited v Glenn Wright by his tutor James Stuart Wright [2017] NSWCA 21
Primary Securities Ltd v Willmott Forests Ltd [2016] VSCA 309