Introduction Debanking is the process whereby a bank closes all a customer’s accounts, such that the customer can no longer operate them. This can apply to both business and retail customers. It means that unless the customer keeps transactional accounts at another...
Summary In March the Federal Court decided that part of the security granted under a standard form supply contract was unfair and so void and unenforceable. The part of the security deemed void was a typical ‘all monies’ charging clause. This clause was found to be...
Summary Having a borrower provide standard form certificates of advice from its accountant and lawyer may not be enough to enable an asset-based loan (ABL) to get subsequent legal approval, Australia’s High Court has ruled. The court viewed an ABL as the practice of...
The recent publicity surrounding allegedly fraudulent equipment leasing transactions substantially funded by one of Australia’s major banks has echoes of a similar scandal thirty years ago involving a leading State government owned bank. In the recent case, many of...
When it is a Deed of Cross-Guarantee Introduction A Deed of Cross Guarantee is ASIC’s standard form document intended to free a corporate group from the chore of filing separate accounts for each wholly owned subsidiary. Provided relevant group companies have signed...
Essentially, a company charge is a security interest held by a lender over the personal property of a company. The charge is given by the company (the charger) to the lender (the chargee) to secure payment of a debt or obligation. A charge does not give the lender a...
