Australia: Securitization & Structured Finance

This case is a reminder that creditors should carefully identify and assess any restrictions imposed on enforcement of security interests under a DOCA.

The decision serves as a case study of the circumstances when a principal can make a claim in relation to bank guarantees provided as security.

This powerful mechanism at the heart of the SoP Act has led to many arguments in regards to the time of service of a payment claim.

A recent WA case emphasises the importance of registration under the PPSA.

The validity of flip clauses has been the subject of much insolvency litigation and across different jurisdictions.

The Australian Government is proposing to constrain certain "ipso facto" clauses ‒ which could make flip clauses void.

The Australian Securities Exchange (ASX) has commenced a review of the small and medium enterprise, mid-cap and micro-cap equity markets, aimed at, amongst other things, better meeting the needs of issuers and investors based in Western Australia.

The new national personal properties security scheme is due to commence in October 2011 and will have widespread impact on the way businesses record and conduct their commercial transactions. The reform promises to merge more than 40 separate Australian wide security registers into a uniform and functionally consistent national registration system.

The full Federal Court, in its clear and well-reasoned decision allowing the appeal in Leveraged Equities Limited v Goodridge [2011] FCAFC 3, has allayed concerns raised by the first instance decision in relation to assignment transactions, especially securitisations.