Corporate Advisory Bulletin – 25 March 2014

March, 2014

In The Media

ACCC protecting consumers in the digital age

The Australian Competition and Consumer Commission (ACCC) is focusing on protecting consumer rights in the digital sphere, through both enforcement and education activities. Areas of focus include upholding the integrity of online reviews and promoting competition in the online retail environment. Newly identified issues include drip pricing and the use of pricing comparators.

For further information please contact one of the Mills Oakley Corporate Advisory Team’s Partners (see details below).

Privacy laws change

The introduction of the Australian Privacy Principles (APP), for both Australian government agencies and certain private businesses will require organisations to ensure they have up to date privacy policies and internal compliance mechanisms.  Changes to the Privacy Act 1998 (Cth) will also increase penalties for serious breaches of privacy to up to $1.7 Million per offence.

For further information please contact one of the Mills Oakley Corporate Advisory Team’s Partners (see details below).

Ex-judge calls for D&O liability reform

Former NSW Supreme Court judge Dr Robert Austin headed a panel discussion titled “The Board’s Workload and Procedures after Centro and James Hardie” at the ACLA Corporate Counsel Day. Topics included Australian directors’ liability, a nationwide business judgment rule, the importance of boards taking high level advisory roles in strategic decision making and the dangers posed to non-executive directors by “information overload”.

For further information please contact one of the Mills Oakley Corporate Advisory Team’s Partners (see details below).

In Practice and Courts

Office of the Australian Information Commissioner AAP Guidelines

The Office of the Australian Information Commissioner has released the final version of the APP Guidelines  in time for the start of the new Australian Privacy Principles commencing from 12 March 2014. Australian Privacy Principles (5) from the OIAC will replace the National Privacy Principles (for the private sector) and the Information Privacy Principles (for the public sector).

Passage of R&D Amendment Bill recommended

The Senate Economics Legislation Committee has recommended that the Tax Laws Amendment (Research and Development) Bill 2013 be passed. The Committee’s report was tabled in the Senate y [17.3.2014]. The Bill proposes to limit access to the R&D tax incentive to companies with an aggregated assessable income of less than $20bn. It had been passed by the House of Representatives without amendment.

Cases

In the matter of DJG Equities Pty Ltd [2014] NSWSC 194

After successfully seeking a declaration that a share transfer was voidable, the Liquidator of DJG Securities Pty Ltd sought an order that ASIC rectify its register to reflect the position prior to the challenged transfer. Black J made the order, holding that where notifications required to be given to ASIC by statute are incorrect, the Court has the power to order ASIC to rectify its records.

For more information, please click here.

Central Cleaning Supplies (Aust) Pty Ltd v Elkerton [2014] VSC 61

Central Cleaning Supplies (Aust) Pty Ltd (Central Cleaning) claimed it had a transitional perfected security interest over equipment it had supplied pursuant to a credit application, to Swan Services Pty Ltd (Swan Services). The credit application signed prior to the commencement of the transitional period included Central Cleaning’s “Standard Terms and Conditions”. However, the retention of title clause did not appear in the Standard Terms and Conditions on the Credit application, the retention of title clause only appeared on the invoices that were issued as part of each transaction.  As there was no overarching agreement which included the retention of title clauses, the retention of title arrangements only related to individual contracts concluded after commencement of the transition period, which meant that they did not have the benefit of the transition period and needed to be registered to afford Central Cleaning with the benefit of a perfected security interest.

To read more, please click here.

Contact Mills Oakley

warren-scott

Warren Scott | Partner
T: +61 3 9605 0984
E: wscott@millsoakley.com.au

daniel-livingston

Daniel Livingston | Partner 
T: +61 3 9605 0965
E: dlivingston@millsoakley.com.au

stuart-gibson

Stuart Gibson | Partner
T: +61 3 9605 0092
E: sgibson@millsoakley.com.au

warwick-painter

Warwick Painter | Partner
T: +61 2 8289 5808
E: wpainter@millsoakley.com.au

gavin-douglas

Gavin Douglas | Partner
T: +61 2 8289 5855
E: gdouglas@millsoakley.com.au

simon-champion

Simon Champion | Partner
T: +61 2 8289 7926
E: schampion@millsoakley.com.au

tim-cox

Tim Cox | Partner
T: +61 2 3228 0442
E: tcox@millsoakley.com.au

 

 

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