Asia Pacific

Liability of Guarantors and Possible Strategies for Mitigation of Liability

Large unpaid debts and continuing defaults by borrowers require the banks and financial institutions to initiate proceedings for recovery of dues against the principal borrowers as well as the guarantors under various legislations and forums, including the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for enforcement of security against the guarantors and under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 before the Debt Recovery Tribunals for recovery of debt against the guarantors. The Insolvency and Bankruptcy Code, which came into force on December 1, 2016, as a consolidated legislation to deal with insolvent and bankrupt persons, both natural and artificial, is also assisting the financial institutions to initiate corporate debt resolution process against guarantors.

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Fair Point, Mr Hayne

In case you hadn’t heard, the Final Report of the Financial Services Royal Commission was delivered by Mr Ken Hayne on Friday 1 February, and published on Monday 4 February.

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Talking tax – Issue 148

Single entity rule confirmation from the ATO

On 30 January 2019, the ATO issued TR 2004/11A1 as an Addendum to ruling TR 2004/11 on the interaction of the tax consolidation ‘single entity rule’ in the context of applying the tax anti-avoidance provisions contained in Part IVA of the Income Tax Assessment Act 1936 (Tax Act) (Addendum).

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NHFIC a piece of the puzzle to solve Australia’s housing affordability woes

The National Housing Finance and Investment Corporation (NHFIC) is providing much needed ammunition to those fighting for more affordable housing in Australia.

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New appointment strengthens Hall & Wilcox’s litigation and dispute resolution practice

Leading independent business law firm Hall & Wilcox has strengthened its national litigation and dispute resolution practice with the appointment of new Special Counsel Scott Meacock, who joined the firm on 4 February.

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The importance of succession planning for your digital assets including cryptocurrencies

The recent death of the CEO of a multi-million dollar cryptocurrency exchange start-up, who held the passwords to $275 million worth of coins and cash, has again highlighted the importance of succession planning for your digital assets and the difficulties that can arise when this is not properly addressed.

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Talking tax – issue 147

Banking royal commission: unclear tax treatment for payouts

The Tax Institute has warned of uncertain tax implications for refunds and compensation payouts resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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Financial Services in Focus – Issue 19

Funds and financial products

Financial Services Royal Commission final report

On 4 February, the final report of the Royal Commission into the Misconduct in the Banking, Superannuation and Financial Services Industry was released to the public.

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The Financial Services Royal Commission – we digest Hayne’s Final Report

On 1 February 2019, following a whirlwind 12-month inquiry, Commissioner Hayne delivered his greatly anticipated Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. It was released to the public on 4 February 2019.

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Treasury Issues Paper: what opportunities and risks do ICOs pose for Australia?

What opportunities and risks International Coin Offerings (ICOs) pose for Australia and whether our regulatory framework is well placed to manage those opportunities and risks is the subject of an Issues Paper released by Treasury in the most recent regulatory response to the growing digital environment and structural changes in financial services markets. Interested parties can make submissions by 28 February 2019.

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