Tag Archives: insolvency and reconstruction

Khoury Report – substantial reforms for small business lending

On 20 February 2017, Mr Khoury published his final report of the Independent Review of the Code of Banking Practice (Code). Mr Khoury is an independent governance expert appointed by the Australian Bankers’ Association (ABA) to conduct an independent review of the Code.

The Code applies to personal and small business bank customers and sets out the banking industry’s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their banking services.

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Court confirms importance of ABN vs ACN distinction on PPSR registrations

On The 31st of January 2017, the NSW Supreme Court confirmed that an administrative error made by Alleasing in its PPSR registrations would result in the loss of a $23 million ore crusher. The error was simple:  Alleasing had registered over its customer’s ABN rather than its ACN.

While many businesses now understand the importance of registering their rights on the PPSR, errors remain common. Some of those errors can be fatal and result in the loss of assets.

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