5 May 2010 | by The New Lawyer
At least 10 class actions being stymied by a litigation funding stalemate were unlocked yesterday as the Federal Government confirmed it would introduce new regulation to undo a Federal Court decision made last year
Read more in theNewLawyer and reproduced with permission.

On 23 April 2010, the Minister for Financial Services, Superannuation and Corporate Law announced released an Exposure Draft in respect of the Government’s decision to reverse the effect of the High Court’s decision in Sons of Gwalia v Margaretic.
Shareholders will no longer be able to rank as creditors with ordinary unsecured creditors in corporate insolvencies. [...]

Credit (Commonwealth Powers) Act 2010 (QLD)
Date of enactment: 23 April 2010
I refer you to the summary on the Supreme Court of Queensland Library site:
An Act to adopt the National Consumer Credit Protection Act 2009 (Cwlth) (as amended) and the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cwlth), and to refer certain matters [...]

Further to my earlier posting and the Discussion Paper  on proposed regulations to be made under the Personal Property Securities Act 2009 . The next step has been taken with the release of an Exposure Draft and Commentary  for the Personal Property Securities Regulations 2010.
The closing date for submissions is 4 June 2010.
Brisbane Barrister – David Cormack

Further to my earlier posting the Personal Property Securities (Corporations and Other Amendments) Bill 2010 has been introduced to the Commonwealth parliament.  The Bill amends the Corporations Act and the PPS Act, together with a number of consequential amendments to other legislation.
Brisbane Barrister – David Cormack

WorkCover Queensland v Amaca Pty Ltd & Anor [2010] HCATrans 48 (12 March 2010)
Public Trustee of Queensland v Fortress Credit Corporation (Aus) 11 Pty Ltd & Ors [2010] HCATrans 49 (12 March 2010)
Selected Seeds Pty Ltd v QBEMM Pty Limited & Ors [2010] HCATrans 50 (12 March 2010)
Spain v Workcover Queensland & Anor [2010] HCATrans [...]

I refer to my earlier postings in respect of the PPS reform and note the draft bill has been released for comment by 22 January 2010.
 
Brisbane Barrister – David Cormack

I refer to my earlier posting in respect of this legislation and note the Personal Property Securities Act 2009 (Cth) and the Personal Property Securities (Consequential Amendments) Act 2009 (Cth) were passed by the Senate on 26 November 2009.  
 
Brisbane Barrister – David Cormack

On 6 November the Bill received assent; however, some provisions are yet to be proclaimed.
It transfers responsibility for regulating mortgage credit and advice, margin loans and trustee companies, from the States & Territories to the Commonwealth.
 
Brisbane Barrister – David Cormack.

Allens Arthur Robinson
Further to the posting on 18 October in respect of Bofinger v Kingsway Group Limited [2009] HCA 44 Partner Diccon Loxton of Allens Arthur Robinson explores the decision at length and concludes in respect of lenders:
How does it affect you?

Lenders will need to look at the drafting of their guarantee documents, particularly the no-competition clause, [...]