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Without a suitable agreement, payment of a debt by a non-guarantor third party gives no automatic right of subrogation.

The High Court case held that a clause can be a penalty clause even if it is not triggered by a breach of the contract.

This decision highlights areas where conflicts can arise in a commercial transaction involving multiple secured parties.

Interlaw Ltd., an Elite* global law firm network, is delighted to present this survey.

The decision casts doubt on what was a relatively settled position: a third-party payment could be a preference payment.

Mortgagees act quickly for a vesting order when a mortgaged property is disclaimed by a trustee in bankruptcy or liquidator. .

The final part of a series about developer run projects and development management agreements.

Many of you would have read our previous Alerts regarding the proposed adoption in Australia of wide ranging personal property securities reforms. As a culmination of the public consultation process that has already been implemented by the Attorney-General's Department in relation to the new regime, the exposure draft of the Personal Property Securities Bill 2008 (PPS Bill) was referred to the Senate Standing Committee on Legal and Constitutional Affairs on 13 November 2008.

The validity of an unconditional bank guarantee was upheld, with the head contractor's right to call on that guarantee.

Lenders frequently file caveats to protect their interest in the property until settlement is finalized.

In 2001 the ATO issued a Statement of Principles in relation to trust resettlements but have steadfastly refused to formalise this into a public ruling.

On 23 September 2008 the European Parliament called for strict new EU rules governing high-risk private equity and hedge fund activity, even though top regulators in the EU had said there were no plans to push forward extra legislation.

One constant issue facing bidders is how to legitimately apply pressure on shareholders to accept a bid before control has passed. Shareholders are increasingly reluctant to accept any bid, even if it is unconditional, before control passes as there is a danger that they may be giving up some further potential profit on their holding if a rival bid emerged or if the bidder felt compelled to increase the bid to achieve the acceptances.

The equitable doctrine of marshalling aims to ensure that each lender can recover as much of their debt as possible.

Kemp Strang recently acted for a lender in an important case that will have relevance to lenders that issue default notices.

Any cash investment made by an owner to support their business should always be recorded via a secured line of credit.

If you are owed money by a debtor who is taking advantage of the COVID-19 crisis, other debt recovery methods may assist.