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The Department of Home Affairs has issued its draft guidance “Modern Slavery Act 2018: Draft Guidance for Reporting Entities” (Draft Guidance) for the new Modern Slavery Act 2018 (Cth) (the Act).
Welcome to the latest update from Gilbert + Tobin's Corporate Advisory team. The update provides a summary of key recent legal developments, particularly relevant to in-house counsel.
In this issue, you will find:
Following consultation on exposure draft legislation between 28 March 2017 and 24 April 2017, the Treasury Laws Amendment (2017 Enterprise Incentives No.2) Bill 2017 (Cth) (Bill) was introduced into the House of Representatives and received its second reading speech on 1 June 2017.
The Bill proposes to:
According to the Explanatory Memorandum, the proposed amendments will reduce instances of a company proceeding to a formal insolvency process prematurely and where companies do enter into particular formal insolvency procedures, they will have a better chance of being turned around or of preserving value for creditors and shareholders. In turn, this will promote the preservation of enterprise value for companies, their employees and creditors, reduce the stigma of failure associated with insolvency and encourage a culture of entrepreneurship and innovation.
The director safe harbour reforms are to take effect from the day after Royal Asset and the stay on ipso facto clauses will take effect from the later of 1 July 2018 or the day six months after Royal Assent (unless an earlier date is proclaimed by the Governor-General).
Following the March introduction of the long awaited Corporations Amendment (Crowd-sourced Funding) Act 2017 (Cth), the Government has moved to extend the reach of its crowd-sourced equity funding reforms to proprietary companies.
For further details, see G+T Insight by Peter Reeves, Deborah Johns, Georgina Willcock and Jack Coles dated 11 May 2017.
The Personal Property Securities Amendment (PPS Leases) Act 2017 (Cth) (Act) received Royal Assent on 19 May 2017.
The Act amends section 13 of the Personal Property Securities Act 2009 (Cth) to:
According to the explanatory memorandum, as a result of the amendments, very few hire and rental industry related transactions will be caught by section 13 due to the increased minimum duration, and the amended section 13 will continue to appropriately capture longer term high value hire and rental industry leases.