News

11/03/19

Gilbert + Tobin advises BrickX on change of responsible entity and trustee

Gilbert + Tobin has advised BrickX on the replacement of its third-party responsible entity and trustee with a licensed BrickX entity.

The BrickX Platform consists of an online platform facilitating the acquisition and disposal by members of indirect interests in residential investment properties. Each residential investment property is held in a BrickX trust, a unit in which is referred to as a Brick.

Since launch in 2016, a professional (third-party) responsible entity and trustee responsible has been responsible for operating the scheme. In late 2017, BrickX commenced the process of varying its existing Australian financial services licence with a view to operating the BrickX Platform itself in the future. During 2018, BrickX (with Gilbert + Tobin’s assistance) made preparations to take over the responsible entity and trustee roles, subject to member approval. Gilbert + Tobin’s role included advising on a largely online meeting process for the 14,000+ scheme members to approve the change of responsible entity and trustee.

Corporate Advisory Partner and Head of Gilbert + Tobin’s Financial Services and Fintech practice Peter Reeves led the team and believes the team’s extensive regulatory expertise and considerable experience advising on digital platforms was invaluable in helping BrickX to achieve this crucial milestone.

“An important part of our role was to solve for the challenges of holding a meeting of over 14,000 members of an exclusively online platform. We understand that the solution was a “first of its kind” meeting process for an online platform of this size and structure. We were excited to work with BrickX on this next phase of the platform.”  

G+T Financial Services and Fintech Lawyers Georgina Willcock and Marcus Wong assisted. 

With a focus on providing commercially astute and responsive advice, the Fintech + Financial Services team is widely regarded as the team of choice for navigating a constantly evolving legal and regulatory landscape. The team has consistently acted for clients at the forefront of their sectors and has been ranked Band 1 in Fintech by Chambers Asia Pacific. Peter Reeves has also been ranked Band 1 in Chambers Asia Pacific for his Fintech work and recognised by Best Lawyers in Funds Management.

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