We are proud to announce that Stipe Vuleta, Chamberlains Managing Director and head of our Litigation and Restructuring Team will be speaking at the Canberra Legalwise seminar on Thursday 28 February 2019 which will be covering several topics on Property, Trusts and Insolvency.
Stipe brings a depth of experience from the traditional Legal and emerging Legal Technology sectors with Top Tier, Boutique and Online Expertise. Providing practical and commercial solutions to complex legal problems at all stages of the corporate and personal financial life cycle.
What Topics are Being Covered?
The seminar will feature individuals from several leading Canberra organisations covering a diverse range of topics including reviewing and amending trust deeds, property investments in Self-Managed Superannuation Funds (SMSFs) along with Chamberlains Managing Director focusing on insolvency issues and the new Ipso Facto and Safe Harbour Regimes.
Changes to the Corporations Act 2001 (Cth) made in 2017 through the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 (Cth) (Act) introduced safe harbor and ipso facto reforms. The latter of these reforms came into force on 1 July 2018, and recently passed regulations have provided scope for their effects on commercial and construction contractual relationships.
Topics that will be covered on the day include:
- Ipso facto clauses: what they are and why they are used;
- Understanding the new ipso facto stay regime: how it operates and the practical effect of the reforms;
- Understanding the new ‘safe harbour’ reforms: aims, nature and practical effect; and
- The implications: how to best utilise the provisions, likely interpretation of the provisions, and ongoing obligations
These reforms have serious impacts on entities looking to enter into contracts. People seeking to end contracts on the basis of an insolvency event will no longer be able to rely on contractual terms, creating additional factors that need to be considered when entering into a contract. There will be no way to contract around the reforms, and any such clause that falls outside the bounds of the new laws will be dealt with by regulatory powers granted to the Government.
While ipso facto clauses have been very popular in construction and commercial contracts, these changes create greater need for parties to consider due diligence on the financial position of tenderers and other parties. Purporting to terminate a contract in breach of these amendments could be held to be repudiation of a contract and can result in having to pay damages.
How to Attend the Legalwise Seminar
The event will be held on:
Thursday 28 February 2019 – 2:15 PM – 4:15 PM
Hyatt Hotel Canberra,
Level 1 Meeting Rooms,
120 Commonwealth Avenue,
Tickets are available from HERE.
We look forward to seeing you there for what no doubt will be a very interesting and informative afternoon.