In the media
AGL fined by ACCC over illegal door-to-door sales tactics
The energy company AGL has been ordered to pay $1.56 million for using illegal door-to-door sales tactics, while the marketing company that carried out the sales, CPM Australia, has been ordered to pay $200,000 (21 May 2013)
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Franchise review to introduce “good faith” provision into code
The long awaited publication on Friday of the government’s review of the Franchising Code of Conduct has been welcomed by the franchising sector. The Franchise Council of Australia and the Franchise Advisory Centre have both backed the 18 recommendations in the review conducted by franchising expert Alan Wein (20 May 2013)
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Sydney businessman Andrew Sigalla charged with breaches of directors duties
Andrew Sigalla faced Central Local Court charged with dishonestly using his position as a director by making more than $6 million in payments to himself to pay off gambling debts and to make loan repayments on behalf of private companies he controlled (16 May 2013)
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In practice and courts
ASIC makes new rules for ASX 24 market
ASIC has made new market integrity rules for the Australian Securities Exchange Limited derivatives market (ASX 24). The rules cover risk management, supervisory policies and procedures, and foreign participants. New ASX 24 market participants will need to comply with the rules immediately. For existing participants, there will be a three month transition period (09 May 2013)
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Launch of Australian Government Bonds
Australian Government Bonds (AGBs) will be available for trading on the Australian Securities Exchange for the first time on 21 May. This is part of the Government’s Competitive and Sustainable Banking System package to empower consumers to get a better deal, help smaller lenders put more competitive pressure on the big banks. (08 May 2013)
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ACCC seeks comment on revised authorisation guidelines
The ACCC has issued Draft Authorisation Guidelines 2013 for public comment. Authorisation provides statutory protection from court action for conduct that might otherwise raise concerns under the competition provisions of the Act. Draft Authorisation Guidelines 2013 which will be available at https://consultation.accc.gov.au/communications/authorisation-guidelines The closing date for submissions is Friday 31 May 2013 (07 May 2013)
Cases
Carnemolla v Adelaide Bank [2013] NSWCA 122
MORTGAGE – fraud – whether mortgage entered into – whether signatures forged – whether loan existed – whether broker misled appellants – overpayment- dismissed
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De Costi Seafoods (Franchises) Pty Limited and Anor v Wachtenheim and Anor (No 3) [2013] NSWDC 54
MISLEADING CONDUCT – oral representations – unconscionable conduct – purchase of business – reliance – damages – implied terms – breach of contract
Evidence Act 1995, s 97; Trade Practices Act 1974 (Cth), s 51A, s 84
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