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Implications for Real Estate: An Overview
Although the PPSA expressly excludes dealings in land, fixtures or "real property", certain aspects of real estate transactions may nonetheless be caught by the regime.
The current NSW Government procurement framework has been substantially modified over the decades, is complex and arguably no longer practical in serving the needs of Government or the business community.
The NSW Department of Finance & Services has released a discussion paper seeking comments on wide-ranging reforms proposed for public sector procurement.
Adjudicator's determinations under SOPA remain susceptible to review.The Courts have refined what jurisdictional error means for adjudicators.While determinations are more susceptible to judicial review for jurisdictional error, Courts remain reluctant to overturnadjudications unless the adjudicator has misconstrued their powers in a material way.Jurisdictional error is a complex area of law. It is advisable to seek legal advice to ensure your rights are protected in pursuing or responding to claims under SOPA.
This will mean that many more Australian fund managers will have the opportunity to offer their services internationally as well as providing access to international investors for Australian markets.
They could unwittingly be deemed liable for a claimed amount if a party served with a ‘payment withholding request' fails to withhold payment, even where it appears they are not the relevant ‘principal contractor'. The application of the withholding provisions will not always be clear. Taking the wrong course of action could give rise to liability for an unrelated amount on the one hand, or breach of contract on the other. Any party served with a withholding request should seek legal advice.
The amendments generally simplify and clarify the status of concept plan approvals.
ASIC has released new base-level financial requirements for REs from 1 November 2012.Increased NTA requirement with an uncapped RE revenue test.New obligations to hold at least 50% of NTA in cash or cash equivalents.Proposed restriction on guarantees and indemnities no longer included.