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Another Reason for ASIC Not to Litigate

The Situation: Australia's corporate regulator, the Australian Securities and Investments Commission ("ASIC") brought proceedings against two former directors of Tennis Australia ("TA") alleging that they engaged in numerous...more

Australian IPOs and Takeovers: Liability Has Increased, Defences Are Eroded - Civil penalty liability now affects prospectuses and...

Liability for companies launching an Australian IPO or takeover changed significantly this year—with not so much as a murmur of protest from the market. Due diligence just got more important, but the reason may surprise...more

Australian Securities and Investments Commission's Half-Year Review of Public M&A Activities: Trends, Issues and Reminders

The Situation: The Australian Securities and Investments Commission ("ASIC") recently released its report on its corporate finance regulatory activities for the first half of 2019. The Result: While ASIC's report makes...more

Federal Court of Australia Finds Liquidator's Breach of Duty Claim Against Directors of Holding Company Valid

The Situation: The question in Termite Resources NL (in liq) v Meadows, in the matter of Termite Resources NL (in liq) (No 2) [2019] FCA 354 was whether, in circumstances where the strategic, managerial and major operational...more

Has Australia's Takeovers Panel Turned the "Tap" on to More "Association" Proceedings?

The Situation: A major shareholder of Tap Oil Limited, a company listed on ASX, gave notice of an intention to spill the board, to remove all but one of the current directors, through a general meeting of shareholders. The...more

Shareholder Activism Dealt a Blow in Australia's Federal Court

The Background: In RBC Investor Services Australia Nominees Pty Limited v Brickworks Limited [2017] FCA 756 (10 July 2017) ("Brickworks case"), a large institutional investor sought to dismantle a cross shareholding...more

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