Mark Toohey

I presented at the Melbourne Forum about how liquidators can improve their preference recovery letters. One of my suggestions was that providing creditors with an independent overview of what preferences are and how the law applies would be more powerful than an explanation provided by the liquidator. The ASIC website has a creditor guide although it's coverage of preferences is too brief to be terribly helpful. It was with great delight that I saw that ARITA - Australian Restructuring Insolvency & Turnaround Association have just released their new guide "Understanding Preferences". What a fabulous guide for liquidators to be able to provide to creditors with clear information about what a preference is and how to deal with a claim by a liquidator. #insolvency

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Federal Court rules against Bit Trade for DDO breach Nearly a year after ASIC initiated legal action, the Federal Court has ruled against Bit Trade Pty Ltd, operator of Kraken #crypto exchange in Australia, for failing to meet design and distribution obligations for a margin trading product. ASIC’s allegations included that the product was a ‘financial product’ and was offered without a required ‘target market determination.’ This case underscores ASIC’s vigilance in protecting consumers and ensuring compliance in the crypto market. We outline the full context and implications of this decision for the industry. https://lnkd.in/gmkWhM46 Thomas Webster Hall & Wilcox Blockchain Australia #cryptocurrency #digitalassets

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Doing business in Solomon Islands is quite complex if you do not have any experience on the ground or if you do not get the right lead. The digital business environment is yet to be maximized, and most of the business has to be done in person. With 3-levels of governance, dealing with the national, provincial authorities, and the customary domain require some understanding of what powers and functions were devolved, what decisions and authorities remains in the customary domain, which taxes, licenses, fees, and permits apply to specific type of investments and developments. Read more below. #businessadvisories #legalminds #regulatoryenvironment #pln #pals #solomonislands #investmentopportunities https://lnkd.in/gVdJ5YSm

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Corporate Wrap-Up / 19 July 2024. // A weekly summary of the key developments in the world of Australian corporate law. In this edition: 🔍 ASIC commentary on the holding of virtual-only meetings. 🤝🏻 Takeovers Panel guidance on the application of Chapter 6. 🙅🏻‍♂️ ASIC enforcement activity. #corporatelaw #corporategovernance #mergersandacquisitions

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Australian privacy policy AI updates needed under proposed new laws Could AI-assisted decisions made by your business about individuals reasonably be expected to significantly affect their rights or interests? Under Privacy Act changes introduced into the Australian federal parliament today, privacy policies for your business may well need to be updated within 2 years after the new law receives Royal Assent. The privacy policy updates would need to provide information about - the kinds of personal information your business uses for automated decision-making - the kinds of decisions your business makes solely by automated means and - the kinds of decisions to which automated means are substantially and directly related. Under the proposed law, failing or refusing to make a decision is covered and it would not matter that the decision’s impact on the individual is good or bad. If a required privacy policy update is not made, a civil penalty may be imposed. Currently the civil penalties for serious or repeated privacy interferences are - for those other than companies, $2.5 million - for companies the greater of $50 million; three times the value of the benefit obtained by the company from the conduct or, if that cannot be determined, 30% of the company’s adjusted turnover. Forthcoming Sharpe Ivo data law updates will tease out some key points for businesses about these changes.

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Digital Platform Regulators Forum | AI focus | The DP-REG have issued its overarching goals and strategic priorities for 2024-25. The priorities signal continued collaboration and information sharing between the ACCC, ACMA, eSafety and the OAIC regulators. Interestingly, the ACCC Chair Gina Cass-Gottlieb states the "ACCC has been closely considering interactions between AI services and competition and consumer regulation". While there is a lot of discussion around privacy and IP laws, consumer and competition law considerations cannot be ignored in the safe and trustworthy use of AI technology discussion. I anticipate the ACCC will have more to say in this space and play an active regulatory role. For more information, see the OAIC website - https://lnkd.in/ghThmD58.

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A new read for everyone interested in AI governance, the Australian Government has released the 'Policy for Responsible Use of AI in Government', advancing a commitment to lead AI adoption for the benefit of all Australians. The policy emphasises the safe, ethical, and responsible use of AI, aligning with community expectations. 👨‍💻 Mandatory Requirements are: 1. Accountability: Agencies must designate officials accountable for implementing the policy by 30 November 2024. 2. Transparency: Agencies must publicly disclose a statement outlining their approach to AI adoption and use by 28 February 2025. There are several supporting recommendations and requirements, including the obligation to report on high-risk cases. Staying ahead of these developments is crucial for all involved in government AI initiatives. #AIinGovernment #GovTechAU #AustralianLaw #ITinGovernment #AIGovernance #ComplianceAU #TransparencyInTech #AIAustralia

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Raising the Temporary Skilled Migration Income Threshold Starting 1 July 2024, the Temporary Skilled Migration Income Threshold (TSMIT) will rise from $70,000 to $73,150. All new nomination applications from this date must comply with the new TSMIT of $73,150 or the annual market salary rate, whichever is higher. Existing visa holders and nominations submitted before 1 July 2024 will not be affected by this change. These adjustments reflect the Government’s commitment made during the Jobs and Skills Summit in September 2022. More Information Details on future income thresholds and the indexation methodology, including those for the new Skills in Demand Visa, will be announced later in 2024. Stay informed by regularly checking the Department of Home Affairs website for updates on these changes. #AustralianImmigration #TSMIT

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Contracts are the backbone of business. Chidiac Legal ensures your contracts are air-tight, protecting your interests. #ContractLaw #ChidiacLegal #Bankstown #WesternSydney

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My Dentons colleagues Robyn Chatwood and Peter Divitcos explore in the article below how using a VPN is no defence if that use means you are breaching contractual prohibitions or infringing IP rights. #VPN #IP #Dentons

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Corporate Wrap-Up / 06 September 2024. // A weekly summary of the key developments in the world of Australian corporate law. In this edition: 💬 ASIC Corporate Finance Update - including IER Engagements, Consolidated Entity Disclosure, Shareholder Meetings and Financial Reporting 📃 Proposed mandatory merger notification thresholds #corporatelaw #corporategovernance #mergersandacquisitions

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Intellectual property is your unique asset. Safeguard it with Chidiac Legal's legal expertise in IP matters. Your ideas, protected. #IPProtection #ChidiacLegal #Bankstown #WesternSydney

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Accile AI Chronicles: Daily Industry News ACM will take no action against lawyer who hosted websites that used AI to alter legitimate news stories James Raptis, the in-house counsel for regional publisher Australian Community Media, has denied any involvement or oversight in the creation of four websites that published articles using copy from legitimate news outlets. The websites, which include League Initiative and F1 Initiative, allegedly used generative AI to disguise the copied content. Despite his implication, Australian Community Media has stated that they will not take any action against Raptis. This incident brings up questions about the potential for AI to be used for unethical purposes and the importance of overseeing all operations within a company. #AIethics #corporateoversight One of the websites mentioned in the article, AliaVera, reportedly published poorly written articles that were generated using AI. This raises concerns about the quality and accuracy of content shared on the internet, as well as the potential for misinformation to spread. It also highlights the need for stricter regulations and monitoring of online content, especially if AI is involved. #contentquality #misinformation The full article is available here: https://lnkd.in/ehaCx-t7 Accile Consulting - AI Integration Specialists Are you looking to enhance your customer experience and keep up with the latest AI advancements? Partner with Accile Consulting to tap into the full potential of AI technology and revolutionize your business. #AccileConsulting #AIIntegration #Innovation #Partnership.

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New Legal Landscape Alert: Australian Privacy Act 2023 and AI The Australian Privacy Act 2023 introduces critical regulations for AI in businesses. Employers, compliance officers, and IT managers must act swiftly to comply with these changes. #### Key Provisions: 1. **Transparency and Accountability** - Maintain clear documentation on AI’s use of personal data. 2. **Privacy Impact Assessments (PIAs)** - Mandatory assessments to identify and mitigate privacy risks in AI projects. 3. **Informing Individuals** - Ensure transparency by informing individuals about AI decisions impacting them. 4. **Data Minimisation** - Collect only necessary personal data to reduce risks. 5. **Cross-Border Data Flow** - Ensure overseas data protection aligns with Australian standards. #### Action Plan: 1. **Review AI Systems** - Document and justify personal data usage. 2. **Implement PIAs** - Identify and address privacy risks early. 3. **Develop Clear AI Policies** - Inform individuals and provide mechanisms to contest AI decisions. 4. **Revise Data Handling Practices** - Apply data minimisation principles. 5. **Safeguard Cross-Border Data** - Protect personal data irrespective of its destination. 6. **Train Your Staff** - Educate staff on new legal provisions to ensure compliance. Compliance with the Australian Privacy Act 2023 is essential for building trust and ensuring the ethical use of AI. For guidance on implementing these changes, please contact us. #### Commitment to Compliance and Trust: Build a future where technology and privacy coexist. **Ready to secure your AI future? Get in touch today to ensure your systems meet the latest standards!**

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Interesting case: Parwan Investments Pty Ltd (Recs Apptd) v Hooper [2024] VSCA 86. The appeal ran unopposed. Hooper was a purchaser off-the-plan from Parwan. Parwan's mortgagee appointed receivers over the property prior to the registration of the plan. Hooper sought orders for specific performance of the contract. The central question in the appeal was whether a mortgagee could be compelled to provide a partial discharge of mortgage secured over a parent title once the property had been subdivided - ultimately to determine whether specific performance was a remedy available to Hooper. The receivers for Parwan argued, that the mortgagee could not be compelled to partially discharge its mortgage - and were ultimately successful. What is interesting however is it doesn't appear in the reasons that the Court considered section 8 of the Sale of Land Act 1962, which provide that a mortgagor may request its mortgagee to apportion secured monies over newly subdivided lots and for an arbitrator to be appointed if the level of apportionment cannot be agreed. Given the matter ran unopposed, perhaps section 8 was not brought to the Court's attention? Whilst Hooper was not the mortgagor, section 8 suggests that the mortgagee could be compelled to apportion the secured debt and partially discharge its mortgage in respect of newly subdivided lots. Full decision: https://lnkd.in/gpTp5WJd

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When conducting a cross-examination, a litigant in person “effected a forensic defenestration” of the evidence of the witness. Leaving to one side the impressive forensic skills of this party, the key message is this: take care when preparing witness statements. In the matter of Anit Australia Pty Ltd [2024] VSC 705, para. 300 (M Osborne J): “Despite being a novice cross-examiner, over the course of two days Mr Shadat effected a forensic defenestration of Mr Huraira’s evidence. It became apparent during cross-examination that Mr Huraira was unfamiliar with key aspects of his witness statement. In other instances, parts of the statement were irreconcilable with aspects of the documentary evidence, including aspects of the documentary evidence referred to in the statement itself. During closing oral submissions, senior counsel for the defendants accepted that it was open to the Court to find that Mr Huraira was an unreliable witness. In both oral submissions and the written closing submissions, the defendants sought to explain away the deficiencies in the reliability of Mr Huraira’s evidence by noting that his evidence-in-chief had been given by way of witness statement rather than viva voce. This submission was not expanded upon, but insofar as it is implied that the witness statement prepared on Mr Huraira’s behalf did not reflect his actual recollection of events but amounted to an account that the drafter of the statement considered advanced the defendants’ case as opposed to actually having taken place, the observation was apt. None of this excuses Mr Huraira; as is customary, the witness statement contains an attestation by him that it is true and correct and he adopted it as his evidence and affirmed that it was true and correct at the commencement of his evidence.” https://lnkd.in/gTHeiDHN #litigation #crossexamination #trial

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