Corporate & Regulatory

Personal Property Securities Register starts today

The new Personal Property Securities Register begins from today, and businesses are continually being warned to read up on as much as they can in order to avoid missing out on registering their interest in securities.

Snap! Kodak files for bankruptcy

Photography and camera giant Kodak has finally filed for bankruptcy protection in the United States, following months of speculation.

"The board of directors and the entire senior management team unanimously believe this is a necessary step and the right thing to do for the future of Kodak," chairman and chief executive Antonio M Perez said in a statement.

Kodak announced the company, and its subsidiaries, had filed for Chapter reorganisation but that international subsidiaries and entities were not impacted.

Judge clears path for class action on ANZ bank fees

ANZ customers have had a partial victory in their legal battle against bank fees.

A Federal Court judge today made rulings that will allow 34,000 disgruntled ANZ customers to pursue a class action to recover fees they say are illegal.

Justice Michelle Gordon ruled that late payment fees are capable of being categorised as penalty fees.

ACN 078 272 867 (Formerly Advance Finances Pty Limited) v Deputy Commissioner of Taxation; Binetter v Deputy Commissioner of Taxation: Federal Court has jurisdiction to wind up de-registered companies

Earlier this month, the High Court dismissed the appeal in ACN 078 272 867 Pty Limited (In liquidation) (Formerly Advance Finances Pty Limited) v Deputy Commissioner of Taxation; Binetter v Deputy Commissioner of Taxation [2011] HCA 46, ruling that the Federal Court did have jurisdiction to wind up deregistered companies under sections 459A and 610AH(2) of the Corporations Act 2001.

Stratford Sun Limited v OM Holdings Limited; In the Matter of OM Holdings Limited (No 5): No misleading and deceptive conduct

The meeting materials given to shareholders by OM Holdings Limited (OMH) have been deemed sufficient and not misleading in the matter of Stratford Sun Limited v OM Holdings Limited; In the Matter of OM Holdings Limited (No 5) [2011] FCA 1275.

Banks slow to pass on rate cuts on business loans

Some of the major banks are yet to cut business loans, despite almost immediately slashing variable home loans rates after the Reserve Bank cut the official cash rate by 25 basis points last week.

The situation has drawn criticism from opposition business spokesman Bruce Billson, who commented that the delay deserves more attention that it is currently receiving.

Westpac to shed jobs as cost cuts bite

Westpac will lop nearly 200 jobs in its IT department as it embarks on a cost-reduction program that will last until the end of next year.

The Finance Sector Union said the bank, which posted $6.3 billion profits last week, advised it that 188 technology jobs will be eliminated in its Sydney and Adelaide offices, with the work outsourced to other companies located in Australia and overseas.

Three Queensland construction companies fined for illegal collusion

The Federal Court in Brisbane has imposed penalties against three Queensland construction companies for engaging in illegal price controlling conduct known in the construction industry as cover pricing.

The conduct related to tenders for three state government construction projects in Queensland and one local government project. The projects were Rockhampton Airport, the Jilalan Inspection Shed, the Callemondah project, and the West Pacific Pines Project.

NAB defiant on partial rate cut

National Australia Bank has responded defiantly after its decision to hold back some of this week's interest rate cut sparked a furious reaction from Treasurer Wayne Swan and bank customers.

Although NAB still offers the lowest standard home rate of any of the big banks, Mr Swan singled it out yesterday for failing to pass on in full last Tuesday's 25 basis point Reserve Bank cut.

ACCC cautious about Woolies plan

The head of Australia's competition watchdog has admitted it may be tough to prove that supermarket giant Woolworths is abusing its market dominance by stocking more home-brand products.

But trade unions and at least one federal politician want action taken against the retailer.

Woolworths says it intends to double its Home Brand range and negotiate better deals with suppliers in fresh and packaged groceries.