Securities
Securities reform has significantly changed the way personal property is protected in Australia. This section contains information to assist practitioners in understanding the changes and avoiding the traps in the new requirements.
Alert
A new twist on cybercrime and EFT
Just as you can’t rely on bank account details in external emails from clients and others, it is also risky to rely on payment directions in emails from people within your office without phone verification. A matter recently reported to LPLC highlights the risks in relying solely on emails, particularly in today’s increasingly remote working environment.
Mortgages
Mortgage claims are often one of our most expensive areas of claims. The claims usually involve acting for private or not sophisticated lenders and not ensuring the security was adequate either because the right checks and balances were not put in place, directors guarantees were not obtained or the security documents were not registered promptly.
Personal Properties Securities
Personal properties securities is a complex area of law that has caught out many practitioners. The mistakes include not recognising when there is a security interest, not adequately advising clients about the impact of a security interest and what steps need to be taken to protect the client and simple mistakes in registering or de-registering interests.
Solicitors Certificates
Solicitors certificates are fraught with difficulty if practitioners do not treat them seriously and have good systems in place. We regularly see claims where the client alleges they received no or inadequate advice about mortgage or guarantee they were entering into but the lawyer says they did give advice. Invariably there is not sufficient written evidence to show what that advice was.