Updated Franchising Code of Conduct
1 July 2020
Compilation No. 2 of the Competition and Consumer (Industry Codes—Franchising) Regulation 2014 has been registered on the Federal Register of Legislation. The compilation incorporates the recent amendments made in relation to new motor vehicle dealerships.
Recent legislative changes affecting mortgagees exercising power of sale over disclaimed freehold properties
On 25 May 2020, amendments to the Property Law Act 1974 commenced relating to a mortgagee’s exercise of their power of sale where a mortgaged freehold property has been disclaimed by a trustee in bankruptcy or liquidator under section 133(1) of the Bankruptcy Act 1966 (Cth) or section 568(1) of the Corporations Act 2001 (Cth).
The new section 84A of the Property Law Act 1974 introduces a process by which mortgagees may exercise power of sale in relation to disclaimed freehold property, in appropriate circumstances, without the need to apply for a court order under the Bankruptcy Act 1966 or the Corporations Act 2001.
Section 84A also includes a new requirement for notices in the approved form to be given to each person with an interest in the property and to the Registrar of Titles.
Transitional provisions for the new section 84A and related changes to other provisions are also included in the amendments. These changes are relevant to practitioners who represent mortgagees exercising power of sale and their dealings with the Titles Office.
See Part 31 of the Justice and Other Legislation Amendment Act 2020 for further details.