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Practice notes

Every Issue

Cite as: December 2009 83(12) LIJ, p.61


Federal Court

Federal Court (Corporations) Amendment Rules 2009 (No 1)

The Federal Court (Corporations) Amendment Rules 2009 (No 1) (Amendment Rules) were registered on the Federal Register of Legislative Instruments on 6 October 2009. The Amendment Rules commence on 7 October 2009.

A copy of the Amendment Rules is available at www.comlaw.gov.au.

The Amendment Rules replace r15A.05 of the Federal Court (Corporations) Rules 2000 with a new r15A.05 in the following terms:

“15A.05 Official liquidator’s consent to act

If an application is made for an order:

  1. under article 19 or 21 of the Model Law to entrust the administration or realisation of all or part of the debtor’s assets to a person designated by the Court (other than the foreign representative); or
  2. under article 21 to entrust the distribution of all or part of the debtor’s assets to a person designated by the Court (other than the foreign representative); then, unless the Court otherwise orders, the person must:
  3. be an official liquidator; and
  4. have filed a Consent to Act, in accordance with Form 19, that specifies an address for service for the person within Australia”.

The amendment will ensure that r15A.05 is consistent with the terms of articles 19 and 21 of the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law which operates in Australia pursuant to the Cross-Border Insolvency Act 2008 (Cth).

PHILIP KELLOW, Deputy Registrar, 6 October 2009

Cash rate target

From 6 December 2007 law practices whose matters are governed by the Legal Profession Act 2004 cannot use the penalty interest rate for their accounts. The maximum rate is the cash rate target plus 2 per cent. The cash rate target is currently 3.5 per cent (from 4 November 2009). To monitor any changes between editions of the LIJ, practitioners should check www.rba.gov.au/statistics/cashrate_ target.html.

Value of penalty and fee units

For the financial year commencing 1 July 2009, the value of a fee unit is $11.69 and the value of a penalty unit is $116.82 (Victoria Government Gazette S132, 15 May 2009).

Penalty interest rate

The penalty interest rate is 10 per cent per annum (from 23 February 2009).

To monitor any changes to this rate between editions of the LIJ, practitioners should check The Age newspaper on Mondays under the Law List.

Court websites

To check for new court practice notes issued between editions of the LIJ, practitioners should refer to the following websites:

High Court www.highcourt.gov.au

Federal Court www.fedcourt.gov.au

Family Court www.familycourt.gov.au

Federal Magistrates Court www.fmc.gov.au

Supreme Court www.supremecourt.vic.gov.au

County Court www.countycourt.vic.gov.au

Magistrates’ Court www.magistratescourt.vic.gov.au

VCAT www.vcat.vic.gov.au

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