Editorial

Article Abstract:

Business law developments in Australia in March 1997 included a case on auditing liability, reforms for small businesses and changes in the focus of the Corporate Law Simplification Program. In Esanda Finance Corp. v. Peat Marwick Hungerfords, the High Court found that auditors were not liable for a third party's reliance on their reports. Corporate law reforms will focus on economic objectives, according to Treasurer Peter Costello. Reducing bureaucracy for small businesses and accounting reforms have also been proposed.

Other Justice, Public Order, and Safety Activities, Small Business, Business Law NEC, Economic aspects, Cases, Commercial law, Corporation law, Auditors

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Editorial

Article Abstract:

The Wallis Committee Report into the Australian Financial System, titled "Financial System Enquiry - Final Report," offers a number of reforms that would improve financial systems and regulations. The report calls for further deregulation, a limit on mergers among the four major banks, and reduced duplication of regulatory activity. The report also includes a number of more technical recommendations and a call for greater regulator accountability.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Banking Regulation, Financial services industry, Financial services, Securities law

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The "Liggett Doctrine": mistaken payments in the banker-customer relationship

Article Abstract:

The Liggett Doctrine is inadequate for some situations in which a bank seeks to recover payments from a customer in equity, but two recent decisions will improve its application by use of the principle of unjust enrichment. The Australian decision is ANZ Banking Group v. Westpac Banking Corp and the New Zealand decision is Westpac v. Rae.

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