Welcome to the latest edition of our National Insolvency & Reconstruction Quarterly Review for the period 1 January 2017 to 31 March 2017.
The UK Supreme Court recently handed down its decision on an appeal concerning a professional indemnity policy's aggregation clause. The issue in dispute was over precisely what was meant by the phrase "in a series of related matters or transactions", and whether it served to aggregate underlying claims.
Last April, the Federal government provided ASIC $57 million to launch the 'HMAS Enforcement and Surveillance'. This ship is currently steaming around the financial services seas and has already taken aim at a number of issues facing the life insurance, general insurance and banking sectors.