Default notice (on demand facility)
|Author(s) :||Andrea Beatty; Andrew Smith; James Moore of HWL Ebsworth|
|Short Description :||This is a precedent notice of default under a credit contract regulated by the National Credit Code. The notice is tailored for an "on demand facility" (as that term is defined in s 92(2) of the Code).|
|Format :||Word document delivered by email within 24 hours
Page length: 4
|Published :||August, 2012|
The precedent includes author notes about relevant provisions of the National Consumer Credit Protection Act 2009 (Cth).
The default notice includes provisions relating to:
• timeframes for remedying the default before enforcement (including against the guarantor)
• a warning regarding any future defaults
• statutory notices and other legislative requirements (including in relation to the Privacy Act 1988 (Cth)
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• Guarantee of loan contract
• Loan contract - offer by credit provider to debtor
• Loan contract - offer by debtor to credit provider
Andrea Beatty, HWL Ebsworth
Andrea Beatty is a partner in HWL Ebsworth's Regulatory & Financial Services Group. She practises in regulatory and financial services including corporate, and is the national team leader of advisory, payment systems, retail and electronic banking, privacy and banking law.
Andrea has been recognised for her skills in relation to financial institutions and regulatory law in the Australian Financial Review's Best Lawyers 2012 Awards.
James Moore, HWL Ebsworth
James Moore is a Partner of the Regulatory and Financial Services Group at HWL Ebsworth lawyers based in Sydney. James' major specialisation is the laws, entities and relationships that define the financial sector and the development and management of financial products.
James assists a wide range of financial and other institutions with practical and commercial advice in these areas, helping to manage existing products and to develop new products and relationships.
James has particular expertise in consumer financial products (including the National Credit Code, credit licensing and financial services regulation), anti-money laundering, unfair contract terms regulation, personal property securities, payment systems and electronic commerce, banking system regulation, privacy law and plain English drafting.