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The Federal Government continues in its implementation of the reforms to Australia's foreign investment regime. The relevant Bills have been introduced into Parliament and a report on them has been handed down by the Senate Economics Committee.
Last week, Parliament finally passed the Fair Work Amendment Bill 2014 – originally introduced nearly 2 years ago in February 2014, but not without some significant amendments from the Senate cross benchers. In fact, only three main areas of the original Bill survive – changes to break deadlocks in negotiations for a greenfields agreements, changes to prevent unions taking protected industrial action to force an employer to agree to enterprise bargaining and a new requirement for an employer to discuss a refusal to extend parental leave. Even the changes to greenfields agreements have come at a price, and the amendments will be reviewed after two years. Other changes did not get through – such as tweaking of unfair dismissal and transfer of business laws, as well as changes relating to annual leave loading and Individual Flexibility Agreements.
In this article partner John Mosely and senior associate Cynthia Li examine Australian law and practice in the debt funding of public company takeovers.