John Stumbles

Professor

BA LLB (Hons) (Syd), LLM (University of Pennsylvania)

Academic Profile

Professor John Stumbles was a partner for 24 years at the law firm Mallesons Stephen Jaques. During that time he acted as counsel for domestic and offshore banks on many aspects of their activities including standard documentation, loan syndications, debt trading, priority disputes amongst creditors and the impact of stamp duty and withholding tax on borrowing structures. He has also advised on the law of negotiable instruments, letters of credit and performance bonds and guarantees. He was counsel for the Reserve Bank of Australia in relation to the RITS payment system. He has acted as counsel for banks in large multi-national and domestic insolvencies including, more recently, the insolvency of Pasminco and the Sydney Cross City tunnel.

Professor Stumbles has a particular expertise in out of court work outs and the legal issues associated wth them such as the potential liabilities and duties of members of creditor committees. He has also advised corporate trustees and custodians on their responsibilities and the manner in which they may properly discharge them. Previously he was an adjunct senior lecturer in law at the University of NSW.

Current Research Activities

The proposals to reform the law relating to personal property securities and the impact of those reforms on traditional secured lending practices; cross border insolvency; the impact of credit derivatives and debt trading on corporate work outs.

Recent Publications

'Shareholders as Creditors' in Australian Resources and Energy Law Journal 25 (1),2006 which considered the implications of the decison of the High Court in Sons of Gwalia v Margaretic.

'General Considerations in Taking Security' in Australian Finance Law, Thomson Law Book Co, (new edition forthcoming in 2008).

Professional Membership

Solicitor and former Chair of the Business Law Section of the Law Council of Australia.