Following the Federal Court’s significant judgment in ASIC v Noumi Ltd in 2024, the Full Court has now made orders allowing the appeals and finding that Noumi did not waive privilege in the PwC report by disclosing it to ASIC under a voluntary disclosure agreement. While the Full Court’s decision confirms that VDA arrangements can be an effective way to maintain legal professional privilege, Bryony Adams, Andrew Eastwood and Maritsa Samios explore why its reasons underscore the need for care to be taken before commissioning an investigation report, and entering into any limited waiver arrangement, such as VDAs.