A loan was provided to a company for the purchase of a development property. The director sought to plead unjustness as a late amendment to his defence. The court noted that the Contracts Review Act is not available to a company nor in relation to a loan entered into for business purposes. The court refused …
A lender sued a valuer for negligence. The court held that the valuation was outside the range which could properly have been arrived at by a competent valuer. When the borrower went into default, the lender obtained possession and could only obtain a price significantly less than the valuation. The lender’s expert witness said that …
The bank obtained judgment against a borrower and then assigned it and the transferee sought leave from the court to enforce the judgment. The borrower argued that the cause of action had merged in the judgment and there was no other amount owing and the deed assigned nothing. The court held the transferee got everything …
Clients lent superannuation money, unsecured, to their accountant which was never repaid. The client demanded repayment from the accountant and the accountant argued that the agreement did not contain a stand alone operative guarantee clause that made the accountant named as guarantor liable for the debts. Unknown to the clients, before they signed the agreement, …
Watson Superannuation Fund v Scott [2015] QCA 267 Read More »
The lender obtained possession and evicted the borrower. Between the taking of possession and changing the locks to ready the property for sale, the borrowers took up residence again. The court found that the owners had attempted to subvert the writ of possession and the lender’s access, and ordered a writ of restitution to restore …
The borrower and lender agreed to settle proceedings and have consent judgment entered if the borrower did not obtain default judgment against his former business partner for breaching an alleged agreement between them by a certain date (which involved the partner paying off the borrower’s mortgage debt in return for a % interest in an …
Provident Capital (in liquidation) v French [2015] NSWSC 1827 Read More »
A lender sued for possession and judgment. The guarantor who mortgaged his property as collateral for the loan counterclaimed for redemption. The court found the lender’s default notice was invalid because it incorrectly identified the event of default, being the non-payment of interest because interest had been pre-paid. However the court found that the owners …
A wife allegedly forged her husband’s signature on a mortgage which was registered. The forgery was unknown to the lender. The husband and wife defaulted and the lender sued for possession. The issue was whether the lender was entitled to possession of the husband’s interest in the land. The court restated the principles relevant to …
This case was a priority dispute remitted by the Court of Appeal to the Court of Land and Environment between the purchaser and the previous owner of the land, a de-registered company. The land was subject to two mortgages and the lender exercised its power of sale. However before the sale contract completed, the Transport …
Good to go operates a business of small amount lending and holds an Australian credit licence. When their key person left the business, the CEO applied to be the substitute responsible manager and ASIC refused to approve this. The business then put forward two others as responsible managers. One was rejected and further information was …
