A lender appointed receivers to four borrowers and sold the secured properties. The sole director of each borrower claimed that the loans were farm debts and the lender contravened the Farm Debt Mediation Act by failing to give notice to permit mediation and hence its enforcement action and sale of the properties was void and …
The bank obtained default judgment for possession and sold the home. The husband commenced proceedings against the bank and the trustees in bankruptcy of both his son and wife who owned the home with him as tenants in common in unequal shares. The husband sought leave to re-plead his claim for compensation against the bank …
The bank granted loan facilities to a farmer, secured over his farms and guaranteed by his wife. The farmer defaulted and the bank appointed receivers and managers to the farm. The farmer refused to allow the receivers access and the receivers sought orders that the farmer vacate the farm. The court found that the bank …
A borrower sought a last minute stay of eviction. The court refused because the basis was not a firm proposal made by the borrower that had been accepted by the bank but simply that further negotiations could result in the bank accepting an amount (yet to be identified) and agreeing to a stay. The court …
A husband and wife were accountants and the wife provided a mortgage over their home for its purchase and also for the purchase of their accountancy business premises. The wife refinanced the loans a number of times, the last refinance being provided by the bank, in addition to a loan to the wife as company …
The wife argued that the lower court’s judgment in favour of the bank granting the bank possession was procured by fraud, based upon newly discovered material facts. The alleged fraud was that the borrower was not aware that the facility letter was different to the offer letter by reason of a disclaimer in the facility …
This case concerned a business which arranged for the sale of diamonds to customers and their re-sale back to the business to conceal its true nature which was the provision of credit in return for a customer paying twice that in return. The court found that the application, sales and purchase contracts satisfied the statutory …
A husband inherited land and the wife funded the building of their family home by selling her a property purchased in her name only. The husband and wife were registered as co-owners of the beach property and later it was put in her name only as an asset protection strategy. The wife gave two guarantees …
This case concerned 2 companies, both having a common director and shareholder. One company was owned by a couple and the other by the male partner only. The company owned by the couple (first company) borrowed from the bank on a commercial loan secured by a first registered mortgage and a guarantee given by the …
Jetobee (in liquidation) v Smith & Young [2015] NSWSC 1526 Read More »
The lender gained possession of a hospital but judgment was stayed until the conclusion of an enquiry before a judge as to the damages payable to the lender in respect of the lender being kept out of possession. The enquiry took place but judgment has not yet been given. The lender then sought damages for …
