Gustin Group v Phoenicia Trading [2015] NSWSC 1071

This was an extremely sad case where a retiree of 75 years invested his entire redundancy package and more, by way of a high interest loan secured on his home as collateral in someone else’s business. The borrower defaulted and the lender sought possession. The borrower then sought a late stay after settlement negotiations with the lender failed.

The court noted that it would be difficult to grant a stay on compassionate grounds alone, but was prepared to do so as a matter of practicality, to take advantage of the retiree organising a sale himself and taking account of the fact that the debt did not exceed the value of the property and an auction had been arranged by him. 

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