Permanent Custodians v Portland Terrace [2013] VSC 544

The lender alleged the borrower default by failing to provide the information requested by the lender relating to its business. The judge refused summary judgement noting:

There is a respectable argument that a reasonable time would, as a matter of law, be required to respond to a demand under that clause before default occurs. Given the Christmas period, the apparent fact that the letter was sent by post rather than electronically and did not arrive until 7 January 2013, and that it specified a date 7 days later for compliance, there is a reasonable argument that the time allowed was not reasonable. The provision of such information as was given by letter dated 30 January 2013 is arguably not therefore a breach of the clause.

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