In this case the borrower (Mr Nabil Moussa) obtained a stay of eviction by Perpetual (the Lender) on 12 December 2007 on the grounds that:
“… in or about … February this year the New South Wales Crime Commission confiscated [a particular sum of money], and as a result I had no working capital to use in my investments. The proceedings as between the Crime Commission and myself are currently before the courts and are being defended by me.”
A further stay was sought on 24 January 2008. The court heard the debt secured was $1,050,000 with arrears of $78,000. The court noted there was no evidence from a broker indicating a refinance was being organised, no letter of offer, no evidence of capacity to service a refinanced loan, no evidence of what the orders obtained by the Crimes Commission were. Nevertheless the Court decided for the borrower and granted a further until 21 February 2008 because the lender’s solicitors had not tendered evidence showing the lender’s equity in the property was running out and because the Court noted Christmas had intervened.