The guarantors sought to be released from their mortgages and guarantees by way of recompense for the bank’s alleged disclosure of confidential information about their group of companies. According to their defence, a bitter rival, Mr Robinson, had determined upon a strategy aimed at driving them into insolvency. His attempts had been staved off on …
In this case, the directors of a property development company guaranteed an $8 million loan for the purposes of refinancing an existing construction loan. The loan fell into arrears, a receiver was appointed, and after the security was sold there was a shortfall of $3.7 million. One director filed a spurious defence by himself and …
Challenger Managed Investments v Samardic [2010] NSWSC 908 Read More »
In this case there was a shortfall on two loans and the guarantor on both was sued by the lender in two separate proceedings. In the first set of proceedings, the borrower cross claimed pleading that “has suffered damage equal to the liability accrued to him by reason of the guarantee”. This was seized upon …
Perpetual Trustee Company v Triprush [2010] NSWSC 861 Read More »
In this case there was a property development which went bad and the bank sued the guarantors. One of the guarantors sought to defend himself on the grounds that, although he signed the guarantee, because he got nothing out of doing so, there was inadequate “consideration” to form a binding contract. In finding that there …
The guarantor signed a deed of guarantee of the purchaser’s obligations under a contract of sale. The deed was physically incorporated in the contract, but a blank space in the deed, for the name of the purchaser, had not been filled in. The purchaser defaulted under the contract, the vendor terminated, and resold the property …
The defendants’ guaranteed a loan which was secured by mortgage over their property. When the borrowers defaulted the lender sought possession of the guarantors’ property to discharge the guarantee. The guarantors alleged they had not signed the guarantee or signed it without knowing its nature and affect, as well as misleading and deceptive conduct by …
Perpetual Trustees Victoria v El-Sayed [2010] NSWSC 783 Read More »
The lender sought to recover the outstanding loan amount from the guarantors. The money had been lent to a development company with personal guarantees given by the directors. Although the lender had not signed the loan agreement the evidence of receipt of funds and repayments, as well as the fact that guarantees had been signed …
Matouk v The Entrance Seabreeze [2010] NSWSC 649 Read More »
The second defendant (“Mr McMillan”) caused $127,000 to be borrowed for three months from Bidmonta at 15 percent per month interest, reducing to 10 percent per month if promptly paid. Mr McMillan used his mother’s home at Mt Druitt as security for the loan. He signed the mortgage and related documents. He was unable to …
The lender (“PC”) sought to recover from two guarantors (“Gore” and “Atkinson”) the balance of the loan, following default by the borrower (“AGB”). Terms of consent judgement were agreed but not entered, in these terms: Judgment in favour of the plaintiff against the second defendant and third defendant in the amount of $705,093.97, being the …
Permanent Custodians v AGB Developments [2010] NSWSC 540 Read More »
The defendant was guarantor of a loan from the plaintiff to a company in the amount of $1.4 million. The loan was not repaid and the lender applied for summary judgement against the guarantor for the amount outstanding with interest and costs. The guarantor argued monies were owed by the lender to other entities associated …
