04 June 2013

The loan funds were deposited into the account of the wrong company, which spent them. The borrower had brought a claim against the bank, the broker and the company that got the money.

Default judgment was obtained against the company. The company then filed an application to set aside the default judgment.

The judge commented that generally applications to set aside default judgment should seldom, if ever, be refused on the basis of a weak case. However in this case the judge decided that the oral evidence the director had given in court proved that he was not in a position to assert any monies were owed to the company at all - therefore there was no defence to the claim.

Click here to read the full judgment

Bransgroves-3-2013 0017-edits 2Nicola Craven holds a Bachelor of Laws from the University of New England. Nicola was admitted as a solicitor in the New South Wales Supreme Court in May 2006.

Read more about Nicola Craven