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

LesawebLesa Bransgrove holds a Bachelor of Laws and Bachelor of Commerce from the University of Queensland and a Master of Laws from the University of London. Lesa was admitted as a solicitor of the Queensland Supreme Court in 1996 and the UK Supreme Court in 2002 and as a barrister of the NSW Bar in 2009. After working on the Lehman's litigation Lesa left the bar and joined Bransgroves.

Read more about Lesa Bransgrove