Bankruptcy

Application by Westpac – Charara v Konneh [2015] NSWSC 1084

The bank paid surplus funds following the sale of mortgaged property into court and three competing claims were made on the fund – two alleged debtors and the owner of the property, now bankrupt. Each debtor disputed the other’s debt and priority. The first in time claim arose from the owner personally guaranteeing his company’s …

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Elddin v Hamed [2015] NSWSC 654

A purchaser bought a bankrupt’s home, financed by a bank mortgage and also a loan from the bankrupt. The registered owner allowed the bankrupt to tenant the home for an agreed rental but when asked to leave, the bankrupt refused. The owner had neither possession nor rent for quite some time and was ready, willing …

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In the matter of Matlic Pty Ltd (in liq) [2014] NSWSC 1342

The borrower was formed as a trustee of a trust for two couples to make investments. One of the couples was aware of a development in Tumut which was offering a third of the profit for its investors. The trust therefore borrowed to invest in the third party development. Following extensive delays in obtaining consent …

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Commonwealth Bank v Collins [2014] FCA 1061

The bank brought an application to continue Supreme Court possession proceedings against the bankrupts pursuant to s58(3) of the Bankruptcy Act. The court was not certain that leave to proceed was actually required by the bank. This was because it was not entirely clear that the possession proceeding was one with respect to a debt …

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NAB v State of NSW [2014] FCA 298

The lender served a section 57(2)(b) notice upon a defaulting borrower. However before exercising the lender’s power of sale, the borrower declared himself bankrupt and his property vested in the Official Trustee. The Official Trustee disclaimed the property which resulted in it vesting in the Crown. The court noted that a disclaimer extinguishes the bankrupt’s …

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Kovarfi v BMT [2014] NSWSC 100

Developers borrowed money to fund a development, the project over-ran and according to a valuation report would have required more money to complete than the undrawn loan moneys. The bank called in the loan and sold the property at a loss. The developers who gave personal guarantees went bankrupt. The developers sued the valuer for …

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Hargraves Secured Investments v Slaven [2013] NSWSC 673

The matter had already been before the courts for many years, including having had an a determination by the High Court that the Farm Debt Mediation Act applied. The lender argued that the Farm Debt Mediation Act no longer applied because the borrower had become bankrupt. The borrower argued that the common law doctrine of …

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