A property developer found himself in dire financial straits. He approached a lender who loaned him the money in return for a fixed charge over shares and granted an option to buy the developer’s shares in the development company as security for the loan. The borrower defaulted and the lender exercised the option. The loan …
In this case the borrower’s accountant disappeared, having destroyed the company’s business records and having defrauded it of large sums of money. Some of the borrower’s facilities with the bank were due for roll-over but the borrower was not in a position to provide its 2007 financials. The bank, therefore, required repayment of the expired …
Sam Management Services v BankWest [2009] NSWCA 320 Read More »
This was an appeal by the Hussains from an order made by an Associate Justice for sale of the land subject to the lender’s second mortgage. The Hussains granted a second mortgage to the plaintiff to secure a loan of $95,000 for a period of two months. Interest was payable at $118.8% per annum, reducing …
King Investment Solutions v Hussain [2005] NSWSC 1076 Read More »
This was an application for discharge of order under s 27 of the Judgment Creditors’ Remedies Act 1901. The applicant, Toni Rogers, moved on notice for an order pursuant to s 32 of the Judgment Creditors’ Remedies Act 1901 (the Act) discharging the order made pursuant to s 27(1) of the Act by Acting Deputy …
This case concerned whether a lenders’s costs of defending a suit to set aside mortgage were a contingent liability of the borrower secured by the mortgage and whether a borrower was obliged to provide security for contingent liability in order to obtain discharge. The Plaintiff (“Liberty”) was the lender of a property owned by the …
Liberty Funding v Steele-Smith [2004] NSWSC 1100 Read More »
