Good to go operates a business of small amount lending and holds an Australian credit licence. When their key person left the business, the CEO applied to be the substitute responsible manager and ASIC refused to approve this. The business then put forward two others as responsible managers. One was rejected and further information was …
This case concerned a business which arranged for the sale of diamonds to customers and their re-sale back to the business to conceal its true nature which was the provision of credit in return for a customer paying twice that in return. The court found that the application, sales and purchase contracts satisfied the statutory …
The lenders obtained summary judgment and an order for possession and the borrower then sought to suspend its enforcement on the basis that judgment was obtained in her absence and the lender’s agent had allegedly falsified income and work history details in the loan application to meet the lender’s criteria and the lender had made …
We have previously reported on the first instance decision in this case. This case note relates to the appeal. The court considered the following sections of the National Credit Code: Section 72 This section of the Code, allows a debtor to send the credit provider a hardship notice, orally or in writing, advising of the debtor’s inability …
Schafer v RHG Mortgage Corporation [2015] WASCA 11 Read More »
The lender sought possession but did so late because it had granted a number of indulgences to the borrower and was also delayed owing to an unsuccessful FOS complaint. The court granted the lender an extension of time. The borrowers did not file a defence, only a total of 12 affidavits. The borrowers argued that …
RHG Mortgage Corporation v Schafer [2014] WASC 297 Read More »
A husband and wife purchased a property from friends using vendor finance, which required repayment of all outstanding principal after 2 years and was secured by a mortgage. The court found that the vendors knew that the property was not worth the contract price, even though they may not have known its precise worth and …
Upon default, they claimed the mortgage was unjust for the purposes of the National Credit Code and the Contracts Review Act because the bank loaned when they had an inadequate exit strategy if they retired or took ill. For an exit strategy the husband had nominated the sale of the business premises. These he said …
Bendigo and Adelaide Bank Ltd v Karamihos [2014] NSWCA 17 Read More »
The parents came to the rescue of their son who needed security for a loan by mortgaging two homes they owned. The son defaulted on the loan causing the sale of the two properties. The mortgage was expressed to secure all monies owing by the parents to the lender but no monies had been lent …
The bank called up the loan on the grounds that bank statements used to procure the loan had been doctored. The borrower’s defence alleged: The Business purposes declaration and guarantee were forgeries which he did not sign. The Bank statements in question were undoctored at the time they were handed to the bank’s lending manager. …
The borrower defaulted on loan agreements after a restraining order had been made against all of his property under the Criminal Proceeds Confiscations Act. The borrower had previously been given consent to sell the security property to a company, although his wife turned out to be the sole director and shareholder of that company. In …
