Power of Sale

Cudgegong v Transport for NSW [2015] NSWLEC 185

This case was a priority dispute remitted by the Court of Appeal to the Court of Land and Environment between the purchaser and the previous owner of the land, a de-registered company. The land was subject to two mortgages and the lender exercised its power of sale. However before the sale contract completed, the Transport …

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Boz One v McLellan [2015] VSCA 68

Receivers were appointed to a slipway business by Investec Bank. The receivers sold a 50% shareholding in another company owned by the debtor to the debtors former partner for $1 and also asssigned to him debts of $671k for $500k. The debtor sued alleged breach of s 420A(1) of the Corporations Act 2001 which provides:  In exercising …

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Golden Mile Property Investments v Cudgegong Australia [2015] NSWCA 100

Mortgaged land was compulsorily aquired by the state (resumed) for the North West Rail Link.  At the time of the resumption negotiations began  the property had just been sold by a lender, exercising power of sale, however the sale was not completed.  The resumption price exceeded the  contract price and the lender and purchaser renegotiated. …

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NAB v Voukidis [2015] NSWSC 185

The bank sought possession. The wife initially sought to argue unjustness under the Contracts Review Act and unconscionability. These claims were abandoned and the bank was granted possession. The bank then sought monetary judgement so it could pursue the borrowers for any shortfall. In response, the wife then sought to reinstate her previous defences and …

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Muir v Mid Murray Fire Protection [2014] VSC 547

A company in the business of fire protection owned the family home. It borrowed from the bank secured by a mortgage over the family home. The husband/father was the sole director and shareholder of the company and had also given a personal guarantee. The business suffered burnout and the company had to be wound-up. The …

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NAB v Cunningham [2014] NSWSC 1095

The bank initially sued for possession of the guarantors’ property. The guarantors argued that their liability was limited to less than that claimed and that their guarantee and mortgage was void because the bank had breached its obligation to act in good faith. They also argued that the receivers appointed by the bank had breached …

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