We have previously reported on this case. Parents were duped into giving a guarantee and mortgage for their son in circumstances where they believed that had given a limited guarantee. The parents succeeded in their unjustness and unconscionability defences at first instance but the lender appealed and the court agreed that two errors had been …
RHG Mortgage Corporation v Ianni [2015] NSWSC 1911 Read More »
The borrower repeatedly attempted to have the bank’s default judgment for possession set aside but was turned away as having no arguable defence. The borrower appealed on the basis that he was denied procedural fairness. The Court of Appeal agreed the borrower had no defence because there was nothing to suggest that the borrower’s income …
The lender obtained default judgment which was set aside on the basis that the court found the borrower had an arguable case that her obligation to repay the loan only arise if and when the subdivided lots were sold and construction contracts entered into for the amounts in a spreadsheet attached to the loan agreement …
Nichols Constructions v Elphick [2015] NSWSC 1732 Read More »
A husband, pilot and property developer was made bankrupt and used his wife as a “dummy front’ for his business. His wife became the director and shareholder of his company, signed various documents without reading them and purchased two investment properties, at her husband’s insistence. The wife owned a previous home, in her own name, …
A husband and wife were accountants and the wife provided a mortgage over their home for its purchase and also for the purchase of their accountancy business premises. The wife refinanced the loans a number of times, the last refinance being provided by the bank, in addition to a loan to the wife as company …
A husband inherited land and the wife funded the building of their family home by selling her a property purchased in her name only. The husband and wife were registered as co-owners of the beach property and later it was put in her name only as an asset protection strategy. The wife gave two guarantees …
A husband and wife entered into three loans – one to enable the purchase of the family home and the second and third to finance the husband’s business. All the loans were secured over the family home. The court rejected that the wife had an arguable defence based on the wife’s equity principle in relation …
The bank advanced money to an ex-wife to enable her to purchase a business previously owned by her husband. The purchase was part of a binding financial agreement entered into with her de facto which she was seeking to have set aside in the Family Court. To support the bank loan, her sister gave a …
This case concerned a group of family companies. The parents were shareholders and the parents and sons were directors of the family companies. The parents gave guarantees and mortgages over various properties owned by them to secure their companies’ debts. The bank sued for possession and a money judgment and the parents claimed unconscionability and …
A husband and wife’s company obtained goods on credit and the wife provided a guarantee for the amounts owed. The supplier sued on the guarantee and the wife raised a defence of unconscionability. The court did not believe the wife and found that she signed the guarantee, was an astute business woman who made decisions …
