TGIF

TGIF is a weekly publication focusing on current issues in insolvency law and banking and finance litigation.

Principal loan contract varied, but guarantors fail in seeking to avoid liability to the bank under their guarantees

19 August 2016

This week’s TGIF considers a recent case where two individuals challenged their liability under guarantees given by them in respect of monies borrowed by their family trust for property development purposes.

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A “Prime” example of a mortgagee exercising its power of sale

12 August 2016

This week’s TGIF considers CME Properties (Australia) Pty Ltd v Prime Capital Securities Pty Ltd [2016] WASC 231 which concerns a mortgagor’s application for an interim injunction to restrain a mortgagee from exercising its power of sale.

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Setting aside DOCAs and exercising the casting vote

5 August 2016

This week’s TGIF considers Britax Childcare Pty Ltd, in the matter of Infa Products Pty Ltd v Infa Products Pty Ltd (Administrators Appointed) [2016] FCA 848 which considers setting aside a DOCA and the administrator’s casting vote.

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Banks beware – a prominent written notice for the purposes of the Code of Banking Practice may not be prominent notice in the circumstances!

29 July 2016

This week’s TGIF considers the latest in a string of significant decisions on the Code of Banking Practice. The case sends a clear message to bankers: fail to comply with the Code at your peril!

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Supreme Court of Victoria dismissed application to set aside statutory demand on basis of spurious and hypothetical dispute

22 July 2016

This week’s TGIF considers Brandon Industries (Vic) Pty Ltd v Locker Pty Ltd where the Court dismissed an application to set aside a statutory demand due to the applicant’s failure to establish a genuine dispute or offsetting claim.

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Australian Corporations Act not beholden to Chapter 11

15 July 2016

This week’s TGIF considers Legend International Holdings Inc (In Liquidation) v Indian Farmers Fertiliser Cooperative Ltd & Kisan International Trading FZE [2016] VSCA 151 in which it was held that s 581 does not prohibit a winding up order where Ch

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Breaches of the Code of Banking Practice result in a challenge to the enforcement of a guarantee

8 July 2016

This week’s TGIF considers the most recent decision in a line of cases which hold that the provisions of the Code of Banking Practice may be incorporated into loan agreements, as well as guarantees given by individuals.

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‘Not so onerous!’ – NSW Supreme Court declares purported disclaimer of contract null and void.

1 July 2016

This week’s TGIF considers In the matter of Blue Sennar Air Pty Ltd (in liq); In the matter of Eye Plantain Pty Ltd (in liq) [2016] NSWSC 772.

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A vexed case - Court reigns in vexatious litigant to protect Bank

24 June 2016

This week’s TGIF considers the Federal Court decision of National Australia Bank Ltd v Garrett [2016] FCA 714 in which the Court stepped in to invalidate and restrain an improper registration on the PPSR

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Guarantors must ‘pay now, sue later’

17 June 2016

This week’s TGIF considers Palaniappan v Westpac Banking Corporation [2016] WASCA 72 in which the Court clarified the scope of ‘suspension clauses’ in guarantee agreements.

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