Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Valcorp Australia Pty Ltd v Angas Securities Limited [2012] FCAFC 22 Citation: Valcorp Australia Pty Ltd v Angas Securities Limited [2012] FCAFC 22
Appeal from: Angas Securities Limited v Valcorp Australia Pty Ltd [2011] FCA 190 Angas Securities Limited v Valcorp Australia Pty Ltd (No 2) [2011] FCA 248
Parties: VALCORP AUSTRALIA PTY LTD (ACN 008 147 671) v ANGAS SECURITIES LIMITED (ACN 091 942 728), BARKER MORTGAGES PTY LTD (ACN 106 071 676) and KWS CAPITAL PTY LTD (ACN 114 209 808)
File number: SAD 59 of 2011
Judges: JACOBSON, SIOPIS AND NICHOLAS JJ
Date of judgment: 9 March 2012
Catchwords: TRADE PRACTICES – valuation of property – financiers made advances in reliance of valuation – no reasonable grounds for valuation – conduct of valuer fell below standard of reasonably competent valuer –financiers did not carry out adequate inquiries as to whether borrowers could service the loans – borrowers defaulted within two months of the loans being made – contributory negligence of lenders – apportionment of the responsibility for loss between the valuer and each lender – damages for loss of opportunity of some value – whether evidence discharged the onus of proof.
Legislation: Trade Practices Act 1974 (Cth) ss 52, 82, 82(1B) Law Reform (Contributory Negligence and Apportionment of Liability) Act 2001 (SA) ss 7(1), 7(2)
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