Parras Holdings Pty Ltd v Commonwealth Bank of Australia [1999] FCA 391

FEDERAL COURT OF AUSTRALIA

Parras Holdings Pty Ltd v Commonwealth Bank of Australia [1999] FCA 391

CONTRACT – banker and customer – whether bank acted in bad faith – whether bank imposed new terms which were unconscionable – whether appellants estopped from arguing cross-claim as a result of judgment in new proceedings – liability of guarantor who acted as solicitor for borrowers considered. Australian Breeders Co-operative Society Ltd v Jones (1997) 150 ALR 488 followed Amadio Pty Ltd and Anor v Russell Fraser Henderson and Ors 81 FCR 149 referred to Devries v Australian National Railway Commission (1993) 177 CLR 472 followed Biogen Inc v Medeva plc [1997] RPC 1 followed Esso Australia Ltd v The Commissioner of Taxation (1998) 98 ATC 4768 referred to Commercial Bank of Australia Ltd v Amadio (1983) 151 CLR 447 cited O'Rorke v Bolingbroke [1877] 2 App Cas 814 referred to Barton v Armstrong [1976] AC 104 cited Ankar Pty Limited v National Westminster Finance (Australia) Limited (1987) 162 CLR 549 cited Port of Melbourne Authority v Anshun Pty Ltd (1981) 147 CLR 589 referred to

PARRAS HOLDINGS PTY LIMITED & OTHERS v

COMMONWEALTH BANK OF AUSTRALIA NG 478 OF 1998 SPENDER, HILL AND MERKEL JJ 9 APRIL 1999 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NG 478 OF 1998

ON APPEAL FROM A JUDGE OF THE FEDERAL COURT

BETWEEN: PARRAS HOLDINGS PTY LIMITED

(ACN 003 546 807)

First Appellant/First Cross-Respondent

FULANGA PTY LIMITED

(ACN 001 796 354)

Second Appellant/Second Cross-Respondent

PHONTOS INVESTMENTS PTY LIMITED

(ACN 000 870 762)

Third Appellant/Third Cross-Respondent

ILANZ PTY LIMITED

(ACN 001 885 392)