Blacker v National Australia Bank Ltd [2001] FCA 254

FEDERAL COURT OF AUSTRALIA

Blacker v National Australia Bank Ltd [2001] FCA 254 TRADE PRACTICES – borrowers induced to purchase dairy business by misrepresentations made by Bank – whether cause of action under s 82(1) of the Trade Practices Act 1974 (Cth) statute barred – when cause of action accrued – whether loss accrued only when purchasers ascertained that business was not viable. DAMAGES –borrowers relying on Bank's advice to purchase dairy business – whether damages for breach of duty include loss of borrowers' "equity" – whether consequential losses compensable. REMEDIES – s 87(1) of the Trade Practices Act 1974 (Cth) – whether loan transaction should be set aside.

Trade Practices Act 1974 (Cth), ss 51A, 52(1), 82(1), 82(2), 87(1), 87(1CA), 87(2). Limitation Act 1969 (NSW), s 14. Dairy Industry Act 2000 (NSW).

Wardley Australia Ltd v Western Australia (1992) 175 CLR 514, applied. Hawkins v Clayton (1988) 164 CLR 539, cited. Karedis Enterprises Pty Ltd v Antoniou (1995) 59 FCR 35, discussed. Marks v GIO Australia Holdings Ltd (1998) 196 CLR 494, applied. Kenny & Good Pty Ltd v MGICA (1992) Ltd (1999) 199 CLR 413, cited. Potts v Miller (1940) 64 CLR 282, cited. Gould v Vaggelas (1985) 157 CLR 215, cited. South Australia v Johnson (1982) 42 ALR 161, discussed. Gates v City Mutual Life Assurance Society Ltd (1986) 160 CLR 1, cited. Enzed Holdings Ltd v Wynthea Pty Ltd (1984) 57 ALR 167, cited. Netaf Pty Ltd v Bikane Pty Ltd (1990) 26 FCR 305, applied. Kenny & Good Pty Ltd v MGICA (1992) Ltd (1997) 77 FCR 307, cited. Anema E Core Pty Ltd v Aromas Pty Ltd [1999] FCA 904, cited. Doyle v Olby (Ironmongers) Ltd [1969] 2 QB 158, cited. PETER RAYMOND BLACKER & ANOR v NATIONAL AUSTRALIA BANK LTD N 723 OF 2000 WHITLAM, TAMBERLIN & SACKVILLE JJ SYDNEY 19 MARCH 2001

IN THE FEDERAL COURT OF AUSTRALIA