Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Bank of Queensland Limited [2021] FCA 957 File number: NSD 1420 of 2019
Judgment of: BANKS-SMITH J
Date of judgment: 12 August 2021
Catchwords: CONSUMER LAW - small business lending contracts - unfair contract terms within the meaning of s 12BG(1) of the Australian Securities and Investments Commission Act 2001 (Cth) - agreed facts - where bank concedes impugned terms unfair - where impugned terms include terms relating to indemnities, events of default, unilateral variations and conclusive evidence - where parties seek declarations under s 12BF, s 12BG and s 12GND that terms unfair and void - declarations made - orders made varying contract terms under s 12GNB - undertaking proffered
Legislation: Australian and Securities Investments Commission Act 2001 (Cth) ss 12BAA, 12BF, 12BG, 12BH, 12BK, 12GB, 12GNB, 12GNC, 12GND, Division 2, Part 2 Competition and Consumer Act 2010 (Cth) Schedule 2 (Australian Consumer Law) s 24 Evidence Act 1995 (Cth) s 191 Federal Court of Australia Act 1976 (Cth) s 21 Australian Securities and Investments Commission Regulations 2001 (Cth) reg 2B
Cases cited: Australian Competition and Consumer Commission v Ashley & Martin Pty Ltd [2019] FCA 1436 Australian Competition and Consumer Commission v Chrisco Hampers Australia Limited [2015] FCA 1204; (2015) 239 FCR 33 Australian Competition and Consumer Commission v CLA Trading Pty Ltd [2016] FCA 377 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2014] FCA 1405 Australian Competition and Consumer Commission v JJ Richards & Sons Pty Ltd [2017] FCA 1224 Australian Competition and Consumer Commission v Smart Corporation Pty Ltd (No 3) [2021] FCA 347 Australian Securities and Investments Commission v Bendigo and Adelaide Bank Limited [2020] FCA 716 Clarence City Council v Commonwealth of Australia [2020] FCAFC 134 International Litigation Partners Pte Ltd v Chameleon Mining NL (Receivers and Mangers Appointed) [2012] HCA 45; (2012) 246 CLR 455
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