I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd [2002] HCA 41

HIGH COURT OF AUSTRALIA

GLEESON CJ,

GAUDRON, McHUGH, GUMMOW, KIRBY, HAYNE AND CALLINAN JJ

I & L SECURITIES PTY LTD APPELLANT

AND

HTW VALUERS (BRISBANE) PTY LTD RESPONDENT

I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd

[2002] HCA 41

2 October 2002

B48/2001

ORDER

1. Appeal allowed. 2. Set aside the order of the Court of Appeal of Queensland dated 22 September 2000 and, in its place, order that the appeal to that Court be allowed, that the judgment entered by Williams J on 22 October 1999 and the order of Williams J made on 8 November 1999 be set aside, and that there be judgment for the plaintiff for $661,481.53. 3. Respondent to pay the appellant's costs at first instance, in the Court of Appeal and in this Court.

On appeal from the Supreme Court of Queensland

Representation:

P A Keane QC with J D McKenna for the appellant (instructed by Deacons Lawyers)

D F Jackson QC with P D T Applegarth SC for the respondent (instructed by Thynne & Macartney)

Notice: This copy of the Court's Reasons for Judgment is subject to formal revision prior to publication in the Commonwealth Law Reports.

CATCHWORDS

I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd

Trade practices – Misleading or deceptive conduct – Enforcement and remedies – Loan transaction – Mortgage over land – Misleading and deceptive valuation of land by valuer – Failure by lender to make reasonable inquiries as to borrower's capacity to meet interest payments – Default on loan by borrower – Proceeds of sale by mortgagee insufficient to meet borrower's obligation – Liability of valuer for loss and damage suffered by lender – Causal connection between contravention of Trade Practices Act 1974 (Cth) and loss and damage suffered – Whether damages awarded under s 82 of the Trade Practices Act 1974 (Cth) to be reduced for lender's failure to take reasonable care to protect its own interests.