Tjen v Marquess Investment Fund Pty Limited [2023] NSWCA 315

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Tjen v Marquess Investment Fund Pty Limited [2023] NSWCA 315 Hearing dates: 8 December 2023 Date of orders: 15 December 2023 Decision date: 15 December 2023 Before: Leeming JA at [1]; Mitchelmore JA at [2]; Basten AJA at [3] Decision: (1) Dismiss the appeal from the judgment and orders of Chen J in the Common Law Division. (2) Order that the appellant pay the respondent's costs in this Court. Catchwords: CONTRACTS – construction of contract – loan agreement – provision to convert amount owing into equity – whether forbearance deed converted loan into equity – whether clauses to be read in isolation or harmoniously – recital in deed cannot override the effect of the deed, properly construed CONTRACTS – variation of contract – loan agreement subject to deed providing forbearance to sue – whether obligations of guarantor of repayment of loan discharged by borrower and lender entering into deed of forbearance Cases Cited: Ankar Pty Ltd v National Westminster Finance (Australia) Ltd (1987) 162 CLR 549; [1987] HCA 15 Bond v Hong Kong Bank of Australia Ltd (1991) 25 NSWLR 286 OneSteel Manufacturing Pty Limited v BlueScope Steel (AIS) Pty Ltd (2013) 85 NSWLR 1; [2013] NSWCA 27 Category: Principal judgment Parties: Joshua Tjen (Appellant) Marquess Investment Fund Pty Limited ACN 614 130 522 (Respondent) Representation: Counsel: C D Freeman (Appellant) D P O'Connor (Respondent)