DUGGAN v COMMONWEALTH BANK OF AUSTRALIA [1995] NSWCA 134

DUGGAN v COMMONWEALTH BANK OF AUSTRALIA SUPREME COURT OF NEW SOUTH WALES — CouRT OF APPEAL

MAHONEY JA 26 June 1995

[1995] NSWCA 134

Mahoney JA. This is an application for a stay of the orders made by Cohen J on 28 April 1995. The plaintiffs in the proceedings, Mr Duggan, Point Piper Marina Pty Ltd, the operating company of the marina, and Raffindale Pty Ltd, the land owning company in respect of the land on which the marina is conducted, brought proceedings against the Commonwealth Bank of Australia and Mr Peter Hedge whom the bank had appointed as a receiver of the operating company and agent to take possession of the land and Australian Guarantee Corporation Limited.

The claims which the plaintiffs made against the bank and finance company and Mr Hedge are set out in detail in the judge's judgment which I have had the opportunity of reading during the course of the argument. There were various matters raised on behalf of the plaintiffs. His Honour resolved substantially all of the matters in favour of the defendants. On 28 April 1995 his Honour having made certain declarations gave judgment for possession of the land in favour of the bank, gave leave to issue a writ of possession in respect of the land at the expiration of twenty-eightdays from the date of the orders and gave judgment in favour of the bank and AGC for large amounts of money representing the debts that were then owing.

The court has been informed by counsel, and I shall take the matter substantially from what has been put to the court, that about $1.3 million or more was owed to the bank and about $645,000 to AGC. I am told that the total of the amount owing including interest at the moment is of the order of $3.5 million and that in one year's time the amount which will be owing, taking into account the interest, will be something of the order of $4.1 million. I take these figures to be figures stated with a broad degree of generalisation but they give some indication of the amounts in question.