NSW Caselaw
MACEDONE v COLLINS; COLLINS WALLIS PROPERTIES PTY LTD v ST GEORGE COMMERCIAL CREDIT CORP LTD; COLLINS v ST GEORGE COMMERCIAL CREDIT CORP LTD
SUPREME COURT OF NEW SOUTH WALES COURT OF APPEAL
COLE, BEAZLEY JJA and ABADEE AJA 19 November 1996, 20 December 1996 [1996] NSWCA 336
ENFORCEABILITY of guarantees and mortgages — condition precedent — scope of solicitors duty to explain power of attorney — scope of retainer — applicability of principles of equitable compensation for breach of trial as distinct from equitable compensation for breach of duty of skill and care.
Cole JA No 40351/94
Mr and Mrs Collins each held one share in and were directors of Run-o-Waters Pastoral Co Pty Ltd which was the trustee of the Collins family trust. Each of Mr and Mrs Wallis held one share in and were directors of A B Wallis Pty Ltd which
was trustee of the Wallis family trust. Mr Collins and Mr Wallis operated a company Collins Wallis Pty Ltd which conducted the business of shopfitter and joiner. That company wished to acquire premises from which to conduct its business. Accordingly a company Collins Wallis Properties Pty Ltd was formed to purchase a factory. The shareholders in Collins Wallis Properties Pty Ltd were Run-O-Waters Pastoral Co Ltd and A and B Wallis Pty Ltd each holding one share. Mr Collins and Mr Wallis were the directors of that company with Mr Wallis being the secretary.
To finance the proposed purchase, application was made to St George Commercial Credit Corporation Ltd ("St George"). Mr BD Willis, a solicitor with Macedone Christie Willis Salari and Partners, ("the solicitors") was instructed by Messrs Wallis and Collins to advise in relation to the purchase of the factory and the loan from St George to Collins Wallis Properties. The application to St George showed Collins Wallis Properties as borrower and Mr and Mr Wallis and Mr and Mrs Collins as guarantors.
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