NSW Caselaw
New South Wales Supreme Court
CITATION : Pioneer Park Pty Limited (in liquidation), Clifford John Carpenter, Merlo Australia Pty Limited & Ors v Australia and New Zealand Banking Group Limited [2006] NSWSC 883
HEARING DATE(S) : 17/7/06 - 21/7/06, 24/7/06-28/7/06, 31/7/06-4/8/06, 9/8/06-11/8/06, 14/8/06-17/8/06, 21/8/06, 24/8/06
JUDGMENT DATE : 20 September 2006
JURISDICTION : Equity Division Commercial List
JUDGMENT OF : Einstein J
DECISION : ANZ was on 10 June 1999 entitled to enforce its registered mortgage debenture dated 25 January 1996 over the assets and undertaking of Pioneer Park [previously Domino Mining Equipment Pty Ltd] for the purpose of s 436 of the Corporations Law (as it was then).
CATCHWORDS : Banker and customer - Claim by Pioneer Park Pty Ltd [previously "Domino Mining Equipment Pty Ltd"] that ANZ and New Zealand Banking Group Ltd wrongfully placed the company into administration and then liquidation in breach of terms and conditions of the banking agreements which regulated their relationship - Contract - Documenting of loan facilities - Whether certain facilities were provided for a fixed term or at least until an annual review date - Bank gives 30 days notice of termination of facilities expressly pursuant to provision dealing with right to review facilities - Notice impotent and misconceived - Subsequent notice demands immediate payment of amount said to be due - Shepherd v Felt & Textiles (1931) 45 CLR 359 - Whether ANZ entitled to rely upon validity of either or both notices in terms of other bases by way of events of default now said to have been available - Contract - Proper construction of facilities agreements - Reasonableness of opportunity to comply with demand - Good faith and reasonableness - Whether imported as implied terms into banker customer relationship - Trade Practices - Fair Trading - Misleading and deceptive conduct - Estoppel - Insolvency - Events of default - Gearing ratio formula - Whether particular failures to perform contractual obligations were remediable - Evidence - Jones v Dunkel - Principles - Dobbs Clause
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