Equititrust Limited v Boyle & Anor. Griffith Development Company Pty Limited v Equititrust Limited [2008] NSWSC 630

New South Wales Supreme Court

CITATION : Equititrust Limited v Boyle & Anor. Griffith Development Company Pty Limited v Equititrust Limited [2008] NSWSC 630

HEARING DATE(S) : 10 and 11 June 2008

JUDGMENT DATE : 23 June 2008

JUDGMENT OF : Smart AJ at 1

DECISION : See para 63

CATCHWORDS : Credit Facility Deed, Mortgage and Deed of Guarantee & Indemnity - Default under loan and borrower not able to meet its obligations and complete subdivision - No effective variation of Deeds - Lender not required to sell property before calling on Guarantor - Guarantor not paying - Claim of representation fails - Guarantor liable to pay amount claimed - Equititrust not proceeding against Boyle

LEGISLATION CITED : Bankruptcy Act

CATEGORY : Principal judgment

PARTIES : Equititrust Limited v Norman Clifford Boyle & Anor. Griffith Development Company Limited v Equititrust Limited

FILE NUMBER(S) : SC 011461/06. 020320/07

M W Young (Equititrust) COUNSEL : No appearance for Mr Boyle Mr R Woods in person (also as director for Griffith Development Co P/Ltd)

Bransgroves Lawyers (Equititrust) SOLICITORS : No appearance for Mr Boyle Mr R Woods in person (also as director for Griffith Development Co Pty Ltd)

IN THE SUPREME COURT OF NEW SOUTH WALES COMMON LAW DIVISION

SMART AJ

Monday, 23June 2008

S2007/11461/61 EQUITITRUST LIMITED v NORMAN CLIFFORD BOYLE and RICHARD LEE WOODS

S2007/20320 GRIFFITH DEVELOPMENT COMPANY PTY LIMITED ("Griffith") v EQUITITRUST LIMITED ("Equititrust")

JUDGMENT

Mr M W Young appeared for Equititrust . Mr Woods appeared in person and as a Director of Griffith Development Company Pty Ltd for it. Equititrust did not seek to proceed against Mr Boyle. I was informed that on 5 May 2008 Mr Boyle entered into an arrangement under Part X of the Bankruptcy Act . These two actions were heard together by consent, the evidence in one to be evidence in the other.