Fast Funds Pty Limited v Coppola; Coppola v Hall [2010] NSWSC 470

New South Wales Supreme Court

CITATION : Fast Funds Pty Limited v Coppola; Coppola v Hall [2010] NSWSC 470 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 9-12 February & 4 March 2010

JUDGMENT DATE : 14 May 2010

JURISDICTION : Equity

JUDGMENT OF : Slattery J at 1

ORDERS: 1 The Possession proceedings are stayed until further order. DECISION : 2. Direct the parties to consult one another with a view to agreeing within seven days upon the quantum of the sum due by Elio and Maria Coppola to Fast Funds and the other lenders within seven days but in the absence of agreement for each party to file its own calculation of the amount due. 3. Direct the parties to consult and agree if possible within seven days upon short minutes of order to give effect to this judgment. If agreement is not forthcoming within seven days, each party should file short minutes of order for which that party contends and serve the same on the other party. 4. Grant liberty to apply. See paragraph [304] of judgment for final short minutes of order.

CATCHWORDS : EQUITY - equitable remedies - whether a series of loan and mortgage transactions should be set aside - whether the loans were regulated by the Consumer Credit Code - whether unjust transactions within Code s 70 and Contracts Review Act s 7 - business purpose declaration executed under power of attorney - one borrower ignorant of transactions but benefits from them - HELD - loans not for business or investment purposes - Code applies - lender breached the Code - mortgage unjust within Code s 70 and Contracts Review Act s 7 - loan obligations varied - lender's rights to enforce stayed pending compliance with the Code s 80