Bank of Western Australia v Renato Licata [2012] NSWSC 78

Supreme Court New South Wales

Medium Neutral Citation: Bank of Western Australia v Renato Licata [2012] NSWSC 78 Hearing dates: 13/02/2012, 14/02/2012, 15/02/2012, 16/02/2012 and 17/02/2012 Decision date: 17 February 2012 Jurisdiction: Equity Division - Commercial List Before: McDougall J Decision: Judgment for plaintiff for $10,352,085.56 against each defendant, stayed until 27 February 2012. Judgment for cross-defendant on each cross-claim Catchwords: GUARANTEE AND INDEMNITY - enforcement of guarantees - whether bank entitled to judgment in accordance with guarantees - whether defendants prevented from exercising or claiming any set off in accordance with guarantees - whether cross-claimants have any right to damages pursuant to guarantees - assessment of market value - whether bank breached obligation to exercise power of sale in good faith in accordance with s 420A Corporations Act 2001 (Cth) - whether bank engaged in unconscionable conduct within the meaning of ss 12CA, 12CB and/or 12CC of the ASIC Act 2001 (Cth) Legislation Cited: ASIC Act 2001 (Cth) Contracts Review Act 1980 (NSW) Corporations Act 2001(Cth) Cases Cited: Coastal Estate Pty Ltd v Bass Shire Council [1993] 2VR 566 Pendlebury v Colonial Mutual Life Assurance Society Limited (1912) 13 CLR (676) Spencer v The Commonwealth (1907) 5 CLR 418 Category: Principal judgment Parties: Bank of Western Australia Limited (ABN 22 050 494 454) (Plaintiff / Cross-Defendant) Renato Licata (First Defendant / First Cross-Claimant) Zdenko Herceg (Second Defendant / Second Cross-Claimant) Diego Iaria (Third Defendant) Alex George Fahd (Fourth Defendant) Pasquale Gilio (Fifth Defendant / Fifth Cross-Claimant) Dominic Sorbara (Sixth Defendant / Fourth-Cross-Claimant) Gianfranco Placanica (Seventh Defendant / Third Cross-Claimant) Representation: A Leopold SC / B K Koch (Plaintiff / Cross-Defendant) Renato Licata (In person) (First Defendant / Cross-Claimant) A R R Vincent (Sixth and Seventh Defendants / Third and Fourth Cross-Claimants) Henry Davis York (Plaintiff / Cross-Defendant) Thomsons Lawyers (Sixth and Seventh Defendants / Third and Fourth Cross-Claimants) File Number(s): 2009/298745