Westpac Banking Corporation v Billgate Pty Ltd [2013] NSWSC 1304

Supreme Court New South Wales

Medium Neutral Citation: Westpac Banking Corporation v Billgate Pty Ltd [2013] NSWSC 1304 Hearing dates: 17, 18, 19 & 20 June; 29, 30 & 31 July; 1, 2, 12 & 13 August 2013; further written submissions 20, 22 and 23 August 2013 Decision date: 11 September 2013 Jurisdiction: Equity Division - Commercial List Before: Stevenson J Decision: Plaintiff entitled to judgment for debt and possession Catchwords: BANKING AND FINANCE - banker and customer - loan facilities to property development companies - guarantees and mortgages to secure corporate debt - whether guarantor received independent legal and financial advice - whether Bank misled customer as to the availability of funds - whether Bank acted without authority in clearing customers' excesses - whether alleged misleading representations caused a funding crisis which caused cessation of building work and financial loss in the sale of property development - whether alleged misleading representations caused loss in that properties would have been sold in more favourable market conditions

TRADE PRACTICES -- misleading or deceptive conduct - Trade Practices Act 1975 - Fair Trading Act 1987 - Australian Securities and Investments Commission Act 2001 - whether representations by Bank in contravention of

CONTRACT - Contracts Review Act 1980 - whether deed liable to be set aside - whether deed is an "unjust" contract within the meaning of the Contracts Review Act 1980 - whether Bank engaged in unconscionable conduct or exerted economic duress in connection with the deed

CONTRACT - terms and conditions - deed of settlement and release - proper construction of deed - whether terms of deed are limited to "known" causes of action at the time of settlement - whether causes of action were sufficiently "known" in any case