Investec Bank v Naude [2014] NSWSC 165

Supreme Court New South Wales

Medium Neutral Citation: Investec Bank v Naude [2014] NSWSC 165 Hearing dates: 17/02/2014, 18/02/2014 and 19/02/2014 Decision date: 21 February 2014 Jurisdiction: Equity Division - Commercial List Before: McDougall J Decision: Judgment for plaintiff against defendant for $10,382,342.21 with costs. Judgment for cross-defendant against cross-claimant on cross-claim with costs. Costs to be assessed on the indemnity basis. Catchwords: GUARANTEE AND INDEMNITY - enforcement of guarantees - whether bank entitled to judgment in accordance with guarantees - whether bank induced party to enter guarantee by misleading or deceptive conduct - whether bank's conduct was unconscionable - interpreting statutory unconscionability - Sections 12CB and 12CC of the Australian Securities and Investment Commission Act 2001 (Cth) Legislation Cited: Australian Securities and Investments Commission Act 2001 (Cth) Retail Leases Act 1994 (NSW) Cases Cited: Jones v Dunkel (1959) 101 CLR 298 PT Ltd v Spuds Surf Chatswood Pty Ltd [2013] NSWCA 446 Australian Competition and Consumer Commission v Lux Distributors Pty Ltd [2013] FCAFC 90 Category: Principal judgment Parties: Investec Bank (Australia) Limited (Plaintiff) Alfred John Naude (Defendant) Representation: Counsel: NM Bender (Plaintiff) R White (Defendant) Solicitors: Arnold Bloch Leibler (Plaintiff) Suffolk Law (Defendant) File Number(s): 2013/00034857