James Woodward Neale v Bank of Western Australia Ltd; Bank of Western Australia Ltd v James Woodward Neale [2014] NSWSC 315

Supreme Court New South Wales

Medium Neutral Citation: James Woodward Neale v Bank of Western Australia Ltd; Bank of Western Australia Ltd v James Woodward Neale [2014] NSWSC 315 Hearing dates: 3, 4, 5, 6, 10,11, 12, 13, 17, 18, 20, 21, 24 & 28 February 2014 Decision date: 24 March 2014 Jurisdiction: Equity Division - Commercial List Before: Hammerschlag J Decision: Judgment for Secured Global Opportunity Ltd against Mr Neale and J.W. Neale Pty Ltd (Receivers and Managers appointed) for $31,552,497 as at 3 November 2013. Order for possession of 35 Fox Valley Rd Wahroonga NSW. The proceedings brought by Mr Neale and J.W. Neale Pty Ltd (Receivers and Managers appointed) dismissed Catchwords: FINANCIAL SERVICES - ss 12CA(1) and 12CB(1)(a) and 12DA(1) of the Australian Securities and Investments Commission Act 2001 (Cth) - EQUITY - CONTRACTS - s 7(1) of the Contracts Review Act 1980 (NSW) - CODE OF BANKING PRACTICE - whether bank misleadingly or deceptively represented that it would lend forever - whether bank misleadingly, deceptively or unconscionably procured its customers to hedge interest obligations under a loan - whether bank misleadingly, deceptively or unconscionably procured its customers to agree to facility terms including interest at Overdue Rates - whether bank acted contrary to Code of Banking Practice - whether provisions of facility agreements were unjust in the circumstances relating to them at the time they were made or are unenforceable penalties Legislation Cited: Uniform Civil Procedure Rules 2005 (NSW). Civil Procedure Act 2005 (NSW) Australian Securities and Investments Commission Act 2001 (Cth) Contracts Review Act 1980 (NSW) Cases Cited: International Skin Care Suppliers Pty Ltd v Commonwealth Bank of Australia [2013] NSWSC 1768 Aon Risk Services Australia Ltd v Australian National University (2009) 239 CLR 175 ACCC v C G Berbatis Holdings Pty Ltd & Ors (2003) 214 CLR 51 The Commonwealth v Verwayen (1990) 170 CLR 394 Wardley Australia Ltd & Anor v The State of Western Australia (1992) 175 CLR 514 I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd (2002) 210 CLR 109 Equiticorp Finance Ltd (in liq) v Bank of New Zealand (1993) 32 NSWLR 50 Briginshaw v Briginshaw (1938) 60 CLR 336 Helton v Allen (1940) 63 CLR 691 at 712 Rejfek v McElroy (1965) 112 CLR 517 Watson v Foxman (1995) 49 NSWLR 315 David Securities Pty Ltd v Commonwealth Bank of Australia (1990) 23 FCR 1 Accom Finance Pty Ltd v Mars Pty Ltd (2007) 13 BPR 24,729 Category: Principal judgment Parties: James Woodward Neale - First Plaintiff J.W. Neale Pty Ltd (Receivers and Managers appointed) - Second Plaintiff Commonwealth Bank of Australia trading as Bank of Western Australia Ltd - First Defendant Brett Stephen Lord - Second Defendant Stephen James Parbery - Third Defendant Secured Global Opportunity Limited - Fourth Defendant Representation: Counsel: JW Neale - First and Second Plaintiffs - (self-represented) P Dowdy - First to Fourth Defendants Solicitors:JW Neale - First and Second Plaintiffs - (self-represented) Norton Rose Fulbright - First to Fourth Defendants File Number(s): 2011/211735; 2011/401621 Consolidated