Insight,

Supreme Court hands down decision in Westgem Investments Pty Ltd v Commonwealth Bank of Australia Ltd

AU | EN
Current site :    AU   |   EN
Australia
Belgium
China
China Hong Kong SAR
Germany
Italy
Japan
Singapore
Spain
UAE
United Kingdom
United States
Global

This article was written by James Wang, Emma Kay and Stephanie Puris.

The Supreme Court of Western Australia has handed down its decision in the litigation concerning the financing of the construction of the commercial high rise development known as Raine Square, located in the City of Perth.  

The sponsors for the development were Perth property developers, Luke Saraceni and Hossean Pourzand.

In short, the Financiers (represented by King & Wood Mallesons, led by James Wang and Roger Forbes) were successful in their defence of the claims brought against them.

In a comprehensive judgment, Westgem Investments Pty Ltd v Commonwealth Bank of Australia Ltd [No 6] [2020] WASC 302, Justice Tottle considers a number of legal issues including the Banking Code, construction of contracts and implied terms, insolvency, voidable transactions, estoppel by deed, misleading or deceptive conduct and unconscionable conduct.  The Financiers were also successful in their claim for the debt owed by the borrower.

To see the full judgment in this case, please click here.

 

LATEST THINKING
Insight
APRA’s new capital framework for ADIs takes effect from 1 January 2023. APRA has just released final Prudential Practice Guides, final reporting standards and an amended APS 113. APRA has also started a short consultation on consequential amendments to NSFR and New Zealand capital requirements. Here is what you need to know.

16 August 2022

Insight
In person and online, stages are being set for the biggest annual event on Australian listed companies’ corporate calendar. What to expect this AGM season? The KWM Corporate M&A team has pulled together a quickfire list of seven points to watch, and five key issues for every company to consider as they prepare…

15 August 2022

Insight
With the promise of cost savings, greater flexibility and ability to scale, it is not surprising that companies are continuing to move their key business applications and data to the cloud.

15 August 2022