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]  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.