International Skin Care Suppliers Pty Ltd v Commonwealth Bank of Australia; Commonwealth Bank of Australia v Scott William Michaelson; Commonwealth Bank of Australia v Stephen John Ruskin; Commonwealth Bank of Australia v Scott William Michaelson [2013] NSWSC 1768

International Skin Care Suppliers Pty Ltd v Commonwealth Bank of Australia; Commonwealth Bank of Australia v Scott William Michaelson; Commonwealth Bank of Australia v Stephen John Ruskin; Commonwealth Bank of Australia v Scott William Michaelson [2013] NSWSC 1768

Plaintiffs did not establish bank engaged in misleading or deceptive or unconscionable conduct; appointment of voluntary administrators was an Event of Default; release and bar in Deed of Forbearance precluded claim; guarantees not unjust and female guarantors received independent legal advice; loss or quantum not established; bank entitled to enforce guarantees and to possession orders.

Jurisdiction
Australia
Judgment Date
29 November 2013
Procedural Posture
Principal Judgment With Cross Claims and Related Proceedings / Final Judgment
Outcome
Plaintiffs' claims dismissed; Bank entitled to judgment against each cross-defendant and female guarantor; Bank entitled to orders for possession of Seaforth and Allambie Heights; all cross-claims against Bank dismissed.
Legal Topics
['misleading or Deceptive Conduct' 'unconscionable Conduct' 'guarantees' 'default and Enforcement' 'contracts Review Act' 'banking Code of Practice' 'receivership' 'voluntary Administration']
['financial Services' 'contracts' 'equity' 'banking Law'] ['misleading or Deceptive Conduct' 'unconscionable Conduct' 'guarantees' 'default and Enforcement' 'contracts Review Act' 'banking Code of Practice' 'receivership' 'voluntary Administration']

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Procedural Posture

Principal Judgment With Cross Claims and Related Proceedings / Final Judgment

Legal Issues

  1. 1 ['Whether bank misleadingly or deceptively represented that voluntary administration would not be an Event of Default under loan facility' 'Whether bank unconscionably procured releases and bars in Deed of Forbearance' 'Whether loss suffered by appointment of receivers and quantum established' 'Whether personal guarantees were unjust under Contracts Review Act or unenforceable under Banking Code of Practice']

Ratio Decidendi

Plaintiffs did not establish bank engaged in misleading or deceptive or unconscionable conduct; appointment of voluntary administrators was an Event of Default; release and bar in Deed of Forbearance precluded claim; guarantees not unjust and female guarantors received independent legal advice; loss or quantum not established; bank entitled to enforce guarantees and to possession orders.

Court Disposition

Plaintiffs' claims dismissed; Bank entitled to judgment against each cross-defendant and female guarantor; Bank entitled to orders for possession of Seaforth and Allambie Heights; all cross-claims against Bank dismissed.

Orders

  • ["Plaintiffs' claims dismissed." 'Judgment for Bank against each cross-defendant.' 'Judgment for Bank against each female guarantor.' 'Bank entitled to orders for possession of 21 Seaforth Road, Seaforth and 6 Derna Crescent, Allambie Heights.' 'All cross-claims against Bank dismissed.' 'Parties to bring in short...