Ozzy Loans Pty Ltd v New Concept Pty Ltd & Zhong [2012] NSWSC 814

Ozzy Loans Pty Ltd v New Concept Pty Ltd & Zhong [2012] NSWSC 814

The loan contract between Ozzy Loans Pty Ltd and the defendants was entered into for a business purpose and was not unjust or unconscionable within the meaning of applicable statutes or equity. The plaintiff is entitled to orders for possession, interest at the contractual rate, and repayment under the mortgage, and statutory or equitable relief is not available to the defendants. Mr. Giang is liable to indemnify New Concept Pty Ltd and Mr. Zhong, and to pay miscellaneous loan debts.

Parties
Plaintiff/first Cross Defendant: Ozzy Loans Pty Ltd; First Defendant/second Cross Claimant: New Concept Pty Ltd; Second Defendant/first Cross Claimant: Shuming Zhong; Second Cross Defendant: Dong Son Giang (also known as Dongson Giang, Patrick Giang, Dong Son Jiang, Dongson Jiang and Patrick Jiang)
Jurisdiction
Australia
Judgment Date
23 July 2012
Procedural Posture
Civil / Principal Judgment
Outcome
Judgment for plaintiff; cross claim against plaintiff dismissed. Interim orders made; final orders pending calculation of debt/interest and entry of final orders.
Legal Topics
Possession, Mortgages, Unjust Contracts, Equitable Relief, Action in Debt, Interest Rates, Cross Claim
Contract Law Equity Property Law Consumer Credit Law Possession Mortgages Unjust Contracts Equitable Relief +3 more

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Parties

Ozzy Loans Pty Ltd

Plaintiff/first Cross Defendant

New Concept Pty Ltd

First Defendant/second Cross Claimant

Shuming Zhong

Second Defendant/first Cross Claimant

Dong Son Giang (also known as Dongson Giang, Patrick Giang, Dong Son Jiang, Dongson Jiang and Patrick Jiang)

Second Cross Defendant

Procedural Posture

Civil / Principal Judgment

Legal Issues

  1. 1 Whether Ozzy Loans Pty Ltd is entitled to possession and repayment under a registered second mortgage
  2. 2 Whether liability for the debt can be avoided or reduced on grounds including statutory or equitable relief
  3. 3 Whether the National Consumer Credit Protection Act 2009 (Cth) and the National Credit Code apply to the loan

Ratio Decidendi

The loan contract between Ozzy Loans Pty Ltd and the defendants was entered into for a business purpose and was not unjust or unconscionable within the meaning of applicable statutes or equity. The plaintiff is entitled to orders for possession, interest at the contractual rate, and repayment under the mortgage, and statutory or equitable relief is not available to the defendants. Mr. Giang is liable to indemnify New Concept Pty Ltd and Mr. Zhong, and to pay miscellaneous loan debts.

Court Disposition

Judgment for plaintiff; cross claim against plaintiff dismissed. Interim orders made; final orders pending calculation of debt/interest and entry of final orders.

Orders

  • Plaintiff entitled to possession of property and leave to issue writ of possession
  • Issue of writ of possession stayed for 28 days from entry of final orders