Aquamore Finance Pty Ltd v Horne [2024] NSWSC 1160

Aquamore Finance Pty Ltd v Horne [2024] NSWSC 1160

As Mr Horne provided no evidence to support his defences or allegations, and is bound by the documents he signed, judgment must be entered for the plaintiff for the outstanding amount, including contractual interest and indemnity costs.

Parties
Plaintiff: Aquamore Finance Pty Ltd; Defendant: Benjamin John Horne
Jurisdiction
Australia
Judgment Date
12 September 2024
Procedural Posture
Money Claim – Guarantee – Loan Agreement in Default / Judgment After Hearing, Defendant Not Appearing
Outcome
Judgment for the plaintiff.
Legal Topics
Enforcement of Guarantee, Default Interest, Unconscionable Conduct, Contracts Review Act
Contract Law Banking and Finance Enforcement of Guarantee Default Interest Unconscionable Conduct Contracts Review Act

Case Brief

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Parties

Aquamore Finance Pty Ltd

Plaintiff

Benjamin John Horne

Defendant

Procedural Posture

Money Claim – Guarantee – Loan Agreement in Default / Judgment After Hearing, Defendant Not Appearing

Legal Issues

  1. 1 Is the defendant liable under the guarantee for the outstanding loan amount?
  2. 2 Is the rate of default interest (20.95%) enforceable?
  3. 3 Did Aquamore engage in unconscionable conduct under s 21 ACL or s 12CB ASIC Act?

Ratio Decidendi

As Mr Horne provided no evidence to support his defences or allegations, and is bound by the documents he signed, judgment must be entered for the plaintiff for the outstanding amount, including contractual interest and indemnity costs.

Court Disposition

Judgment for the plaintiff.

Orders

  • The defendant is to pay the plaintiff the sum of $2,449,420.76.
  • The defendant pays the plaintiff's costs of the proceedings on an indemnity basis.