6 May 2010
BRUCE LEONARD BARTLE AND DOROTHY JUDITH BARTLE AND ANOR V GE CUSTODIANS LIMITED AND ORS CA627/2009
- Citation
- openlaw-a3aedf5a_fe51_4058_8681_c7b72be9dd09.pdf
- Court
- Court of Appeal
The Court of Appeal held the loan agreements were oppressive under the CCCF Act because GE advanced high‑LVR Fastdoc asset loans to elderly pensioners without adequate inquiry into serviceability, the overall transaction was fractured and dependent on a speculative joint venture, TML performed critical origination and enquiry functions and its knowledge/conduct is attributable to GE, and the borrowers were poorly advised; accordingly the contracts are reopenable and the matter is remitted to the High Court for appropriate remedies.