In the courts

Lender fails in bid to use further assurance clause to take additional security
The Supreme Court determined that a power of attorney given in favour of a lender in a security document, together with a further assurance clause, does not allow a lender to take additional security, which was clearly not contemplated at the time the documents were executed.

Financing statements – the importance of getting the debtor's name right
In a recent application for summary judgment, the High Court decided there was an arguable case that a financing statement was seriously misleading (and therefore invalid), because the names of the individual partners, and not the name of the partnership, were recorded on the financing statement.

Court of Appeal finds investment scheme oppressive under the CCCFA
A scheme that didn't involve any outlay of cash, but required a mortgage over the home of two pensioners, breached the CCCFA.

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.