Event and Time
Event Description
This case revolves around a property development in Box Hill, NSW, where the plaintiff, Marquess Investment Fund Pty Ltd, is seeking several remedies due to the alleged default by the borrowers, Halcyon Rise Pty Ltd and South Land Holdings (NSW) Pty Ltd, under a loan agreement and associated agreements. The plaintiff's claim follows the failure of the property development projects that were financed by the plaintiff, leading to the borrowers' default on repayment and the refusal of the defendant, Joshua Tjen, to honor his personal guarantee.
Application and Claims
The plaintiff claims:
- Recovery of $1,200,000 plus contractual interest as owed under a loan agreement dated 28 February 2017.
- Damages for breach of the loan agreement due to non-repayment.
- A declaration of lawful termination of the "Profit Sharing and Forbearance Deed," an agreement the plaintiff contends preserved the borrowers' obligations under the original loan agreement.
Judicial Decisions
The court directed the parties to confer to agree on final orders by a specified date or, failing that, to submit individual proposed orders and submissions for further argument and entry of orders.
Dispute Points and Legal Basis
Dispute Points
- Plaintiff's contentions:
- The forbearance agreement does not discharge the borrowers' obligations under the original loan agreement. - The defendants are in default and must fulfill the repayment obligations stated in the loan agreement or the personal guarantee.
- Defendant's arguments:
- Claims that the forbearance agreement discharged the obligations from the original loan agreement. - Argues that any liability under the personal guarantee was negated due to the terms and implications of the forbearance agreement.