Recent Success in the Supreme Court of Queensland
RobertsLaw acted on behalf of a client who had a significant win in the Supreme Court of Queensland recently.
The case involved a loan and mortgage that related to development and subdivision of land in QLD. The loan and mortgage required the defendant to pay $3.7 million to our client if breached.
The defendant was required “to do nothing that might lower the value of the land” and, if the defendant breached this condition, the loan became payable. The defendant subsequently allowed a development approval granted by Council for the land to lapse.
Due to non-payment, our client appointed RobertsLaw as their legal team and took this matter to the Supreme Court. The Supreme Court ruled that allowing the development approval to lapse might lower the value of the land and therefore the defendant was in breach of the loan and mortgage.
The sum of $3.7 million was payable to our client on this basis (together with two other reasons). Further, the Supreme Court awarded judgment in favour of our client for the total sum loaned plus interest and costs. The total amount finally paid to our client by the defendant exceeded $5 million.
This was a great result for our client after lengthy litigation in the Supreme Court of Queensland.