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ARTICLE · 01 MARCH 2012

Farm Debt Mediation Restructure Implications - Waller v Hargraves Secured Investments Ltd

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In NSW, a lender cannot enforce a farm mortgage before an attempt at mediation pursuant to the Farm Debt Mediation Act.

AustraliaFinance and Banking
Amber Warren
Amber Warren

The Court of Appeal recently handed down a decision which is relevant to the entitlement of a lender to proceed with enforcement action in respect to a 'farm mortgage'.

Briefly, in NSW a lender cannot enforce a farm mortgage unless the lender has given the farmer an opportunity to participate in mediation pursuant to the Farm Debt Mediation Act.

The facts

In 2004 the lender advanced a loan of $450,000 to the farmer, secured by a mortgage over a farm property.

The farmer defaulted on the loan repayments and, in June 2005, the parties participated in farm debt mediation. Following the mediation, a section 11 certificate under the Farm Debt Mediation Act was issued by the Rural Assistance Authority.

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