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ARTICLE · 03 SEPTEMBER 2018

Going South(ern): Summary enforcement of loans after Great Southern

Corrs Chambers Westgarth
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The main issue was how to conduct enforcement proceedings where a borrower's loan is part of concluded group proceedings.

AustraliaLitigation, Mediation & Arbitration
Cameron Cheetham
Cameron Cheetham
Jade Rowarth
Jade Rowarth
Kirsty Sutherland
Kirsty Sutherland
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This week's TGIF considers the decision in Bendigo and Adelaide Bank Ltd v Lonergan [2018] VSC 357, which concerns an increasingly common issue – how to conduct enforcement proceedings where a borrower's loan is part of concluded group proceedings like those in Great Southern and Timbercorp.

WHAT HAPPENED

In 2017, Bendigo and Adelaide Bank commenced proceedings to enforce loans that a borrower took out to invest in projects that were part of the Great Southern Group of agribusiness managed investment schemes.

After the Great Southern Group collapsed in 2009, each of the projects was the subject of group proceedings in the Supreme Court of Victoria. Those proceedings were settled in 2014 on terms that the group members would be bound by a detailed deed of settlement, which included terms that:

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