WA IRRESPONSIBLE LENDING BY WESTPAC ON INVESTMENT PROPERTIES

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claudia wilde

Active Member
7 May 2020
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We are awaiting a final determination from AFCA that have found Westpac Bank had lent irresponsibly on 2 of 6 loans, we are now facing bankruptcy, we are also part of the Westpac Class action but have been advised by Maurice Blackburn this will take up to 3 years or more. If we do not accept AFCA's determination can we place a caveat over our residential and investment properties, as we have already sold 2 properties, and if we go bankrupt we would have lost well over 3 million dollars?

I look forward to your assistance.
 

Tim W

Lawyer
LawTap Verified
28 April 2014
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...can we place a caveat over our residential and investment properties.....
No, you can't place a caveat over your own places.
That's not what caveats are.
 

Rob Legat - SBPL

Lawyer
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16 February 2017
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What Tim said, plus it would be useless anyway. Once you go bankrupt, the trustee steps in to administer your affairs and would simply remove the caveats.
 

claudia wilde

Active Member
7 May 2020
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Do you know is there any other way of holding of bankruptcy and the sale of properties being part of a class action?
 

Atticus

Well-Known Member
6 February 2019
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Do you know is there any other way of holding of bankruptcy and the sale of properties being part of a class action?

Seeking a court injunction pending an outcome?... Dunno. just a thought for others in the know to comment on
 

Atticus

Well-Known Member
6 February 2019
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hanks for the information, do you know how I can go about this?

Sorry... Don't even know if it's possible in your case... Just a thought I had so putting it out there for other more learned folk on here to comment on
 

Tim W

Lawyer
LawTap Verified
28 April 2014
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Do you know is there any other way of holding of bankruptcy and the sale of properties being part of a class action?
In a bankruptcy, the bankrupts(s) don't get to choose which assets can or cannot be used to meet their debts.
Such decisions are taken out of their hands, and made by their Trustee In Bankruptcy.

Understand that being a party to a class action (most of which settle long before judgement)
does not create any kind of enforceable right to delay your creditors' rights.

Let's face reality here - you need the advise of a lawyer and an accountant
who specialise in Bankruptcy/ Insolvency. Without further delay.