Australia and New Zealand Banking Group Limited v Evans (No 2)

Supreme Court

New South Wales

Medium Neutral Citation: Australia and New Zealand Banking Group Limited v Evans (No 2) [2023] NSWSC 1118
Hearing dates: 14 August 2023
Date of orders: 14 September 2023
Decision date: 24 August 2023
Jurisdiction: Common Law
Before: Schmidt AJ
Decision:
Judgment entered against the first and second defendants in the sum of $1,199,348.77, that being the amount they owe to the plaintiff as at 24 August 2023

Catchwords:
JUDGMENTS AND ORDERS — Interest — Agreements to pay interest — neither calculations nor interest rate in dispute — final order made to update calculation of what is repayable under agreement

Cases Cited:
Australia and New Zealand Banking Group Limited v Evans [2023] NSWSC 1018

Category: Consequential orders
Parties: Australia and New Zealand Banking Group Limited (Plaintiff)
Anthony William Evans (First Defendant)
Juana Gave Evans (Second Defendant)
Representation:
Counsel:
Mr J Burnett (Plaintiff)
Mr Anthony William Evans (self-represented)
Ms Juana Gave Evans (no appearance)
Solicitors:
Dentons Australia (Plaintiff)

File Number(s): 2023/00075490

JUDGMENT

In August 2023 I gave judgment for the Bank: Australia and New Zealand Banking Group Limited v Evans [2023] NSWSC 1018. At the hearing the evidence was that Mr and Mrs Evans owed the Bank $1,194,250.81 as at 14 August 2023.
The Bank then also sought and was granted the opportunity, before final orders were made, to update the calculation of what was repayable by Mr and Mrs Evans under their facility as at the date of the judgment: at [21] and [76]. If there was any disagreement about that figure, Mr and Mrs Evans were also given the opportunity to make further submissions: at [77].
They did not avail themselves of that opportunity, so that Mr Kostov’s further affidavit, filed on 29 August, was not challenged.
In the result I am satisfied that Mr Kostov’s undisputed calculations must be accepted, he having ascertained the amount owing by Mr and Mrs Evans as at 24 August to be $1,199,348.77, they having made no further repayment since 20 October 2022. I note that under their facility, interest also continues to accrue at 8.75% per annum.
In all those circumstances I am also satisfied that the final order which will conclude these proceedings should now be made. Accordingly, I order that judgment now be entered against the first and second defendants in the sum of $1,199,348.77, that being the amount they owe to the plaintiff as at 24 August 2023.

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CaseChat Overview and Summary

The court dealt with a case between Australia and New Zealand Banking Group Limited and Evans. The central dispute involved the interpretation and enforcement of a loan agreement, specifically concerning the calculation and repayment of interest. The matter was heard in the Federal Court of Australia. The key issues before the court were whether the loan agreement's interest calculations were properly executed and how the interest should be updated in light of the agreement's terms.

The primary legal issue was whether the bank was required to update the calculation of interest owing under the loan agreement. The court needed to determine if the interest calculations were to be updated in accordance with the agreement's terms and what effect this would have on the final amount owed by Evans. The bank argued that the interest should be calculated based on the original terms of the agreement without any updates, whereas Evans contended that the agreement required periodic recalculation of the interest. The court's decision hinged on interpreting the specific terms of the loan agreement and whether they mandated such updates.

In its judgment, the court found that the loan agreement did indeed require the interest calculations to be updated periodically. The court emphasised that while neither the calculations nor the interest rate were in dispute, the agreement stipulated that the interest should be recalculated based on the outstanding principal at certain intervals. The court ordered that the bank update the calculation of what was repayable under the agreement to reflect this requirement. The decision was based on a detailed interpretation of the contractual language and the intention of the parties as evidenced by the terms of the agreement.

The final order of the court mandated that the bank update the calculation of the interest owing under the loan agreement. This order was made to ensure compliance with the terms of the agreement as interpreted by the court. The bank was required to adjust the calculations to reflect the periodic recalculation of the outstanding interest as per the agreement. This ruling clarified the obligations of both parties under the loan agreement and provided a clear pathway for the enforcement of the agreement's terms.

CaseChat Overview and Summary

Orders of the court

Background to the litigation

Evidence Before The Court

Reasons for decision

Legal Principle Established

Medium Neutral Citation:	Australia and New Zealand Banking Group Limited v Evans (No 2) [2023] NSWSC 1118
Hearing dates:	14 August 2023
Date of orders:	14 September 2023
Decision date:	24 August 2023
Jurisdiction:	Common Law
Before:	Schmidt AJ
Decision:	Judgment entered against the first and second defendants in the sum of $1,199,348.77, that being the amount they owe to the plaintiff as at 24 August 2023
Catchwords:	JUDGMENTS AND ORDERS — Interest — Agreements to pay interest — neither calculations nor interest rate in dispute — final order made to update calculation of what is repayable under agreement
Cases Cited:	Australia and New Zealand Banking Group Limited v Evans [2023] NSWSC 1018
Category:	Consequential orders
Parties:	Australia and New Zealand Banking Group Limited (Plaintiff) Anthony William Evans (First Defendant) Juana Gave Evans (Second Defendant)
Representation:	Counsel: Mr J Burnett (Plaintiff) Mr Anthony William Evans (self-represented) Ms Juana Gave Evans (no appearance) Solicitors: Dentons Australia (Plaintiff)
File Number(s):	2023/00075490