ANZ Bank New Zealand Limited v Bushline Trustees Limited, Stephen Daniel Coomey as trustee of Bushline Trust One, and Sharon Louise Coomey as trustee of Bushline Trust Two - SC 64/2019

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Summary

Civil Appeal – Contract law – Interest rate swaps – Whether the Court of Appeal erred in finding that the bank made a particular representation despite a factual finding in the High Court to the contrary – Whether the Court erred in holding that various representations made by the bank were undertakings forming part of the contract between the parties – Whether the Court erred in holding that the bank breached its undertaking to monitor and advise Bushline – Whether the Court erred in holding that it was not fair and reasonable, per s 4 of the Contractual Remedies Act 1979, for various disclaimer clauses to preclude liability in relation to various representations and undertakings – Whether the Court erred in holding that various exclusion clauses do not preclude liability in relation to various representations and undertakings – Whether the Court erred in holding that two of Bushline’ s misrepresentation and breach of contract claims were not time barred under the Limitations Act 1950.

Result

A Leave to appeal is granted (Bushline Trustees Ltd v ANZ Bank New Zealand Ltd [2019] NZCA 245).
B The approved question is whether the Court of Appeal was correct to allow the appeal from the judgment of the High Court (Bushline Trustees Ltd v ANZ Bank New Zealand Ltd [2017] NZHC 2520, [2018] NZCCLR 19). 15 October 2019
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A The appeal is allowed.
B We make no award of costs in this Court.
C We reserve leave for any party to apply for an order dealing with costs in the Courts below. Any such application should be made within 20 working days of the date of this judgment.
24 July 2020

Hearing Transcripts

Related Documents

Additional Information

12 March 2020

Winkelmann CJ, William Young, Glazebrook, O'Regan and Williams JJ