Projects - Litigation Support

Project Beach

Expert witness

Summary

  • Expert witness
  • Coastal, QLD
  • Residential development – 100 units
  • Value – $100m+ claim

Issues

  • Development was sold by a Receiver at a price significantly below valuation
  • Lender incurred a significant loss
  • Lender sued Valuer for negligence following the sale of the property
  • Retained by Valuer’s PI insurer for expert witness report

Solution

  • Report prepared on did the lender comply with its own policies and meet responsible lending standards as well as were there deficiencies in the lender’s management of the loan
  • The lender’s due diligence on pre-sales was poor and management of the account was deficient in some areas
  • Identified that the lender had changed the use of the development to serviced apartments before sale without getting a valuation update to justify the decision

Outcome

  • Matter was settled out of Court

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