Projects - Litigation Support
Project Coast
Expert witness
Summary
- North QLD
- Residential Development $50m FUM
- Expert for Court
- Value – AU$20m
Issues
- Development was sold by Receiver at a price significantly below valuation
- Lender incurred a significant loss
- Lender sued Quantity Surveyor for negligence following the sale of property
- Retained by Quantity Surveyor’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 the management of the account was deficient in many areas
- Pre-sales due diligence was inadequate
- Progress payments were paid to the developer
Outcome
- Matter settled two days into the Court hearing