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ANZ Bank (Vanuatu) Ltd v Aissav [2003] VUSC 80; Civil Case 054 of 2003 (28 July 2003)

IN THE SUPREME COURT
OF THE REPUBLIC OF VANUATU
(Civil Jurisdiction)

Civil Case No. 54 of 2003

BETWEEN:

ANZ BANK (VANUATU) LTD
Claimant

AND:

THERESE-MARIE MICHEL AISSAV
First Defendant

AND:

ADMINISTRATORS OF THE ESTATE OF FR. GERARD LEYMANG
Second Defendant

Mr. Hurley for the Plaintiff
Mr. Nakou for the First Defendant

JUDGMENT

1. Orders for the sale of the properties in this matter at the behest of the Plaintiffs as Mortgagee were made on the 18th June 2003.

2. These orders were stayed at the direction of the Court until today (28th July 2003) to allow a "last opportunity for the defendants to obtain refinancing".

3. Mr. Hurley now seeks that the stay order be discharged thereby restoring to full force the orders of the 18th June.

4. Mr. Nakou asks that there be a further stay for three months to allow investigation of the possibility of the life insurance monies upon the life of the First Defendant's brother becoming available to her from some arrangement involving the French Government. He submits that if this is available the National Bank has indicated it will also assist. Regretably none of this is available in writing. He says that his client would, in the interim, be prepared to pay VT30 000 per month in reduction of the amount owed.

5. I have come to the view that the direction of the Court made in July that "this is the last opportunity for the defendant to obtain refinancing" must be given effect. As Mr. Hurley says, there will of course, be some delay until the Plaintiff can begin the usual process. But the options of help for the first Defendant are so vague and without any supporting evidence to show that they are more that mere possibilities that the Court cannot at this stage take them as concrete proposals justifying further delay.

6. There will therefore be an order of this Court removing the Stay Order - thereby activating the orders of 18th June 2003.

7. This order will become effective on the 30th August 2003, thereby giving the 1st Defendant at least a little more time to obtain alternative finance if that can be achieved. If not the orders of 18th June will come into operation on that date.

Dated AT PORT VILA, this 28th day of July 2003

BY THE COURT

D. J. Carruthers
Judge