MLC707: Amano and Lydia Case Study - Retired Chef and Housewife - Business Law Assignment Help
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Amano and Lydia are both in their 70s, a retired chef and housewife respectively. They came to Australia in the early 1970s from Greece. They have three children; namely, Colin, Melanie and Dorothy. The children were born and educated in Australia. Both Amano and Lydia have no formal education in Australia and they both speak and write very little English. They often rely on professional translators or their children to translate important documents for them. They own a modest family home in Victoria that has a current market value of about $700,000.
Modern Design Pty Ltd is a property developer. It buys old homes and subdivide land into smaller blocks to re-sell them at a mark-up price. Colin is sole director of Modern Design Pty Ltd. The company has been operating successfully in the past 20 years. However, in recent years, property market has dropped in value and there is now less demand for smaller blocks of land further out from Melbourne metropolitan. Colin is struggling to re-sell those subdivided blocks as quickly as he has hoped for, and in the meantime, the interest payments on the loan that Modern Design Pty Ltd has with Far East Bank are getting out of control and the company often falls behind in the repayments to Far East Bank that has repeatedly sent letters of demand for payments. Colin approaches Gaffy who is a friend and a bank manager of Far East Bank for assistance. Gaffy suggests refinance as a way of getting out of bank troubles and says that his parents could provide guarantee for the refinance and they could use the family home to take out a further mortgage. Gaffy is under pressure to meet his monthly budgets.
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