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Is whichbank ltd able to recover the loan from the company

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Adrian, the managing director of Landforce Pty Ltd organises a loan of $250 000 from Whichbank Ltd on behalf of the company. Adrian is a long-standing officer of the company and has dealt many times with this particular bank. The company's constitution stipulates that any borrowing exceeding $100 000 must first be approved by the board of directors. Adrian has not sought the appropriate approval from the board and he directs that the loan funds should flow into a special account that only he has access to.

During the negotiations to arrange the loan, a bank official asks Adrian why the funds are going into the special account rather than to the company account. Adrian assures him that this is the new arrangement sanctioned by the company. One week later the money from the bank and Adrian have disappeared. The company is refusing to pay back the loan to Whichbank Ltd.

Is Whichbank Ltd able to recover the loan from the company?

It is recommended that you use the 3rd edition of the Australian Guide to Legal Citation, a copy of which can be downloaded from the library site

 

 

Reference no: EM13339658

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