Behind a claim that nearly $600,000 is due on a $70,000 loan made in 2009 lies the tale of a 1949 Aston Martin DB1 recovered at some painful cost from underworld figures in Japan and now apparently in Australia. Susan Gordon disputes the $600,000 claim being made against her late husband’s estate.
The High Court was told that Tim Edney’s Waimauri Ltd made a short-term $70,000 advance to Colin Gordon in February 2009 with $93,000 repayable in three months. Money was needed to repatriate the classic Aston Martin from Japan. The vehicle had been sold to a Japanese buyer fifteen years previously. Suspicions developed that the purchase was a con; the vehicle was stolen off the wharf on arrival in Japan and wound up in the hands of Japanese underworld. It was a valuable prize. Only fifteen of the model were produced. Mr Gordon travelled to Japan. He was badly beaten in the course of his investigations. Japanese authorities eventually recovered the vehicle. Repatriation to New Zealand required payment upfront for storage costs in Japan and shipping costs.
Evidence was given that the repatriation loan was not repaid on the three months deadline. Waimauri made no formal demand for payment until nine years later. With interest accruing, the amount outstanding then totalled $378,500. Mr Gordon died the following year. In 2021, two years after Mr Gordon died, Waimauri sued his estate claiming ongoing interest meant some $600,000 was now owed.
Associate judge Johnston dismissed Waimauri’s application for fast track summary judgment. A full court hearing was required. Mrs Gordon says failure over so many years to make demand or to take enforcement action meant that the amount claimed was ‘unjustly burdensome’ under the Credit Contracts and Consumer Finance Act.
There was evidence Mr Gordon sold the Aston Martin to an Australian buyer after repatriation from Japan.
Waimauri Ltd v. Gordon – High Court (3.11.21)
21.181