National assists Springwood Park tenants - 20 September 2004

Monday, 20 September 2004

National Australia Bank has taken possession of the Garrett Group's 'Springwood Park' property from the Sheriff of South Australia after he executed his Warrant for vacant possession of the property this afternoon.

The bank is providing unrelated tenants of the Garrett Group 60 days accommodation and other assistance, at the bank's cost, to help them with the transition into their own alternative accommodation. The National said it was unfortunate that these tenants had been caught up in Mr Garrett's dispute with the bank.

The National endeavours to work closely with customers having financial difficulties to assist them. The vast majority of such cases are resolved satisfactorily.  In this instance, the National regrets it was necessary to seek the assistance of the Sheriff of South Australia to enforce a Supreme Court Possession Order relating to Springwood Park.

The National bank said it has been extremely patient and fair with Mr Garrett. After a long series of unsuccessful applications by Mr Garrett to the Courts, the bank is pleased that the question over possession of Springwood Park has been resolved.

The National has appointed Nick Cooper and Alan Scott of SimsPartners as 'agents for mortgagee in possession'.   The agents will manage the Springwood Park property that was security for loans made to the Andrew Garrett Group of Companies and arrange for the sale of the property, at a future date to be determined.

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