BOQ Victorian branch owners reinstated by court after being kicked out
Mark Ellis and Heath Macfadyen, the owner-managers of the BOQ branch in Newtown, Geelong, had their "agency agreement" with the bank torn up and were escorted off the premises by security on Monday. The branch was taken over by BOQ and the locks were changed.
But the pair went to the Supreme Court of Victoria on Tuesday, where they won an injunction to be allowed to reclaim the branch.
The dispute comes ahead of BOQ's annual meeting in Brisbane on Wednesday.
BOQ confirmed it had terminated the branch's agency agreement but did not comment further. The injunction applies until December 5, with the parties due back in court next week.
"Given legal action, we are unable to provide further detail about why we've had no choice but to take steps to terminate the agency agreement with the owner-managers of the Pakington Street branch," BOQ said.
"We can say, however, that the issues are specific to this particular branch and its owners."
Frequently Asked Questions about this Article…
The owners of the Bank of Queensland branch in Newtown, Geelong, were initially removed from their position by BOQ, but they successfully regained control after obtaining an injunction from the Supreme Court of Victoria.
BOQ terminated the agency agreement with the branch owners, Mark Ellis and Heath Macfadyen, but did not provide specific details due to ongoing legal action.
The branch owners, Mark Ellis and Heath Macfadyen, went to the Supreme Court of Victoria and won an injunction that allowed them to reclaim control of the branch.
As of now, the branch owners have regained control of the BOQ branch in Newtown, Geelong, due to a court injunction that is in place until December 5.
The parties involved in the BOQ branch dispute are due back in court next week, with the injunction remaining in effect until December 5.
BOQ did not provide specific reasons for terminating the agency agreement, citing ongoing legal action, but mentioned that the issues were specific to the Newtown branch and its owners.
According to BOQ, the issues leading to the termination of the agency agreement are specific to the Newtown branch and its owners, implying that other branches are not affected.
Investors should be aware that the dispute involves a specific BOQ branch in Newtown, Geelong, and its owners, with legal proceedings ongoing. The situation is currently under a court injunction, allowing the owners to manage the branch until further court decisions.
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