ANZ have admitted that not only did they lose the first original executed Transfer but their securities department have managed to lose the second replacement stamped Transfer.
Not only is it embarrassing but for the client but there are potential losses, unwanted scrutiny from, in this case, the Liquidator to the Transferor company. This has taken place over several months, was a related party transaction done for full consideration and the ripple effects are ever widening.
In the first case the ANZ lost the Transfer before it was stamped. If my memory serves me thats how the client realised the bank had not done the job as the stamp duty had not been withdrawn from the account. In the second case the Transfer had been stamped and sent to Securities for registration. Into the black hole I say.
If there is a third time round we have to revisit the State Revenue Office, look up records, etc. and as mentioned above our client will be put under unwanted scrutiny.
It is horribly tragic but these things happen all too often when important Deeds and Documents are shuffled from one person, company, law firm, financial institution, settlement agent to another and back again.
In a digital electronic environment it is unimaginable that anything like this would or could happen.
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