Queensland Consolidated Acts Queensland Consolidated Acts(1) Subject to section 152, a court may, at any time, on the application of the debtor under a regulated contract, the mortgagor under a regulated mortgage or the guarantor of the performance of a regulated contract, reopen the transaction that gave rise to the contract or mortgage if it appears to the court that, in the circumstances relating to the contract or mortgage at the time it was entered into, it was unjust.
(2) Where the court reopens a transaction under subsection (1), the court may, despite any settlement of accounts or any agreement purporting to close previous dealings and create a new obligation, do any 1 or more of the following--
(a) reopen an account already taken between the parties;
(b) relieve the debtor or mortgagor and the guarantor (if any) from payment of any amount in excess of such amount as the court, having regard to the risk involved and all other circumstances, considers to be reasonably payable, in the case of a credit sale contract or a loan contract, in respect of the amount financed and the credit charge or, in the case of a continuing credit contract, in respect of the amount owed by the debtor to the credit provider under the contract;
(c) set aside either wholly or in part or revise or alter an agreement made or mortgage given in connection with the transaction;
(d) give judgement for or make an order in favour of a party of such amount as, having regard to the relief (if any), which the court thinks fit to grant, is justly due to that party under the contract or mortgage;
(e) give judgement or make an order against a person for delivery of goods to which the contract or mortgage relates and which are in the possession of that person.