Facts

Abbey owns a Torrens Title property worth $500,000. The property is encumbered with a registered mortgage of $400,000 with Gold Bank. Abbey lost her job because her drinking problem caused interference at her workplace. Depressed, all of Abbey's savings went into buying alcohol and her bills went unpaid, including repayments on her mortgage. After 6 months of failing to repay, Gold Bank sent Abbey notice that they would exercise their power of sale in 1 month's time unless Abbey paid the default amount. Abbey failed to do so and Gold Bank exercised their power of sale. Gold Bank agents attempted to sell the property by private treaty for 6 months, they had advertised the property online and in the local newspapers. However, the best offer for the property they received was $180,000. Knowing that this was severely under the current market value, Gold Banks did not take these offers. They gave written notice to Abbey that they will apply to the Registrar-General for foreclosure.

Question

Would Gold Banks be successful in applying for foreclosure? What do you think the Registrar-General will order?