Wang & Anor v Cai & Ors [2022] NSWSC 1054

Wang & Anor v Cai & Ors [2022] NSWSC 1054

There is no sufficient evidence of a present risk of dissipation of assets by Ms Fang justifying an extension of the freezing orders. Although there are ambiguities and uncommercial elements in the Canada Bay transaction, and Ms Fang’s explanations were belated, the weight of the documentary evidence about the Burwood and Strathfield property transactions and the application of sale proceeds (particularly where most of the property portfolio remains unsold and explained) outweigh any concern. The evidence does not establish a compelling basis for extending the freezing orders.

Jurisdiction
Australia
Judgment Date
04 August 2022
Procedural Posture
Interlocutory Application (equity) / Application to Extend Freezing Orders Post Urgent Interlocutory Hearing
Outcome
Application to extend freezing orders refused; existing freezing orders continued for seven days only; costs reserved.
Legal Topics
['freezing Orders' 'interlocutory Relief' 'misleading or Deceptive Conduct' 'australian Consumer Law' 'property Transactions']
['equity' 'civil Procedure'] ['freezing Orders' 'interlocutory Relief' 'misleading or Deceptive Conduct' 'australian Consumer Law' 'property Transactions']

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Procedural Posture

Interlocutory Application (equity) / Application to Extend Freezing Orders Post Urgent Interlocutory Hearing

Legal Issues

  1. 1 ['Whether the freezing orders over the defendants’ assets should be extended' 'Whether the plaintiffs have shown a sufficient risk that judgment will go unsatisfied due to dissipation of assets']

Ratio Decidendi

There is no sufficient evidence of a present risk of dissipation of assets by Ms Fang justifying an extension of the freezing orders. Although there are ambiguities and uncommercial elements in the Canada Bay transaction, and Ms Fang’s explanations were belated, the weight of the documentary evidence about the Burwood and Strathfield property transactions and the application of sale proceeds (particularly where most of the property portfolio remains unsold and explained) outweigh any concern. The evidence does not establish a compelling basis for extending the freezing orders.

Court Disposition

Application to extend freezing orders refused; existing freezing orders continued for seven days only; costs reserved.

Orders

  • ['The freezing orders made by Kunc J on 27 June 2022 and extended by Slattery J on 7 July 2022 are continued for seven days until and including 11 August 2022.' "Costs are reserved; unless a different order is sought within seven days, costs of this application will be each party's costs in the proceedings."...