In The Matter Of Colorado Products Pty Limited [2012] NSWSC 1251

In The Matter Of Colorado Products Pty Limited [2012] NSWSC 1251

On a prima facie level, the evidence established a risk of dissipation of assets justifying interim preservation orders, and any plaintiff delay did not occasion prejudice to defendants; interim orders were warranted to preserve the status quo until an interlocutory hearing.

Parties
First Plaintiff: Clare Huang; Second Plaintiff: CH Design Solutions Pty Ltd; First Defendant: Colorado Products Pty Limited; Second Defendant: HY International (Australia) Pty Ltd; Third Defendant: Phoenix Explorer Pty Ltd
Jurisdiction
Australia
Judgment Date
25 September 2012
Procedural Posture
Interlocutory Application / Interim Orders
Outcome
Interim preservation orders granted
Legal Topics
Injunctions, Mareva Injunctions, Preservation of Assets, Interim Relief
Equity Corporations Remedies Injunctions Mareva Injunctions Preservation of Assets Interim Relief

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Parties

Clare Huang

First Plaintiff

CH Design Solutions Pty Ltd

Second Plaintiff

Colorado Products Pty Limited

First Defendant

HY International (Australia) Pty Ltd

Second Defendant

Phoenix Explorer Pty Ltd

Third Defendant

Procedural Posture

Interlocutory Application / Interim Orders

Legal Issues

  1. 1 Whether evidence establishes a prima facie risk of dissipation of assets justifying a Mareva injunction
  2. 2 Whether delay by plaintiffs in seeking relief should prevent the grant of orders

Ratio Decidendi

On a prima facie level, the evidence established a risk of dissipation of assets justifying interim preservation orders, and any plaintiff delay did not occasion prejudice to defendants; interim orders were warranted to preserve the status quo until an interlocutory hearing.

Court Disposition

Interim preservation orders granted

Orders

  • First defendant to deposit net proceeds of sale from 55 Coxs Road, North Ryde, into a joint interest bearing account upon receipt.
  • First defendant not to encumber or diminish the value of the Coxs Road property.