Karl Suleman Enterprizes v George [2002] NSWSC 1092

Karl Suleman Enterprizes v George [2002] NSWSC 1092

The Mareva orders should be varied to allow Mr Varda access to his assets for proper and controlled purposes, including living expenses, real estate expenses, reasonable legal costs, controlled drawdowns on specified St George Bank loan accounts, and arms length real estate sales with proceeds held by his solicitor, because those variations were necessary and commercially realistic while still preserving assets consistently with the protective purpose of the Mareva orders. The appropriate costs order was costs in the cause because Mr Varda was substantially but not completely successful, some argument was necessary, and the application was made more expensive by opposition but could not...

Jurisdiction
Australia
Judgment Date
06 November 2002
Procedural Posture
Equity Proceeding Concerning Mareva Orders / Ex Tempore Judgment on Application of the Third Defendant to Vary Mareva Orders and on Costs
Outcome
Mareva orders varied; costs of the application ordered to be costs in the cause.
Legal Topics
['mareva Orders' 'variation of Freezing Orders' 'living Expenses' 'legal Expenses' 'real Estate Sale Proceeds' 'costs in the Cause']
['civil Procedure' 'equity'] ['mareva Orders' 'variation of Freezing Orders' 'living Expenses' 'legal Expenses' 'real Estate Sale Proceeds' 'costs in the Cause']

Case Brief

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Procedural Posture

Equity Proceeding Concerning Mareva Orders / Ex Tempore Judgment on Application of the Third Defendant to Vary Mareva Orders and on Costs

Legal Issues

  1. 1 ['Whether Mareva orders against David Varda should be varied to permit increased living expenses for him and his wife.' 'Whether the orders should permit mortgage payments, rates, services, insurance, levies and related expenses for real estate listed in schedule 1.' 'Whether the orders should permit increased legal expenses in these proceedings and other legal expenses.' 'Whether Mr Varda should be permitted to draw down on St George Bank portfolio loan accounts for purposes permitted by the orders.' "Whether proceeds of arms length sales of real estate should be controlled by Mr Varda's solicitor rather than by the liquidators." 'Whether St George Bank should be permitted to exercise rights of set-off.' 'What costs order should be made on the application to vary the Mareva orders.']

Ratio Decidendi

The Mareva orders should be varied to allow Mr Varda access to his assets for proper and controlled purposes, including living expenses, real estate expenses, reasonable legal costs, controlled drawdowns on specified St George Bank loan accounts, and arms length real estate sales with proceeds held by his solicitor, because those variations were necessary and commercially realistic while still preserving assets consistently with the protective purpose of the Mareva orders. The appropriate costs order was costs in the cause because Mr Varda was substantially but not completely successful, some argument was necessary, and the application was made more expensive by opposition but could not...

Court Disposition

Mareva orders varied; costs of the application ordered to be costs in the cause.

Orders

  • ['Delete the reference in paragraph 5(a) to certain real estate listed in schedule 1 to the order.' 'Permit living expenses for Mr Varda and his wife of $1,000 per week, including the amendment sought to paragraph (e) concerning Visa and American Express payments to the extent covered by permitted living expenses.'...