Cenric Group Pty Ltd v Bundanoon Sandstone Pty Ltd (No 2) [2018] NSWSC 1878

Cenric Group Pty Ltd v Bundanoon Sandstone Pty Ltd (No 2) [2018] NSWSC 1878

A freezing order is justified where there is solid evidence—based on previous conduct and the processing of sandstone—demonstrating a danger that assets will be deliberately diminished in value, thwarting enforcement of the judgment against Bundanoon Sandstone Pty Ltd.

Jurisdiction
Australia
Judgment Date
06 December 2018
Procedural Posture
Civil / Interim Application for Freezing Order
Outcome
Freezing order to be made; court will hear submissions as to form and provision for reasonable costs for prosecution of the appeal.
Legal Topics
['freezing Order' 'interim Preservation of Assets' 'breach of Trust' 'asset Dissipation']
['civil Procedure'] ['freezing Order' 'interim Preservation of Assets' 'breach of Trust' 'asset Dissipation']

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Procedural Posture

Civil / Interim Application for Freezing Order

Legal Issues

  1. 1 ["Whether there is a danger that the judgment will be unsatisfied due to deliberate diminution of debtor's assets" 'Whether a freezing order should be granted' 'Breach of trust regarding sale proceeds held by Bundanoon for Cenric']

Ratio Decidendi

A freezing order is justified where there is solid evidence—based on previous conduct and the processing of sandstone—demonstrating a danger that assets will be deliberately diminished in value, thwarting enforcement of the judgment against Bundanoon Sandstone Pty Ltd.

Court Disposition

Freezing order to be made; court will hear submissions as to form and provision for reasonable costs for prosecution of the appeal.

Orders

  • ['A freezing order to restrain Bundanoon Sandstone Pty Ltd from dealing with or diminishing the value of its assets in Australia up to the value of $3,958,651.08.' "Provision to be made for Bundanoon's reasonable costs for prosecution of the appeal." 'Bundanoon to have the option to apply on short notice to dissolve...