Guvera Limited v de Vere [2015] FCA 1141

Guvera Limited v de Vere [2015] FCA 1141

On the evidence presented, the applicant has established a prima facie case and a sufficient risk that judgment against the respondent may not be satisfied without a freezing order, particularly considering the uncertain value and encumbrance of his property, the respondent's apparent willingness to attempt disposal...

Source-derived case information.

Parties
Applicant: Guvera Limited ACN 132 647 388; Respondent: Michael Robert de Vere
Jurisdiction
Australia
Judgment Date
22 October 2015
Procedural Posture
Interlocutory Application / Freezing Order (interim/interlocutory)
Outcome
Interlocutory freezing order granted with carve-out for living and legal expenses. Costs reserved. Liberty to apply granted.
Legal Topics
Freezing Orders, Interlocutory Relief, Director's Duties, Equitable Compensation
Practice and Procedure Corporations Law Freezing Orders Interlocutory Relief Director's Duties Equitable Compensation

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Parties

Guvera Limited ACN 132 647 388

Applicant

Michael Robert de Vere

Respondent

Procedural Posture

Interlocutory Application / Freezing Order (interim/interlocutory)

Legal Issues

  1. 1 Whether a freezing order should be granted against the respondent to preserve assets pending determination of substantive claim
  2. 2 Whether applicant has shown a prima facie case and danger that judgment may not be satisfied

Ratio Decidendi

On the evidence presented, the applicant has established a prima facie case and a sufficient risk that judgment against the respondent may not be satisfied without a freezing order, particularly considering the uncertain value and encumbrance of his property, the respondent's apparent willingness to attempt disposal of assets at undervalue, and the magnitude of the potential claim. The court’s discretion should be exercised to make freezing orders restraining dissipation of the respondent's assets.

Court Disposition

Interlocutory freezing order granted with carve-out for living and legal expenses. Costs reserved. Liberty to apply granted.

Orders

  • Respondent restrained from disposing of or diminishing specified assets, except for payment of ordinary living and legal expenses.
  • Respondent must provide share transfer documents and notices if shares are sold to cover those expenses, including attestation of fair market value and estimation of duration proceeds will cover expenses.