Rapid Metal Developments (Aust) Pty Ltd v Build Max Corporation Pty Ltd; Application of EFI Constructions (NSW) Pty Ltd [2000] NSWSC 1190

Rapid Metal Developments (Aust) Pty Ltd v Build Max Corporation Pty Ltd; Application of EFI Constructions (NSW) Pty Ltd [2000] NSWSC 1190

There are pressing creditors that cannot presently be paid and moneys are about to be received by the company with insufficient undertaking as to their use; an injunction is needed for about ten days in a wide form to protect creditors and preserve company assets pending further evidence and the hearing.

Jurisdiction
Australia
Judgment Date
23 November 2000
Procedural Posture
Winding Up Application / Interlocutory Application for Injunction Pending Hearing
Outcome
Interlocutory injunction granted, matter stood over for further hearing.
Legal Topics
['winding Up' 'injunction' 'preservation of Assets' 'creditor Protection']
['corporations'] ['winding Up' 'injunction' 'preservation of Assets' 'creditor Protection']

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Procedural Posture

Winding Up Application / Interlocutory Application for Injunction Pending Hearing

Legal Issues

  1. 1 ['Whether an injunction should be granted restraining the defendant company from dealing with funds received pending the hearing of winding up application or substitution of applicant as petitioner']

Ratio Decidendi

There are pressing creditors that cannot presently be paid and moneys are about to be received by the company with insufficient undertaking as to their use; an injunction is needed for about ten days in a wide form to protect creditors and preserve company assets pending further evidence and the hearing.

Court Disposition

Interlocutory injunction granted, matter stood over for further hearing.

Orders

  • ["The defendant, by itself, its servants or agents, be restrained up to and including 4 December 2000 from disbursing, spending or otherwise dealing with any moneys received from the proceeds of sale of units in the development known as 'Quay North' or from assigning in any way any of such funds without prior...