Platinum Mortgage Securities (Vic) Limited [2015] FCA 633

Platinum Mortgage Securities (Vic) Limited [2015] FCA 633

Platinum established a good arguable case against both respondents, including potential contraventions of s 601FD of the Corporations Act 2001 (Cth). There was a sufficient risk of dissipation of assets that might defeat enforcement of any judgment, warranting the making of freezing orders against both respondents.

Source-derived case information.

Parties
Prospective Applicant: Platinum Mortgage Securities (Vic) Limited ACN 158 339 372 as the Responsible Entity for the Platinum First Mortgage Income Fund ARSN 163 188 565; Respondent: Silvergum Capital Pty Ltd ACN 169 621 998; Respondent: Anthony John Downey
Jurisdiction
Australia
Judgment Date
23 June 2015
Procedural Posture
Urgent Ex Parte Application / Interlocutory (application for Freezing Orders)
Outcome
freezing orders granted against both respondents; costs reserved; further orders stood over to a later date
Legal Topics
Freezing Orders, Good Arguable Case, Dissipation of Assets, Directors' Duties
Practice and Procedure Corporations Law Freezing Orders Good Arguable Case Dissipation of Assets Directors' Duties

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Parties

Platinum Mortgage Securities (Vic) Limited ACN 158 339 372 as the Responsible Entity for the Platinum First Mortgage Income Fund ARSN 163 188 565

Prospective Applicant

Silvergum Capital Pty Ltd ACN 169 621 998

Respondent

Anthony John Downey

Respondent

Procedural Posture

Urgent Ex Parte Application / Interlocutory (application for Freezing Orders)

Legal Issues

  1. 1 Whether the applicant established a good arguable case for a freezing order under Federal Court Rules 2011 (Cth)
  2. 2 Whether there is a real risk of dissipation of assets to frustrate any future judgment

Ratio Decidendi

Platinum established a good arguable case against both respondents, including potential contraventions of s 601FD of the Corporations Act 2001 (Cth). There was a sufficient risk of dissipation of assets that might defeat enforcement of any judgment, warranting the making of freezing orders against both respondents.

Court Disposition

freezing orders granted against both respondents; costs reserved; further orders stood over to a later date

Orders

  • A freezing order be made against Silvergum Capital Pty Ltd ACN 169 621 998 in the terms of annexure A.
  • A freezing order be made against Anthony John Downey in the terms of annexure B.