Squirrel Limited v Cadmon Advisory Pty Ltd [2019] FCA 1006

Squirrel Limited v Cadmon Advisory Pty Ltd [2019] FCA 1006

Material changes in circumstances since undertakings were given—expanded scope and timeframe of Squirrel's claims, failed ISL funding transaction, and winding up application against Squirrel—render continuation of undertakings unjust. Squirrel failed to show a prima facie case for interlocutory injunction on any claim and balance of convenience did not favour injunction.

Jurisdiction
Australia
Judgment Date
28 June 2019
Procedural Posture
Interlocutory Application / Ruling on Interlocutory Applications—release From Undertakings and Interlocutory Injunction
Outcome
Both parties released from undertakings; Squirrel's application for interlocutory injunction dismissed.
Legal Topics
['interlocutory Injunctions' 'undertakings to the Court' 'unconscionable Conduct' 'misleading and Deceptive Conduct' 'implied Contractual Terms' 'appointment of Receiver']
['practice and Procedure' 'corporations'] ['interlocutory Injunctions' 'undertakings to the Court' 'unconscionable Conduct' 'misleading and Deceptive Conduct' 'implied Contractual Terms' 'appointment of Receiver']

Case Brief

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Procedural Posture

Interlocutory Application / Ruling on Interlocutory Applications—release From Undertakings and Interlocutory Injunction

Legal Issues

  1. 1 ['Whether release from the undertaking given to the Court should be granted' 'Whether applicant has established a prima facie case for interlocutory injunction restraining appointment of a receiver' 'Whether balance of convenience favours grant of interlocutory injunction']

Ratio Decidendi

Material changes in circumstances since undertakings were given—expanded scope and timeframe of Squirrel's claims, failed ISL funding transaction, and winding up application against Squirrel—render continuation of undertakings unjust. Squirrel failed to show a prima facie case for interlocutory injunction on any claim and balance of convenience did not favour injunction.

Court Disposition

Both parties released from undertakings; Squirrel's application for interlocutory injunction dismissed.

Orders

  • ['The parties are released from the undertakings given to the Court on 15 April 2019.' "The applicant's interlocutory application dated 6 May 2019 is dismissed." 'By 19 July 2019, the parties are to file written submissions of no longer than 5 pages on the question of costs of the applications the subject of these...