Super Vision Resources Ltd v AC Holdings Co Pty Ltd [2020] NSWCA 244

Super Vision Resources Ltd v AC Holdings Co Pty Ltd [2020] NSWCA 244

A further $50,000 should be released to AC Holdings' solicitors for legal costs relating to the ongoing appeal – but not for Ms Wang's living expenses – because company assets held under a freezing order may be released for company legal expenses where reasonable but not for the personal use of the director in the absence of evidence of entitlement or liability. The application for release of living expenses was refused; that for further legal costs was partially granted.

Jurisdiction
Australia
Judgment Date
30 September 2020
Procedural Posture
Civil Appeal / Interlocutory Application During Appeal
Outcome
Application granted in part; application for release of funds for legal costs allowed in limited amount; application for living expenses refused; costs ordered partial in favour of respondents.
Legal Topics
['freezing Orders' 'release of Funds' 'legal Expenses' 'living Expenses' 'standing' 'fraudulent Conveyance']
['civil Procedure'] ['freezing Orders' 'release of Funds' 'legal Expenses' 'living Expenses' 'standing' 'fraudulent Conveyance']

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Procedural Posture

Civil Appeal / Interlocutory Application During Appeal

Legal Issues

  1. 1 ['Whether further funds should be released from a controlled moneys account for legal costs and living expenses of the company director under a freezing order during an ongoing appeal.' 'Whether living expenses of the director can be paid from company assets subject to asset preservation orders.']

Ratio Decidendi

A further $50,000 should be released to AC Holdings' solicitors for legal costs relating to the ongoing appeal – but not for Ms Wang's living expenses – because company assets held under a freezing order may be released for company legal expenses where reasonable but not for the personal use of the director in the absence of evidence of entitlement or liability. The application for release of living expenses was refused; that for further legal costs was partially granted.

Court Disposition

Application granted in part; application for release of funds for legal costs allowed in limited amount; application for living expenses refused; costs ordered partial in favour of respondents.

Orders

  • ['A further $50,000 to be released from the controlled moneys account into the trust account of Zhang Shijing Lawyers for legal costs and disbursements.' "Application for release of funds for Ms Wang's living expenses refused." "Super Vision to pay half the respondents' costs of the application." 'Parties directed...