A freezing order must be framed by reference to the 'unencumbered value' of assets (free of mortgages, charges, liens and encumbrances) rather than the 'net unencumbered value' (net of all liabilities), because the function of a freezing order is to prevent dealings with assets, not to protect against a defendant's developing impecuniosity through incurring further liabilities. A course of dealings structured through intermediaries that achieves the economic equivalent of a preference payment may constitute a 'transaction' for the purposes of s 588FA of the Corporations Act, even where the relevant debt is not directly reduced. A company's ordinary business practice of winding down operations and remitting funds overseas may constitute sufficient danger of dissipation for the purposes of r 260D(3) UCPR, even absent any intention to defeat a judgment.
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