In the matter of Colorado Products Pty Limited (in prov liq)

[2013] NSWSC 611

Supreme Court of NSW

Built by Barristers,
For Australian Law.

1. EQUITY - equitable remedies - application for freezing order under s 1324 Corporations Act 2001 (Cth) and r 25.11 Uniform Civil Procedure Rules 2005 (NSW) - plaintiffs seek order preventing defendants expending funds on living and legal expenses and ordinary course business expenses - whether risk of dissipation of assets - retrospective effect of removal of exception for legal expenses.
1. PROCEDURE - payment into Court - order sought for payment out of funds paid into Court - whether the Court in ancillary jurisdiction may make orders for payment of monies into Court - whether circumstances justify depriving defendants of their property.
1. PROCEDURE - judgments and orders - amending, varying and setting aside - defendants seek order granting leave to vary undertakings to the Court - whether purposes to which assets applied are legitimate - whether no other assets by which legitimate expenditures can be met.
1. PROCEDURE - costs - security for costs - whether order should be made that the plaintiffs give security for their undertaking as to damages given to the Court.