The Court continued a freezing order against a judgment debtor developer that had arranged to be appointed co-trustee of a family trust to receive development land stamp duty-free, then used the trust property to settle pre-existing personal contracts while leaving itself with no assets to meet the judgment creditor's claim. The Court held that the freezing order should continue against the defendant's beneficially owned assets and that the defendant as trustee should be restrained from disposing of unsold apartments other than at market value, to preserve the plaintiff's position pending determination of its s 37A Conveyancing Act claim to set aside the deed of settlement. The Court permitted ongoing sales at market value with proceeds applied to GST and secured debt, but prohibited the proposed transfer of remaining apartments to a new trustee as part of refinancing without court approval, finding the transfer was not required by the lender and appeared designed to quarantine assets from the judgment creditor.
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