Read the full judgment text of CACV 328/2002 on BabelCite. This 高等法院上訴法庭 judgment was delivered on 10 December 2002 before Hon Rogers VP, Le Pichon JA.
Civil Procedure — Mareva Injunction — Appeal — Exercise of Discretion — Risk of Dissipation of Assets — Security for Costs The plaintiff, a technically insolvent property company, sold a major investment property possibly at an undervalue shortly before arbitration proceedings commenced, and routinely withdrew cash from its accounts leaving minimal balances. The 1st defendant applied to continue a Mareva injunction. The Deputy High Court Judge continued the injunction, considering the risk of dissipation and sufficiency of assets to satisfy arbitration awards and costs. On appeal, the Court of Appeal held the judge correctly exercised his discretion and properly considered the relevant factors. The appeal was dismissed. Key legal issue: Whether the judge erroneously applied considerations related to security for costs rather than the proper test for continuation of a Mareva injunction. Court held the considerations overlapped and were appropriate. The factual findings of risk of dissipation supported continuation. Appeal dismissed accordingly.
Legal issues: Continuation of Mareva injunction
Outcome: Appeal dismissed; Mareva injunction continued