Abignano Nominees Pty Limited v Altius Pty Limited (No 2)

The plaintiffs, Abignano Nominees Pty Limited, sought an interim preservation order and a freezing order against the defendants, Altius Pty Limited, before the Federal Court of Australia. The plaintiffs alleged that the defendants had engaged in fraudulent conduct and sought to preserve and freeze the defendants' assets to prevent dissipation of funds. The court was required to determine whether the plaintiffs had made out a case for an interim preservation order and a freezing order, considering the requirements of demonstrating a good arguable case and the risk of judgment not being satisfied. The court also had to assess the balance of convenience in favour of making the orders.

The court examined the evidence provided by the plaintiffs and considered the requirements for granting an interim preservation order and a freezing order. The court found that the plaintiffs had demonstrated a good arguable case based on the evidence presented, and that there was a real risk that the defendants would dissipate their assets, making it likely that any judgment in favour of the plaintiffs would not be satisfied. The court also considered the balance of convenience and found that it favoured granting the orders to prevent the dissipation of the defendants' assets and to protect the plaintiffs' rights.

As a result of the court's findings, the plaintiffs' application for an interim preservation order and a freezing order was successful. The court made orders preserving and freezing the defendants' assets pending the outcome of the proceedings. The orders were made to ensure that the plaintiffs' rights were protected and that any judgment in their favour could be enforced.

The court did not make any further orders in the decision. The case proceeded to trial, where the plaintiffs' allegations were ultimately found to be unsubstantiated. The defendants were able to recover their assets once the proceedings were concluded.