Gold Ribbon (Accountants) Pty Ltd (in liq) v Sheers

Gold Ribbon (Accountants) Pty Ltd (in liquidation) sought to set aside a Mareva injunction that restrained the respondents from dealing with various assets. The injunction was sought on the basis that the applicant had not disclosed certain material information during the proceeding that led to the injunction. The applicants argued that the non-disclosure was not intentional and that it was not sufficient to justify setting aside the injunction. The respondents argued that the non-disclosure was a deliberate attempt to hide relevant information, and that the injunction should be set aside.

The court considered the principles applicable to the setting aside of Mareva injunctions, including the need to balance the rights of the parties and the need to maintain the status quo. The court found that the non-disclosure by the applicant was material and that it had resulted in the grant of the injunction. The court held that the applicant's actions amounted to non-disclosure, and that this was sufficient to enliven the court's discretion to set aside the injunction. However, the court noted that the applicant had not acted in bad faith, and that the non-disclosure was not deliberate. The court also noted that the respondents had suffered significant prejudice as a result of the non-disclosure, and that this was a relevant factor in the exercise of the court's discretion.

The court concluded that, in the circumstances of the case, the discretion to set aside the injunction should be exercised, and that the injunction should be set aside. However, the court noted that the respondents had suffered significant prejudice as a result of the non-disclosure, and that this was a relevant factor in the exercise of the court's discretion. The court also noted that the applicant had not acted in bad faith, and that the non-disclosure was not deliberate. The court ordered that the existing orders be extended pending trial or further order.