Idoport Pty Ltd v National Australia Bank [2]

In the Federal Court of Australia, Idoport Pty Ltd initiated proceedings against National Australia Bank, seeking equitable relief including equitable compensation for alleged breaches of fiduciary duty. The plaintiffs also sought an interlocutory injunction to prevent the defendant from disposing of certain assets. The case involved complex financial transactions and required the court to determine the appropriate remedy in the interim period before the final hearing.

The central legal issues before the court were whether an interlocutory injunction should be granted to prevent the defendant from disposing of assets and whether an order for the keeping of a record of profits would serve as a suitable alternative to the grant of an interlocutory injunctive relief. Additionally, the court had to decide on the costs associated with the interlocutory application and whether these costs should be considered as part of the costs in the cause.

The court held that the parties' respective rights could only be properly determined at the final hearing. Therefore, an interlocutory injunction was not warranted at that stage. However, the court found that an order for the keeping of a record of profits was a suitable alternative to the grant of an interlocutory injunctive relief. This order would allow for a more detailed examination of the financial transactions at the final hearing. The court also determined that the costs of the interlocutory application should be treated as costs in the cause, as the matter required a comprehensive examination before the final determination of the parties' rights.

The final orders included an order for the keeping of a record of profits and a direction that the costs of the interlocutory application be treated as costs in the cause.