IMF (Australia) Ltd v Meadow Springs Fairway Resort Ltd (in liq)

IMF (Australia) Limited sought an interlocutory injunction against Meadow Springs Fairway Resort Limited, which was in liquidation, to prevent the latter from removing certain assets from Australia. The case was heard in the Supreme Court of New South Wales. The primary legal issues the court needed to address were whether the plaintiff had a strong prima facie case that would justify the granting of an injunction and whether the balance of convenience favoured the plaintiff.

The court considered the evidence presented and concluded that IMF had demonstrated a strong prima facie case of an equitable proprietary interest in the assets in question. The court found that Meadow Springs had engaged in transactions that were designed to defeat the plaintiff's interests, and that there was a serious question to be tried concerning the validity of these transactions. Additionally, the court found that the balance of convenience favoured IMF, as the removal of the assets would cause significant prejudice to IMF's rights if the plaintiff's case was ultimately successful.

Accordingly, the court granted the injunction sought by IMF, preventing Meadow Springs from removing the assets from Australia. The court also ordered that the liquidator provide a detailed account of the assets and any transactions related to them, to be filed within a specified timeframe. The orders required the parties to file and serve agreed short minutes of the order, or, in default, each party to propose their own short minutes.