In the matter of Limar International Pty Ltd (In Liq)

Limar International Pty Ltd was wound up by the liquidators appointed by the members of the company. The liquidators alleged that the directors of the company had engaged in transactions that were voidable under the Corporations Act and had breached their duties as directors. The liquidators sought an extension of a freezing order obtained ex parte. The application was heard in the Federal Court of Australia.

The legal issues before the court were whether the liquidators had established a good arguable case that the directors had engaged in voidable transactions and whether there was a likelihood of dissipation of assets. The court also had to consider whether the application for the freezing order was brought expeditiously. The liquidators argued that the directors had engaged in transactions that were voidable under the Corporations Act and that there was a likelihood of dissipation of assets. The liquidators also argued that the application for the freezing order was brought expeditiously.

The court found that the liquidators had established a good arguable case that the directors had engaged in voidable transactions and that there was a likelihood of dissipation of assets. The court also found that the application for the freezing order was brought expeditiously. The court considered that the liquidators had established a good arguable case that the directors had engaged in transactions that were voidable under the Corporations Act. The court found that there was a likelihood of dissipation of assets and that the application for the freezing order was brought expeditiously. The court extended the freezing order.