Keynes Capital Global Ltd v Guo

Keynes Capital Global Ltd and others (the applicants) sought leave to appeal from orders of the primary judge concerning freezing orders made in relation to proceedings in Hong Kong. The dispute arose from an initial consent order freezing $22 million in funds pending the resolution of the Hong Kong proceedings. The primary judge subsequently made a further freezing order in respect of an additional amount. The applicants contended that exceptional circumstances warranted the discharge of the consent order and that the primary judge erred in making the further freezing order, arguing that the applicant had not established a good arguable case for the judgment sought to be secured by that order.

The Court of Appeal was required to determine whether exceptional circumstances existed to justify discharging the consent freezing order and whether the primary judge had erred in making the further freezing order. A key issue was whether the applicant had demonstrated a good arguable case for the judgment amount sought to be secured by the additional freezing order.

The Court of Appeal, comprising Bell CJ, Meagher and Gleeson JJA, dismissed the application for leave to appeal from the primary judge's orders 3 and 4 made on 3 May 2021. However, leave to appeal was granted in relation to order 1 of the primary judge made on the same date, specifically in relation to ground 5 of the appeal. The Court allowed the appeal from order 1, setting aside orders 1 and 2 of the primary judge made on 3 May 2021. The respondent's notice of motion dated 29 October 2019 was dismissed, with the respondent ordered to pay the applicants' costs of that motion. No order was made as to the costs of the appeal, with each party to bear their own costs.