Orix Australia Corporation Ltd v Moody Kiddell and Partners Pty Ltd

Orix Australia Corporation Ltd sought an asset preservation order against Moody Kiddell and Partners Pty Ltd in the Federal Circuit Court. The applicant claimed that the defendants had engaged in a fraudulent transaction which resulted in a significant debt owed to the applicant being placed beyond reach. Moody Kiddell and Partners Pty Ltd was a law firm, and the other defendant was an individual who was a director of the firm and a solicitor. The court was required to determine whether an asset preservation order was appropriate in the circumstances.

The court considered the factors relevant to the making of an asset preservation order, including the risk of dissipation of assets, the existence of a debt or liability, and the existence of a transaction which may be fraudulent. The court found that there was no evidence that the individual defendant had participated in the transaction in question, and there was no evidence that he had sought to gain personally from it. The court also found that there was no evidence of a risk of dissipation of assets by either defendant. The court concluded that an asset preservation order was not appropriate in the circumstances.

The court dismissed the application for an asset preservation order. No orders were made as to costs.