Phisci Pty Ltd v Green Frog Nominees Pty Ltd

Phisci Pty Ltd commenced proceedings against Green Frog Nominees Pty Ltd, seeking leave to continue the action and an injunction to prevent the first defendant from dealing with certain shares. The dispute centred on the ownership and control of shares in Restaurant Brands New Zealand Ltd. The Federal Court of Australia was tasked with resolving these issues.

The court considered whether the plaintiff had a viable claim and whether the injunction was appropriate. It needed to determine whether the plaintiff had a reasonable cause of action that would justify allowing the proceeding to continue. Additionally, the court assessed the likelihood of the plaintiff succeeding at trial and whether the balance of convenience favoured granting the injunction.

The court found that the plaintiff had a reasonable prospect of success and that the balance of convenience favoured granting the injunction. Consequently, the plaintiff was granted leave to continue the proceeding against the first defendant. The court restrained the defendant from dealing with the specified shares until the trial or further order. However, the injunction was conditional upon the plaintiff either paying a specified amount into court or providing an unconditional bank guarantee by a certain date. If the plaintiff failed to meet this condition, the injunction would be discharged.