Northern Metals Pty Ltd v Westpac Banking Corporation [1988] FCA 412

JUDGMENT No. 412 SE

IN THE FEDERAL COURT OF AUSTRALIA ) QUEENSLAND DISTRICT REGISTRY ) QLD G254 of 1988

GENERAL DIVISION )

BETWEEN: NORTHERN METALS PTY LTD

Applicant

AND: WESTPAC BANKING CORPORATION

Respondent

MINUTES OF ORDER

JUDGE MAKING ORDER: PINCUS J. DATE OF ORDER: 8 JULY 1988 WHERE MADE: BRISBANE

THE COURT ORDERS THAT:

1.

the application for an interlocutory injunction be dismissed;

the defence and counter-claim, if any, be filed and served by 29 July 1988;

the reply and answer, if any, be filed and served by 15 August 1988;

discovery on affidavit be given by 12 September 1988;

inspection take place by 19 September 1988;

the matter be set down for further mention on 3 October 1988 at 9.30 a.m.;

the applicant pay the respondent's costs of and incidental to today's proceedings, to be taxed, other than the costs which are reasonably attributable to the directions hearing;

foevoovedd

8. the costs of the directions hearing be costs in the proceedings.

NOTE: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

8. the costs of the directions hearing be costs in the proceedings.

NOTE: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA )

QUEENSLAND DISTRICT REGISTRY ) QLD G254 of 1988 GENERAL DIVISION )

BETWEEN: NORTHERN METALS PTY LTD

Applicant

AND: WESTPAC BANKING CORPORATION

Respondent

PINCUS J. 8 JULY 1988

EX TEMPORE REASONS FOR JUDGMENT

This is an application for an interlocutory injunction. The applicant seeks an injunction restraining the defendant from applying certain moneys held on interest-bearing deposit to the credit of the applicant, in reduction of the applicant's

obligation to repay other sums.

The applicant borrowed money in a foreign currency, namely Japanese yen, under arrangements made in 1982, and from then until the present has made various agreements with the respondent relating to that borrowing. The borrowing was secured by some real property which was sold, and the resultant cash was lodged with the respondent on interest-bearing deposit as security, or part security, for the debt. The most recent agreement relating to the interest-bearing deposit was made in