(1) Albarran v Envirostar; (2) Kizoz v Envirostar [2002] NSWSC 108

New South Wales Supreme Court

CITATION : (1) Albarran v Envirostar; (2) Kizoz v Envirostar [2002] NSWSC 108 CURRENT JURISDICTION: Equity Division Corporations List FILE NUMBER(S) : SC (1) 1332/02; (2) 1333/02 HEARING DATE(S) : 20/02/02; 21/02/02 JUDGMENT DATE : 22 February 2002

(1) Richard Albarran & Geoffrey McDonald as Liquidator of Internova Travel Pty Ltd - Plaintiffs Envirostar Energy Limited - First Defendant PARTIES : Financial Options Group Inc Pty Ltd - Second Defendant (2) Kizoz Pty Ltd - Plaintiff Envirostar Energy Ltd - First Defendant Financial Options Group Inc Pty Ltd - Second Defendant JUDGMENT OF : Barrett J

(1) Mr M.J. Cohen - Plaintiff Mr R.F. Margo SC - First Defendant COUNSEL : Ms E. Clark (Solicitor) - Second Defendant (2) Mr T.J. Hancock - Plaintiff Mr R.F. Margo SC - First Defendant Ms E. Clark (Solicitor) - Second Defendant (1) McCabe Terrill - Plaintiff Morgan Lewis Alter - First Defendant SOLICITORS : Clayton Utz - Second Defendant (2) Dibbs Barker Gosling - Plaintiff Morgan Lewis Alter - First Defendant Clayton Utz - Second Defendant CATCHWORDS : CORPORATIONS - shares - allotment - subscription moneys arguably not paid - "holding lock" imposed by company to prevent transfer of shares - serious question to be tried as to whether "holding lock" justified - ASX listing rules - shares now held by transferees of allottee - balance of convenience favours retention of "holding lock" pending trial LEGISLATION CITED : Corporations Act 2001 (Cth) Australian Broadcasting Corporation v Lenah Game Meats Pty Ltd (2001) 76 ALJR 1 Barnes v Addy (1874) 9 Ch App 244 Businessworld Computers Pty Ltd v Australian Telecommunications Commission (1988) 82 ALR 499 Castlemaine Tooheys Ltd v South Australia (1986) 161 CLR 148 CASES CITED : Films Rover International Ltd v Cannon Film Sales Ltd [1986] 3 All ER 722 French v Chapple [2000] NSWSC 1240 Quancorp Pty Ltd v MacDonald (1999) 32 ACSR 50 State of Queensland v Australian Telecommunications Commission (1985) 59 ALJR 562 Wentworth v Wentworth (unreported, NSWSC, Hodgson J, 12 June 1997) Zytan Nominees Pty Ltd v Laverton Gold NL [1998] 1 WAR 227 DECISION : Interlocutory mandatory injunctions refused.