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\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 IN THE HIGH COURT OF FIJI
\par AT SUVA
\par CIVIL JURISDICTION
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\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 290 OF 2001
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\par 2.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045\charrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 BURGESS (FIJI) LIMITED
\par 3.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045\charrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 LAUCALA BEACH TIMBER AND HARDWARE LTD
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\par 6.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045\charrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 SUVA TOWERS LIMITED
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Plaintiffs
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\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 GROUP LIMITED
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Defendant
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\par Mr. A. K. Singh for Mr. G. P. Shankar}{\lang2057\langfe1033\langnp2057\insrsid13268045\charrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 for the Plaintiffs
\par Mr. S. Lateef with Ms. B. Narayan for the Defendant
\par 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 DECISION
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\par By this writ action commenced by the Plaintiffs, the Winding}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up Petitions}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Numbers HBE 72, 73, 74, 75 and 76 by the defendant against the Plaintiffs are opposed.}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par Application and orders sought}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par Under this action by}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 summons dated 27 June 2001 the Plaintiffs (hereinafter called the }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Plaintiffs}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ) have applied }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
for an injunction restraining the defendant its agent and servants from proceeding with winding up petition Nos. HBE. 72, 73, 74, 75 and 76 of 2001 and/or advertising them and/or obtaining winding up order and that all Petitio
ns be stayed until further order of the Court}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 An affidavit sworn by }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Asish Narayan}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
, the Company Secretary, on 27 June 2001 has been filed in support, together with other Affidavits sworn by him on12 July,}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
16 July and 23 August 2001.
\par 
\par The defendant Bank (hereinafter called the }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Defendant}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ) has filed affidavits in reply sworn 10 August 2001 by }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Christopher Robin Griffiths}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 , Head of the defendant Bank, and an affidavit sworn the same date by }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Haroon Akhtar Ali}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 , the Operations Manager of the defendant. 
\par 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Plaintiffs}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  submission}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par Mr. G.P. Shankar sets out the background to the matter in his written submissions.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
He says that P1's debt to Defendant is disputed on very substantial grounds and therefore he says injunction should be granted and that the Petitions be dismissed.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 He says that the sum of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 $3.3 million dollars }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
in question was raised by P1 and paid to Defendant which discharged the securities hence the debt was extinguished.
\par 
\par Mr. Shankar submits that on the authorities that he has referred to, the petition against P1 is bound to fail because the debt has be}{\lang2057\langfe1033\langnp2057\insrsid13268045 en paid and security discharged}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The winding}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up petition is not designed to resolve the dispute.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
The Defendant is estopped from proceeding with the Petitions.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Alternatively, counsel says that by accepting $3.3 
million and discharging the securities, the Defendant has waived its claim to any balance.
\par 
\par Counsel says that here the provision was that in consideration of the first Plaintiff performing its obligation to pay the said amount, the securities were to be discharged by the Defendant.
\par 
\par Mr. Shankar says that the Defendant}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
s debt is secured by way of a }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 mortgage}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  and in respect of that}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 P2, 3, 4, 5 & 6 are the guarantors.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
He says that it is oppressive, unconscionable, unjust and unfair for Defendant to hold the securities and at the same time to wind}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 up the company; the Defendant has other remedy, namely, to realise the security.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Therefore, he says, that on liberal construction of }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 section 223 }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (which deals with power of court on hearing petition) of the }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Companies Act}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
there ought not to be a winding up order because it is not just and equitable.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
He submits that it is not that the Plaintiff is unable to pay its debs but }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 it is the Defendant}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
which by holding the securities has disabled the plaintiffs from paying the debt}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
He submits that if the Defendant releases the security, and the Petition is }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 adjourned for 6 months the plaintiff would be able after the economy of this country is restored and investors or financiers have confidence in Fiji, the Plaintiff would be ab
le to raise funds, whether by loan or sale, to pay off the debts}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid13268045 .}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Counsel prays }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 that the Petition be either adjourned for 6 months or stayed on the basis that the defendant should forthwith release and discharge the security}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .
\par 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Defendant}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s submissions}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par The Defendant says that }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 $3.3. million}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  that was paid was }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 part of debt}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  secured under }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 mortgage No. 378302}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  which was discharged upon payment of the said sum.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
The P1 in this Action No. 290 of 2001 makes a substantial claim against the Defendant.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The P1 in its A
ffidavits in Reply has raised completely new allegations in that it denies being liable for $800,000.00 which formed part of the bridging facility provided to it by the Defendant.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It also alleges that after the $3.3 million settlement the balance debt was to be transferred to Laucala Beach Timber Hardware Ltd (the P3).
\par 
\par The other plaintiffs, together with P1 are associated companies under the banner of }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Vishnu Prasad Group of Companies}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Counsel says that these Plaintiffs are not disputing the debt at all b
ut they are trying to restrain the winding up only on the grounds that the Defendant holds securities in respect of the alleged debt.
\par 
\par The Defendant denies that it agreed to accept the said amount as full and final settlement of all its claims against P1 or discharge all its securities.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The Defendant was not in a position to discharge all its claims and securities against P1 since at the time of the said settlement P1 owed approximately }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 $229,672.00}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  in its }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Term Loan}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Account}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  and }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 $490,796.00}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  in its }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Temporary Overdraft Facility}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 . }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In the said affidavit in reply of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Haroon Ali}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 is set out the story regarding the payment of $3.3 million.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Ali says that he was personally involved in }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Bridging Loans facility }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 BLF}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ) mentioned in Griffiths}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s affidavit and that was in respect of the construction of }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Laucala Beach Plaza Development}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 the project}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ).}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
That $3.3 million between P1 and the Bank was only in respect of the said }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 BLF}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 At that time the Plaintiff had other loan accounts with the Bank in respect of which the Bank continued to hold }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 other securities}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  of P1 and had only agreed to discharge the said mortgage }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 No. 378302}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  over }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 CT No. 24128}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
The Bank did not at any time agree to discharge all the securities of P1 or release it for all debt obligation or other monies owing to the Bank.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Cross Guarantee}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  will remain a security.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The P1 subsequent to the settlement of BLF made several promises to repay its remaining debts but to date the same remain outstanding.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Mr. Ali says that the BLF and the project are separate matters whic
h have nothing to do with the amounts claimed by the Bank in this action as they relate to the P1's }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 other loan accounts}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 which accounts have not been settl}{\lang2057\langfe1033\langnp2057\insrsid13268045 ed to date.}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Counsel submits that in the last four and a half years}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
P1 has made no attempt to clear its debt nor update the arrears on its account as a sign of good faith in its negotiations on repayment of its debt.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It had not at any stage denied its outstanding debt nor made any such claims of breach of duty against the Defendant.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 By raising all this now, it is only for the purposes of causing delay to wind it up.
\par 
\par Mr. Lateef says that }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 P2}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  has already been wound up.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 As far as the other Plaintiffs are concerned, counsel says that the fact that the Defendant holds securities on their alleged debts does not b
ar it from instituting winding up proceedings for recovery of their debts.
\par 
\par Mr. Lateef submits that the Defendant tried to sell the properties on two occasions via Mortgagee Sale but it has not been successful in obtaining an acceptable price.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Therefore it decided to apply to wind}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
up the companies on the basis that they are insolvent.
\par 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The Issue
\par 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The issue for the Court}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s determination is whether on the affidavit evidence,}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
the Defendant ought to be allowed to proceed with the winding}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up petitions against th
e Plaintiffs or whether the Defendant be restrained from doing so particularly in the face of the allegation that the debt in question is disputed on substantial grounds.
\par 
\par As ordered, both counsel made written legal submissions and I found them very useful.
\par 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Consideration of the issue}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par {\listtext\pard\plain\s16 \b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 \hich\af0\dbch\af0\loch\f0 (A)\tab}}\pard\plain \s16\ql \fi-720\li1440\ri0\nowidctlpar\faauto\ls1\ilvl1\rin0\lin1440\itap0\pararsid13268045 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Is the dispute based on substantial grounds to prevent winding up?
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Let me at the outset consider whether in law the dispute is based on substantial grounds to prevent a winding up order being made.
\par 
\par As borne out by the said 
affidavits and submissions of counsel, the facts are that on 19 June 2001 separate winding up Petitions were filed in the High Court Registry by the defendant against each of the plaintiffs except P2 to wind up the companies (the Plaintiffs).}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The Petition 
are Nos. HBE 72 to 76 of 2001, namely against Suva Towers Limited, Laucala Beach Holdings Limited, Laucala Beach Timber and Hardware Limited, Laucala Beach Services and Stores Limited, Vivrass Development Limited respectively.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par Then a week later on 27 June 2001 the plaintiffs filed the Writ of Summons}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
herein being this Civil Action No. 290 of 2001 against the defendant claiming an injunction preventing the defendant from proceeding with the said winding up petitions on the basis that there is a substantial dispute as to the alleged balance debt.
\par 
\par Mr. Shankar submits that no relief is sought by or on behalf of P2 [}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Burgess (Fiji) Limited}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
] because no winding up Petition has been presented against it in this action; but the defendant Bank had through its solicitors called for tenders to sell certain properties of P2 under mortgage.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Similarly, tenders to sell the properties under mortgage owned by P4 (}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Laucala Beach Holdings Limited}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ) have been called.
\par }{\lang2057\langfe1033\langnp2057\insrsid13268045 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The plaintiffs instituted this Civil Action No. 290 of 2001 by Writ of Summons opposing the said Petitions and sought certain declarations.}{\lang2057\langfe1033\langnp2057\insrsid13268045 
 }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In the case of P1 it seeks a declaration that the }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Petition No. HBE. 76 of 2001}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  against P1 is an abuse of Court process, unlawful and wrong in view of offer and acceptance by the 
defendant of $3.3 million in full settlement and release and discharge of the said mortgage No. 378302.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In respect of }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 P3, 4, 5 & 6}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 a declaration is sought in that the Petitions are an abuse of Court process, oppressive, unfair and unconscionable having regard to the securities held by the defendant.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 However,}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 the main Order that the defendant seeks is an }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 injunction}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  restraining the defendant from proceeding with the winding}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up of the said companies. }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par The plaintiffs are saying that after the payment of $3.3 million all the security documents should have been discharged and the }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 first plaintiff}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  released from liability so that it can pay off the balance debt by raising finance.
\par 
\par After reading Mr. Ali}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
s Affidavit in Reply, I find that P1's balance debt is secured, for the defendant holds security documents.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Also the other plaintiffs are the guarantors in respect of the same debt and cross}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 guarantees have been signed by them.
\par 
\par The question therefore is whether the debt is disputed on substantial grounds.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 If so, whet
her the Court ought to grant the relief sought by the plaintiffs.
\par 
\par It is a general principle that a petition for winding up with a view to enforcing payment of a disputed debt is an abuse of the process of the Court and should be dismissed with costs (}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Palmer}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s Company Law}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  Vol.3 15.214 and cases cited therein).}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Palmer}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (ibid), on the principles involved it is further stated:
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 To fall within the general principle the dispute must be bona fide in both a subjective and an objective sense.}
{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Thus the reason for not paying the debt must be honestly believed to exist and must be based on substantial or reasonable grounds.}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Substantial}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  means having substance and not frivolous, which disputes the court should ignore.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 There must be so much doubt and question about the liability to pay the debt that the court sees that there is a question to be decided.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  
}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The onus is on the company }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 to bring forward a prima facie case which satisfies the court that there is something which ought to be tried either before the court itself or in an action, or by some other proceedings.}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par In }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Offshore Oil N.L. and Investment Corporation of Fiji Limited}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (Civ. App. 29/84 F.C.A. at p.15, unreported) }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Barker J.A}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  said:
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The law is clear that there is a discretion in a Court seized of a winding}{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up petition, to decline to hear the petition where the debt is contested on substantial grounds.}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL
 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par The Court still has power in its discretion to make an Order on disputed debts as in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Bateman Television Limited (In Liquidation) and Another v Coleridge Finance Company Limited}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  1971 NZLR p.929 Judicial Committee, it was held:
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The general rule is that an order for winding up will not be made on disputed debt but a }{
\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Judge has discretion to make a winding up order on disputed debts}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  which is not reviewable unless exe
rcised on a wrong principle or the Judge included or omitted consideration of a relevant fact or was wholly wrong. }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (emphasis added)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par Here securities are held by the defendant, although as alleged the sum of $3.3 million had been paid but there is a balance left which is not denied by the plaintiffs.
\par }{\lang2057\langfe1033\langnp2057\insrsid13268045 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It is open to the defendant to exercise its powers of sale under the securities held by it but it now wants instead to wind up the said companies.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It did exercise its power of sale of first plaintiff}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst 
SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s property but was unsuccessful.
\par 
\par On the affidavit evidence I accept Ali}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
s statement that upon payment of $3.3m mortgage No. 378302 over CT No. 24128 was discharged.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
I further accept that the balance was still left and that is why the defendant is not releasing the other securities.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
The said sister companies have guaranteed the payment of the amount owing by the first plaintiff.
\par 
\par In one breath P1 is saying that the }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
debt}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 is disputed and on the other it wants the securities released so that it can raise finance to pay off the debt or that the petition be stayed for six months allowing for the country}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
{\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s economic climate to improve.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It is noticed that the other plaintiffs as guarantors are not denying or disputing the alleged balance debt.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In the Statement of Claim in the writ in item 14.3,}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
P1 says by reason of the Defendant}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
s breach and negligence the Plaintiff has suffered substantial loss and damages as stated therein amounting to in }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 part}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  the sum of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 $3,096,853.00}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
. The said damages that P1 is claiming shows that it has a }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 counterclaim}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  against the Bank.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
The fact that there is this alleged counterclaim does not prevent the Bank from exercising its power of sale under the securities held by it.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It was so held in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Samuel Keller}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (Holdings) v Martins Bank}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  [1917 C.L.Y 748 and }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Birmingham Citizens Permanent Society v Court }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 [1962] C.L.Y. 1938 followed.
\par 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 This Petition is brought on the ground that the Company (P1) is }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 unable to pay its debts}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 I find that such is the situation here.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The creditor has to prove a negative; that negative being that the Company cannot pay its debts. 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It was held in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Cornhill Insurance PLC v Improvement Service Ltd and Others}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (1986 1 WLR p. 114) as follows:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \fi720\li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ..., refusing the application, that where a company was under an undisputed obligation to pay a
 specific sum and failed to do so, it could be inferred that it was unable to do so; that, accordingly, the defendants could properly swear to their belief in the plaintiff company}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
{\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s insolvency and }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
present a petition for its winding up}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (emphasis added).}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The existence of debt is sufficient to present a winding up petition.}{\lang2057\langfe1033\langnp2057\insrsid13268045 
 }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In re Tweeds Garages Ltd}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 1962 1 Ch p.407 at 408 where the company admitted the existence of a debt to the petitioner but disputed the amount of the debt alleged in the}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 petition, it was held:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
that the only qualification required of the Petitioner was that it was a creditor; and that, where there was no doubt (and there was none here) that the petitioner was a creditor for a sum which would otherwise entitle it to a winding}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up Order, a dispute as to }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
the precise sum owed was not a sufficient answer to the petition}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (emphasis added).
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 This case certainly is not one for the grant of an injunction as prayed.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The following paragraph from the judgment of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Harman J}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Cornhill}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (supra) quoting from }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Ungoed }{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  Thomas J}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Mann v Goldstein}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 (1968) 1 WLR 1091 at 1096 is apt and sums up the situation very well whilst setting out the correct test in approaching matters of this nature:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 When the creditor}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s debt is clearly established it seems to me to 
follow that this court would not, in general at any rate, interfere even though the company would appear to be solvent, for the creditor would as such be entitled to present a petition and the debtor would have his own remedy in paying the undisputed debt
 which he should pay.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 So, to persist in non}{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
payment of the debt in such circumstances would itself either suggest inability to pay or that the application was an application that the court should give the debtor relief which it itself could provide, but would not provide, by paying the debt.}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
In this case it appears to me that although the Company says it is solvent it has chosen not to pay the debt, and the following words of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Harman J}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Cornhill }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (supra) apply to this case also:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In my view in such circumstances the creditor was entitled to (a) threaten to and (b) in fact if it chose to present a winding up petition, .....}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
I find that there is no bona fide dispute on substantial grounds; the dispute alleged has been based on very insubstantial and flimsy grounds.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Subject to what I saw hereafter on the totality of the affidavit evidence before me, I find that there are here no triable issues such as would entitle the Company (P1) to resist the Petitions.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The following paragraph from the judgment of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Megarry J.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In re Lympne Investment Ltd}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (No. 00250 of 1971) 1972 1 WLR 523 at 527 is apt:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Nor is it right, or in accordance with the modern practice, to stand over the petition in order that the disputed issues may be resolved in other proceedings.}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 That practice, I may say, seems to stem from In re London and Paris Banking Corporation (1874) L.R. 19 Eq. 444.}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The Companies Court must not be used as a debt}{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 collecting agency, nor as a means of bringing improper pressure to bear on a company.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The effects on a compan
y of the presentation of a winding up petition against it are such that it would be wrong to allow the machinery designed for such petitions to be used as a means of resolving disputes which ought to be settled in ordinary litigation, or to be kept in sus
pense over the company}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
s head while that litigation is fought out.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Further, Mann v. Goldstein [1968] 1 W.L.R. 1091, cited with approval in the New Zealand Court of Appeal in Bateman Television Ltd. v. Coleridge Finance Co. Ltd. [1969] N.Z.L.R. 794, provides
 authority for saying that when a petition is based on a debt which is disputed on substantial grounds, the petitioner is not a }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 creditor}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  within section 224(1) of the Act of 1948 who has the locus standi requisite for the presentation of the petition, even if the company is in fact insolvent.}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par {\listtext\pard\plain\s17 \b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 \hich\af0\dbch\af0\loch\f0 (B)\tab}}\pard\plain \s17\ql \fi-720\li1440\ri0\nowidctlpar\faauto\ls2\rin0\lin1440\itap0\pararsid8876419 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 Filing petition while holding security
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Having found as above, namely that the dispute is not on substantial ground, the question now arises is whether the defendant }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 while}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 holding securities}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  from the plaintiffs is e
ntitled to proceed to present petitions to wind up the said companies.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Or is it only proper in law for the defendant as security holder to exercise its power of sale of the plaintiff}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s (P1) properties first, under the security documents held by it before being allowed to Petition for its winding up.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 From the evidence before me it appears that P1 has given a mortgage as security and the other plaint}{\lang2057\langfe1033\langnp2057\insrsid8876419 iffs have signed as guarantors.}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The law is that an }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 application to the court for the winding up a company shall be by petition presented ... by any }{
\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 creditor}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  ....}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s.222 of Companies
}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  Act Cap.247).
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 As here a }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 secured creditor}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (which includes a person holding a mortgage is entitled to petition as creditor (}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Halsbury}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s Law of England 4th Ed. Vol 7 para}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  10037).
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It is stated in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Halsbury}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s Law of England 4th Ed Vol 3 para}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  318'.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 If the petitioning creditor is a }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 secured creditor}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 , }
{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 he must, in his petition, }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 either}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 attach that he is willing to }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 give up his security}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 for the benefit of his creditors in the event of the debtor being adjudged bankrupt or give an estimate of the value of his security.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
In the latter case, he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him, after deducting the value so estimated; in the same}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 manner as if he were an unsecured creditor.}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In this case to proceed by way of a Petition to wind}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up the Plaintiffs is an option open to the secured creditor despite the fact, subject to what I say hereafter, that it holds security documents and could exercise its 
power of sale under them.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Section }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 223(1)}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  of the }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Companies Act Cap.247}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 allows for the making of a winding up Order on the Petition of a secured creditor.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The section provides, inter alia, that:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 On hearing a winding up petition, the court may dismiss it, o
r adjourn the hearing conditionally or unconditionally, or make any interim order, or any other order that it thinks fit but the court shall not refuse to make winding up order on the ground only that the assets of the company have been mortgaged to an am
ount equal to or in excess of those assets or that the company has no assets}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 \tab 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Ram Dutt Prasad (f/n Madho Prasad) and Australia and New Zealand Banking Group Limited }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (Civil Action No. HBC 0121/99) }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Scott J}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 , on the rights of the mortgagee said:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 As is well understood a mortgagee so long as part of the mortgage debt remaining unpaid may pursue any or all of the remedies available to the mortgagee at the same time.}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Thus, the mortgagee may concurrently sue for payment on a covenant in the mortgage to pay p
rincipal and interest, for possession of the mortgaged property and for fore}{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 closure.}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 This proposition would be applicable, I would say, in the case of a mortgagee as here.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par {\listtext\pard\plain\s17 \b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 \hich\af0\dbch\af0\loch\f0 (c)\tab}}\pard\plain \s17\ql \fi-720\li720\ri0\nowidctlpar\faauto\ls3\rin0\lin720\itap0\pararsid13268045 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 Should the mortgagee be a}{\b\lang2057\langfe1033\langnp2057\insrsid8876419\charrsid8876419 llowed to wind up in this case?}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It is in the Court}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 discretion}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  whether to allow the secured creditor to wind up the companies.
\par }{\lang2057\langfe1033\langnp2057\insrsid8876419 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Although the law allows the mortgagee as creditor to windup a company, I consider that since the mortgagee is in such a strong and independent position with wide powers that a windi
ng up will be useless and serve no useful purpose and if anything, it will intrude into an area reserved for unsecured creditors upon the insolvency of a company.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 I am justified in my view on this aspect of the matter with the interesting observations of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 T
he Fiji Court of Appeal in Commissioner of Inland Revenue and ANZ Banking Group }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
(Civil Appeal No. 56 of 1984s at p.12 et seq. of the judgment) where it is stated (I quote at the risk of being lengthy), inter alia, that mortgagees are outside the purview of the winding up:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8876419 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Apart from this statutory provision there are a line of cases which in our opinion make it clear that mortgagees are persons entirely outside the purview of the winding up.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 re David Lloyd, Lloyd v. David Lloyd & Co.}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (1877) 6 Ch. D. 339 }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 James L.J}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ., at p.345 said:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid8876419 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 A mortgagee is to my mind ..... an independent person and his rights ought not to be interfered with because his mortgagors have chosen to become insolvent .....}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 re Longdendale Cotton Spinning Company}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (1978) 8 Ch.D. 150 at 154 }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Lord Jessel M.R.}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  said: 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid8876419 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
The mere fact that a winding up order has been made makes no difference and does not confer upon the company the right of preventing a mortgagee from realising his security; and for that proposition I have the authority of the Court of Appeal in }{
\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In re David Lloyd & Co}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ., an authority which emphatically negatives the existence of any such right.}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 A statement to like effect in more general terms fell from}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  Kay L.J.}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Strong v. Carlyle Press}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (1893) 1 Ch. 268 at p.276:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid8876419 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 We must treat the mortgagees as being persons outside the winding up.}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 And in the same case, at p.274, }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Lindley L.J.}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 said:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid8876419 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The mortgagees here are prima facie the holders of valid mortgages; they claim under deeds which have not been impeached.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 On the face of them they are quite regular and there is no reason at present for saying that they are in any degree invalid.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Under these circumstances the mortgagee says }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 My interest is in arrear.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 I want a receiver}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 If he holds valid debentures and his interest is in arrear, he is entitled to a receiver, and he has got an order for a receiver.}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Now the fact that the mortgagor is a company, which has since been ordered to be wound up, does not in any way affect the rights of the mortgagee}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (Our emphasis).
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 There are also modern statements to like effect.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In re Aro Co. Ltd.}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 (1980) 1 All E.R. 1067 Templeman L.J. delivering the judgment of a Court of Appeal comprising Stephenson and Brandon L.J.J. and himself, said:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid8876419 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 A secured creditor is in a position where he can justly claim that he is independent of the liquidation since he is enforcing a right not }{
\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 against}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  the company but }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 to}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  his property }{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  see }{
\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 re David Lloyd & Co.}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  a case under the predecessor to section 231.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  
}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 A striking illustration of the principle is to be found in }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Re Wanser}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  (1891) 1 Ch. 305) under the same section.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
A landlord of Scottish property began proceedings after a winding up order for sequestration of the company}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s goods on the premises in order to answer for future rent.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 North J. allowed the sequestration to 
continue, being satisfied that under Scottish law the landlord was a secured creditor at the date of commencement of the winding up, and therefore in the same position as a mortgagee}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
{\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 For these reasons, since the defendant Bank as mortgagee is not affec
ted when a company is wound up as it is a mortgagee, why should it have an advantage over}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
unsecured creditors by itself wanting to wind up the Company?}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In the exercise of the Court}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
s direction on the facts, the mortgagee should stick to its rights under the mortgage.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
plaintiffs, other than P1, whilst not disputing the debt are trying to restrain the Winding up Petitions against themselves only on the ground that the Bank holds securities in respect of the alleged debts.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The grounds on which P3 to P6 re
ly are that the defendant should have released the securities so that the plaintiffs can raise funds on those securities to pay the alleged debts.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Therefore they say that the petitions are an }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 abuse of the process of the Court, oppressive and amount to unconscionable conduct}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL
 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
Also that the events of 19 May 2000 and subsequent crippling of the economy in Fiji had made it difficult to raise funds.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Conclusion}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 On the whole of the affidavit evidence before me and considering the submissions of counsel, I pref
er to accept the defendant}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
s account of the transactions between the parties to that of the first Plaintiff.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
As I said before I find that there is no substantial dispute on substantial grounds as to the alleged debt to enable this Court to refuse the petition to wind up the companies subject to what I say hereafter.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Even if there is some dispute as to debt, the court can still allow the defendant in its }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 discretion}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  to proceed to wind up the Plaintiffs.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In this context in }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Avery v Worldwide Testing Services Pty Ltd}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (1990) 2 ACSR 844 }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Seaman J}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 (who read the judgment of the Court), in dismissing the company}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s application to restrain the winding up petition, at page 841 cited with approval an earlier decision of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Gibbs J}{
\lang2057\langfe1033\langnp2057\insrsid8876419  whereby he said:}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 A debt is not bona fide disputed simply because the respondent ..... says that it is disputed.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The Court hearing the petition (or application for injunction to restrain presentation of a petition) can go into evidence to consider whether or not the dispute is bona fide i.e. whether
 the debt is disputed on substantial ground: Re Welsh Brick Industries Ltd (1946) 2 All ER 197 .....}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
In every case it becomes necessary for the court to }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 exercise its discretion as}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 how far it will allow the question whether or not the dispute is bona fide to be explored.}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (emphasis added)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 As I have already stated P1 cannot avail itself of the alleged }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 62 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 counterclaim}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 to restrain the Bank form presenting the Petition to wind up the company (P I).
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In this case even if the Court refuses the injunction, which it
 will, the first Plaintiff will not be ruined, it has its remedy in damages for the Bank is capable of compensating the First Plaintiff for any damages (if any) that may be awarded against it by the Court in the substantive action.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Therefore in view of the
 orders which I propose to make, subject to what I say hereafter to restrain the winding up petitions is not justified in the circumstances.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The principles of }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 American Cyanamid Co. v}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Ethicon Ltd}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 (1975) A.C. 396 may be applied when deciding whether the petitioner should be restrained by an injunction from advertising a petition as prayed allegedly founded on debt being disputed on substantial grounds.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 (}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Palmer}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s Company Law Vol 3, 15.214}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 ).}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Since I have found that the alleged debt is not disputed on substanti
al grounds the question of granting of injunction does not arise.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par As far as the Petitions against the plaintiffs other than first plaintiff are concerned it is clear from the evidence before me that the Plaintiffs 3 to 6 do not deny their debt as they gua
ranteed it and the defendant Bank holds guarantee document to secure the debt.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
According to counsel, P2 (Burgess (Fiji) Limited) has already been wound up; and as for }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 P4}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 (Laucala Beach Services and Stores Limited) the defendant has already proceeded against it by way of mortgagee}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s sale.
\par 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 That leaves the petitions against }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 P3}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 , }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 5}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  and }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 6}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  to be considered.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 The First Plaintiff}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s properties had already been subject to mortgagee}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 s sale and an interim injunction once granted in its favour was dissolved.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In the case
 before me P1's application for injunction is akin to a mortgagor restraining a mortgagee from exercising its power of sale under t}{\lang2057\langfe1033\langnp2057\insrsid8876419 he security documents it holds.}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In summary having held that there is no dispute on substantial grounds which would prevent t
he presentation of petitions to wind}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up the plaintiff companies,}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 I have come to the following conclusions that the defendant as mortgagee is free to exercise its power of sale under the security it holds }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 against P1.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 It has now chosen to present a winding}{
\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up Petition.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
That being the situation, in view of what I have said hereabove in the case of a person holding security, in the exercise of my }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 discretion}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045  I do not consider that I ought to allow the mortgagee to be firing two bullets simultaneously or one after the other.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In other words it cannot proceed by way of Petition to Wind}{\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 and also }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 whilst holding a security by way of mortgage exercise its powers under the mortgage.}{
\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Further, although it is not for me to determine}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 in this action as to how the funds on 
winding up are to be distributed if I allow the Petition to proceed against P1 it is the accepted principle that if one were to follow the principles pertaining to insolvency or bankruptcy laws and Rules the proceeds of insolvency will have to be divided 
among the creditors of the company.}{\lang2057\langfe1033\langnp2057\insrsid13268045  }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In this regard I refer to the case of }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In re Liverpool Civil Service Association Ex parte Greenwood}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 (L.R. Vol. IX p5111, CA 1874 where the headnote reads as follows:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 A creditor presented a petition for winding up a company.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
The company paid a part of the debt, and promised to pay the remainder on a certain day.}{\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
This was not done, and the creditor proceeded with his petition, and a winding}{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 up order}{
\b\lang2057\langfe1033\langnp2057\insrsid13268045  }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 was made upon that petition and another petition:}{\b\lang2057\langfe1033\langnp2057\insrsid13268045 -}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Held, that the creditor must pay back the money paid to him. }{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 There the question posed was as below at p512:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13268045 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f36\fs24}}}{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 But here the question is, whether the very creditor who has prosecuted the petition should be allowed to retain money which he has obtained by means of the petition, w
hen the result of the petition is that the assets of the company are to be divided equally amongst its creditors}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f36\fs24}}}{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 .}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 In the outcome for these reasons it }{\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 is ordered}{
\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 :
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par {\listtext\pard\plain\s16 \lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 \hich\af0\dbch\af0\loch\f0 (1)\tab}}\pard\plain \s16\ql \fi-720\li1440\ri0\nowidctlpar\faauto\ls4\ilvl1\rin0\lin1440\itap0\pararsid13268045 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 That the defendant its servants and agents be restrained from proceeding with the winding up Petition against }{
\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Vivrass Development Ltd}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
 (the First Plaintiff) as it has ample powers to proceed to exercise its power of sale under the security document it holds.
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par {\listtext\pard\plain\s16 \lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 \hich\af0\dbch\af0\loch\f0 (2)\tab}}\pard\plain \s16\ql \fi-720\li1440\ri0\nowidctlpar\faauto\ls4\ilvl1\rin0\lin1440\itap0\pararsid13268045 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Further, the Petitions to wind up against third, fourth, fifth and sixth plaintiffs may be proceeded with
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par {\listtext\pard\plain\s16 \lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 \hich\af0\dbch\af0\loch\f0 (3)\tab}}\pard\plain \s16\ql \fi-720\li1440\ri0\nowidctlpar\faauto\ls4\ilvl1\rin0\lin1440\itap0\pararsid13268045 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Liberty is granted to parties to apply generally.
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par {\listtext\pard\plain\s16 \lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 \hich\af0\dbch\af0\loch\f0 (4)\tab}}\pard\plain \s16\ql \fi-720\li1440\ri0\nowidctlpar\faauto\ls4\ilvl1\rin0\lin1440\itap0\pararsid13268045 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Each party to bear its own costs.
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid8876419 {\b\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 D. Pathik
\par Atg. }{\b\ul\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 Judge}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid13268045 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13268045 {\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 At Suva
\par 15 February 2002}{\lang2057\langfe1033\langnp2057\insrsid4132044\charrsid8876419 
\par }}