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{\author maltungtung_l}{\operator maltungtung_l}{\creatim\yr2009\mo7\dy1\hr14\min12}{\revtim\yr2009\mo11\dy27\hr16\min48}{\version11}{\edmins2479}{\nofpages22}{\nofwords9894}{\nofchars56401}{\*\company scims}{\nofcharsws66163}{\vern24689}}
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IN THE HIGH COURT OF FIJI}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9646304 
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\fs24\lang2057\langfe1033\langnp2057\insrsid13334326 543 of 200}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 4}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13334326 {\fs24\lang2057\langfe1033\langnp2057\insrsid9646304 BETWEEN:}{\fs24\lang2057\langfe1033\langnp2057\insrsid13334326 
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13334326 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13334326 NBF ASSET MANAGEMENT BANK
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13198586 Plaintiff
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13334326 {\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid13198586 AND:}{\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid13198586 
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13334326 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid13198586 1. TAVEUNI ESTATES LTD
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid13198586 1}{\lang2057\langfe1033\super\langnp2057\insrsid13334326\charrsid13198586 st}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13198586  Defendant
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13334326 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid13198586 2. REGISTRAR OF TITLES
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid13198586 2}{\lang2057\langfe1033\super\langnp2057\insrsid13334326\charrsid13198586 nd}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13198586  Defendant
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13334326 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid13198586 3. ATTORNEY GENERAL OF FIJI
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid13198586 3}{\lang2057\langfe1033\super\langnp2057\insrsid13334326\charrsid13198586 rd}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13198586  Defendant
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\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid10444386 Before:}{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid9646304  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid11812660 Master }{
\fs24\lang2057\langfe1033\langnp2057\insrsid9646304 Udit
\par 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid10444386 Counsel:}{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid9646304  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid11812660 Ms Chan}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid9646304  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304 for the Plaintiff
\par Mr Naidu}{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid9646304  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304 for the defendants
\par 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid10444386 Date of Decisions:}{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304\charrsid9646304  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304 7}{
\lang2057\langfe1033\super\langnp2057\insrsid9646304\charrsid10444386 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid9646304  April, 2009
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13334326 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid10444386 DECISION
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\i\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid2892482 - le}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 ave to continue a co}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13334326\charrsid2892482 
unter claim against a b}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 ank}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 
\par }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2892482\charrsid2892482 under controllership}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2892482\charrsid2892482 -}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482  principles applicable)
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\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 Introduction
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 [1] On 11}{\lang2057\langfe1033\super\langnp2057\insrsid2892482\charrsid10444386 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482  September 20}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 07 the Defendant, Taveuni Estates Ltd (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid7104337 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2892482\charrsid2892482 defendant}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid7104337 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 )}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  filed a }{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 summons seeking}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  an order that leave be granted to i}{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 t to continue with the counter-claim against the Plaintiff, under S}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid14958113 . 43(2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid14958113\charrsid9516133 of the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14958113  Banking Act 1995 (}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 the Act}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 ).}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  T}{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 he Reserve Bank}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  of Fiji, which is, the Controller of the plaintiff, }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 NBF Asset Management Bank}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 the Bank}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 )}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2892482  by a letter dated 10}{\lang2057\langfe1033\super\langnp2057\insrsid2892482\charrsid10444386 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 October 2007, declined to grant any leave to the defendant }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2892482 Taveuni Estates Limited}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 to pursue with the counter-claim. Likewise by the letter, it even opposes the court from granting such leave. Consequently, this application was filed.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 
\par }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14958113 NBF Asset Management Bank
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 
\par [2] I }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 will begin by describing the creation and}{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482  existence of the plaintiff, NBF Asset}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Management Bank, which is important to understa}{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 nd the background to the present}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  application. The financially stricken National Bank of Fiji}{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482  gave birth to the Bank.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  I will interpose here briefly to allude to the relationship bet}{\fs24\lang2057\langfe1033\langnp2057\insrsid7104337 ween National Bank an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 d the NBF }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Asset Management Bank. The National Bank of Fiji was es}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 
tablished and incorporated unde}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 r the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10689920 National Bank of Fiji Act}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10689920 (Cap 213)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 in 1976. It was a bank owned exclusively by the Government of Fiji. Due to mismanagement in the la}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 te 80}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 s and early 90}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 s the bank}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  encountered difficulties requiring direct intervention by the Parliament.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2892482 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 [3]}{\fs24\lang2057\langfe1033\langnp2057\insrsid7104337  }{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 In}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 1996 the Parliament enacted }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4588414 National}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10689920 Bank of Fiji (Restructuring Act) 1996}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 . The}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 primary objective of the Act was to create two bank}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 s. The first was National Bank of F}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 iji, which was to continue as }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid7104337 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10689920 a bank offering personal banking services}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12257792 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  It is now }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10689920\charrsid11812660 operating}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  as }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10689920 
Colonial National Bank of Fiji}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920  The second bank established wa}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s }{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 NBF As}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 set Management Bank, the function of which was to 
}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10689920 dispose o}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10689920\charrsid10689920 
f over an appropriate period of}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10689920  time all assets and liabilities transferred to it}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10689920  by the Act. Ever since the coming into effec}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 t of t}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 he }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 said Act, the Plaintiff has continued to perform its primary objective.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 
\par [4] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Since the passing of the Act in 1996, whilst the Bank pursued with its statutory }{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 function, }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 the Legislature or the Regulatory Authorities did not review the performance of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 Ban}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 k especially to monitor its operation as to whe}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 ther the desired legislative goal was bein}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 g executed satisfactorily. Furthermore no timeframe was fixed for the Plaintiff to dispose off the liabilities and assets of the former National Bank of Fiji. It}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10689920  continued its operation for an uninterrupted period of over 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 1 years. As a consequence}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10689920  of persistent delay, perhaps m}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 any of the defaulting borrowers have escaped the wrath of}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10689920  the justice system. Many viabl}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 e assets capable of being realised may have been dissipat}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 ed, perished and/or otherwise a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 r}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 e }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 now beyond the reach of those entrusted with the statut}{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 ory task. Some of the claims m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ay even now be stale under the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3493857 Limitation Act Cap 35}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ).
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10689920 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 [5] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Be that as it may, after the coming into effect of the 1996 Act, probably }{
\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 the first and only }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 regulatory control effected over the administration of the Bank was on 4}{
\lang2057\langfe1033\super\langnp2057\insrsid3493857\charrsid10444386 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857  May 200}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 7, when the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12257792 Governor of the Reserve Bank of Fiji (RBF)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  acting under }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid3493857\charrsid12257792 S}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 . 30(2)(6)}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3493857\charrsid12257792 (i)}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3493857  of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3493857\charrsid3493857 Banking Act 1}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3493857 995}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 , with consent of the Minister for Finance, National }{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 Planning, Public Enterprises and}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8418089  Sugar I}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ndustry assumed control of t}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 he Plaintiff. With effect from 1}{
\lang2057\langfe1033\super\langnp2057\insrsid3493857\charrsid10444386 st}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857  April, 200}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 7}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 , the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Plaintiff was declared to be under}{\fs24\lang2057\langfe1033\langnp2057\insrsid8418089  Controllership of the Governor }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 of the Reserve Bank under S. 32(4) of the Act. I will discuss the effect of thi}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 s statutory intervention later i}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 n the decision.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3493857 Background facts
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 [6] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Presently, the Bank and the Defendant are involved in a seri}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 
es of litigation over a piece}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  of land. This action in particular involves a }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3493857 Deed of Conveyance}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  which was duly exec}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 ut}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ed between National Bank of Fiji}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3493857  and the Defendant on 27}{\lang2057\langfe1033\super\langnp2057\insrsid3493857\charrsid10444386 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  June 1995}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 . Under the 1996 Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the Bank inherited the Defendant}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s debt and the Deed.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 
\par [7] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The Plaintiff claims that it has an enforceable}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857  Deed of Conveyance over CT 282}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 15}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 . }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Pursua}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 nt to the Deed executed on 27}{\lang2057\langfe1033\super\langnp2057\insrsid3493857\charrsid10444386 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  June 1995, the Plaintif}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 f pleads that the Defendant }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 by transfer registration No 379880 transferred t}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857 
o it, Lot 1 on Deposit plan }{\fs24\lang2057\langfe1033\langnp2057\insrsid11862334 7340}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857  known}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  as }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3493857 Soqu}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3493857\charrsid3493857 lu, Nadawa}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid3493857  an}{\fs24\lang2057\langfe1033\langnp2057\insrsid10624919 d }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3493857\charrsid3493857 Nakawakawad}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3493857 awa}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  and Lot}{\fs24\lang2057\langfe1033\langnp2057\insrsid11862334  1 on reported plan 7341 known }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11862334 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12257792 Soqu}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9638150\charrsid12257792 lu}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid8284560 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9638150\charrsid12257792 , }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9638150\charrsid12257792 Nadawa}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9638150\charrsid12257792  and }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9638150\charrsid12257792 Nakawakawadawa}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12257792 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 , both situated in the Province of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 Cakaudrove}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  on the island of Taveuni, comprising of 48 h}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 ectares, 8453 square metres and 867 he}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ctare}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 s, }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 6751 square metres respectively.
\par 
\par [}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 8] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The Deed of Conveyance between the Def}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 endant and National Bank of F
iji was for a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  consideration sum of $8000,000.00, which figure was agreed as the total }{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 sum of monies }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 owing to the Bank by the Defendant un}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 der Mortgage Numbers 139162 (30/09/1992}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ), 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 78615 (13/08/1980), 178619 (03/08/1980) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 and 294217 (10}
{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 /}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 12}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 /}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
1990). In satisfaction }{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150\charrsid11812660 of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 the debt, the Defendant allegedly agreed to forgo its right to challenge the validity of the securities then held by the Bank, which was t}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 he position it had earlier taken}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . On se}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 ttlement, the Defendant was to b}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 e discharged from}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9638150  a number of securities as contain}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ed }{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 in }{
\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 Clause}{\fs24\lang2057\langfe1033\langnp2057\insrsid10624919  3 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 of the Deed.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 
\par [9] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 On behalf of the Plaintiff it is pleaded, that pursu}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 ant to the Deed the Plaintiff has pa}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 rtly performed its part of the obligation to the Defendant by discharging the se}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 curi}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 ies. }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Furthermore,
 in consideration thereof certain properties w}{\fs24\lang2057\langfe1033\langnp2057\insrsid202033 ere allegedly transferred to the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  National Bank of Fiji}{
\fs24\lang2057\langfe1033\langnp2057\insrsid202033  pursuant to}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Transfer No 379880. On 27}{\lang2057\langfe1033\super\langnp2057\insrsid202033\charrsid10444386 th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  June 1995 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid11812660 National}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 Bank of Fiji obtained a Certificate of Title No 28286, which endorsed NBF as the registered 
proprietor of Lot 1 on Deposit Plan 7340. Likewise a Certificate of Title No 28202 was obtained by NBF for the property described in Lot 1 on deposited plan No 7340.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9638150 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid202033 [10] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In paragraph 12 of the Statement of Claim the Plain}{\fs24\lang2057\langfe1033\langnp2057\insrsid202033 tiff states that }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid8284560 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid202033 Transfer No }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid8284560 37}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8284560 9880}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid8284560  h}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8284560 
ad been registered against Certifica}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid8284560 tes of Title Nos 28202 and 28286}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8284560  pursuant to request N}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid8284560 os}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8284560  363858 and 363859 for these ti}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid8284560 
tles which were granted on 19}{\i\lang2057\langfe1033\super\langnp2057\insrsid202033\charrsid8284560 th}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8284560  August }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid202033\charrsid8284560 
1994}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11862334\charrsid8284560 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid8284560 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid202033 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10505926 [11]}{\fs24\lang2057\langfe1033\langnp2057\insrsid10505926  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
The dispute arose when the Plaintiff discovered after a searc}{\fs24\lang2057\langfe1033\langnp2057\insrsid10553781 h of the land register at the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11862334  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 R}{\fs24\lang2057\langfe1033\langnp2057\insrsid10505926 egistrar of Titles office that:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11862334 -}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5132242 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid5132242 (a) }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 it was not the registered proprietor of the Certificates of Title Nos 28}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid5132242 286 and 28202}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5132242 {\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5132242 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid5132242 (b) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 
Certificate of Title No 28286 in the Regist}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid5132242 rar of Titles record relates to}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242  la}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid5132242 nd}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242  k}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid5132242 no}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 wn as }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 Na}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid14974562 iq}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 ereq}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 ere}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242  situated }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10553781 in}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242  the Town of L}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 evuka}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242  in the island of}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10553781 O}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 v}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 alau}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 and is Lot 2 on Deposited Plan 6}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 734.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5132242 {\fs24\lang2057\langfe1033\langnp2057\insrsid10505926\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5132242 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 (c) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 
Certificate of Title No 28202 in the Re}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 gistrar of Titles record relate}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 s to land k}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 nown as}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11862334  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14974562 Naiq}
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 ereqere}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242  situated in the t}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 own of Levuka in the island of Ovalau and as Lot 1 on }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11862334 Deposited Plan}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242  6734.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5132242 {\fs24\lang2057\langfe1033\langnp2057\insrsid5132242 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 d) The documents/}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 tit}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 le numbers 28286 and 28202 were/are in the possession of the}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242  Plaintiff, which had }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 been endorsed by the S}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 econd Defendant as being }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid5132242 transferred to the Plaintiff.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5132242 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid11812660 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1573239 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11862334 See paragraph 13 of State}
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid11862334 ment }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11862334 of C}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5132242\charrsid11862334 laim)}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid5132242 
\par [12] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 At all material time the Plaintiff believed that it was the registered proprietor of the said properties. However, the belief was short lived d}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5132242 ating back to the search of the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{\fs24\lang2057\langfe1033\langnp2057\insrsid5132242 respective}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  titles. On the basis of the search, it is alleged that on 31}{\lang2057\langfe1033\super\langnp2057\insrsid5132242\charrsid10444386 st}{
\fs24\lang2057\langfe1033\langnp2057\insrsid5132242  March 1999, the Defendant,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13114940  fraudulently and/o}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
r in breach of its obligations under the Deed requested new Certificates of Title in respect of the same land to defeat the Bank}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s proprietary interest over the land.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5132242 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13114940 [13] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The Registrar of Titles issued Certificates of Title to T}{\fs24\lang2057\langfe1033\langnp2057\insrsid13114940 
aveuni Estates Ltd over the sa}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 id properties as follows:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13114940 
\par }\trowd \irow0\irowband0\ts21\trqc\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1458\clshdrawnil \cellx1350\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2250\clshdrawnil \cellx3600\pard\plain 
\qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10444386\yts21 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11812660 CT 31921}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11812660 Lot 1 on DP 7340}{\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 \cell }\pard\plain 
\ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 \trowd \irow0\irowband0
\ts21\trqc\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1458\clshdrawnil \cellx1350\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2250\clshdrawnil \cellx3600\row }\pard\plain 
\qc \li0\ri0\nowidctlpar\intbl\faauto\adjustright\rin0\lin0\pararsid10444386\yts21 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 C}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11812660 T 28820}{\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11812660 Lot 1 on DP 7341}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 \trowd \irow1\irowband1\lastrow 
\ts21\trqc\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb
\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1458\clshdrawnil \cellx1350\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2250\clshdrawnil \cellx3600\row }\pard 
\ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid5132242 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13114940 [14] In paragraph 16}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  of the Statement of Claim the Plaintiff alleges that the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13114940 conduct of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Defendant in transferring the said properties in its own name is fra}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13114940 udulent. Apart from }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 fraud, the Plaintiff pleads many other causes of action against the Defendant as we}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10553781 ll}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  as the Second Defendant.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5132242 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13114940 [15] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 By way of relief the Plaintiff seeks:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13114940 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 (a) An}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940  ord}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 er that the Second Defendant endorse transfer of Certificate}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940  of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 Title No 28414 to the Plaintiff on the Second Defendant}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 s registry forthwith;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13114940 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 (b) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940 
An order that the Second Defendant endorse transfer of Certificates of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 Titles Nos. 2}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940 8383 and 28598}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940 B}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940  to the Plaintiff forthwith;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13114940 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 (c) A declaration that t}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10240038 ransfer No.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940 37}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 9880 is at all times a valid dealing between}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13114940\charrsid13114940 the Plaintiff and Defendant;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13114940 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13114940 (d) Damages;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7290264 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid7290264 (e) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7290264 
Interest upon damages under the Law Ref}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid7290264 orm (Miscellaneous Provisions) (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7290264 Death }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid7290264 and Interest)}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7290264  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid7290264 Act Cap. 29, on the j}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7290264 udgme}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid7290264 nt }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7290264 given to the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid7290264 Plaintiff at the rate of 10% per annum.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid7290264 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid7290264 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4722698 [16}{\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid4722698 ] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4722698 On the other ha}{
\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid4722698 nd, the Defendant in paragraph 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4722698  of the Amended Statement of }{
\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid4722698 Defence pleads:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4722698 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7290264 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9919760 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 As to Pa}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 rag}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 raph}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  6 of the T}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 hird Amended Statement of Claim, the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 De}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 
fendants denies that the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 properties, as contained in the Deed of Conveyance, were trans}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 
ferred to the Plaintiff in}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  part performance and in partial satisfaction of the obligations of the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 
Defendant to the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 Plaintiff. It says that the properties which were intended to be transferred to }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4722698 the plaintiff }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 pursuant to the terms of the Deed of Conveyance were so transferred to the P}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 
laintiff, in full performance and complete satisfaction of the obligations of the Defendant to the Plaintiff.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9919760 {\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9919760 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 The T}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 
ransfer of the properties as set out}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760  in Annexure 3 of the Deed of Conveyance was }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 prepared by}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760  the Plaintiff}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid9919760 s}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  then-solicitors and signed correct by that firm }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 and, to the best of the Defendant}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 s information, knowledge and belief it properly conveyed all the properties intended to pass to the Plaintiff pursuant to }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 the Deed and completed the tran}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 sactions }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 between the Defendant and the Plaintiff.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9919760 {\fs24\lang2057\langfe1033\langnp2057\insrsid7290264\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9919760 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 Certain properties, as set out in Annexure 4 of th}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 e Deed of Conveyance, and listed in}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  paragraph 45 of the Third Amended Stateme}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 nt of Claim, did not form part o}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 f the transaction between the Defendant and the P}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 laintiff, as the Defendant had}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 
supplied evidence }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 of full payment by third parties i}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 n respect of the 40 Certificates of Title contained}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 in Annexure}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  4 to the Plaintiff w}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 ithin the required period of te}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 n days of the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 execution of the Deed. T}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 he Defendant and the Plaintiff were both in}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760  agreement as to this and this was confirmed}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  in writing, in letters dated the 9}{
\i\lang2057\langfe1033\super\langnp2057\insrsid9919760\charrsid15665170 th}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760  and }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 12}{
\i\lang2057\langfe1033\super\langnp2057\insrsid9919760\charrsid15665170 th}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760  of J}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 une, }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9919760\charrsid9919760 1995.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9919760 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid7290264 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9919760 [17]}{\fs24\lang2057\langfe1033\langnp2057\insrsid3024233  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
Further in paragraph 8 of the Statement of defence the Defendant pleads:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3024233\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4551181 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3024233\charrsid4551181 The }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 Defendant denies the contents of paragraph 8 of the Third A}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3024233\charrsid4551181 mended Statement of Claim }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 save}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181  to say that there were certain prop}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 
erties, referred to at Clause 13 of the Deed}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 o}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 f Co}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 nveyance and as contained in An}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
nexure 4 to the Deed of Conveyance, that were onl}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 y to}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181  be conveyed to the Plaintiff if they were not }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 in the ownership of a third party as set}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15665170  out}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181  in}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181  Clause 13 of the Deed of Conveyance, as follows:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid3024233\charrsid1573239 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1573239 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 (a) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
That the 40 certificate of titles numb}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15665170 ers annexed hereto as annexure }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 4 }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 may }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 have }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
been fully paid. In the event that evidence is produced of full p}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 ayment, each such }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
lot for which evidence is not produced will form part of this }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 transaction.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1573239 {\fs24\lang2057\langfe1033\langnp2057\insrsid3024233\charrsid1573239 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1573239 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 (b) T}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
hat in the event that there are any titles that are unencumbered, such }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 titles shall }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
be made available for transfer in a title for title basis to the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 Transferees herein in }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
substitution for those in (a) for which evidence of full pay}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 ment is provided.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1573239 {\fs24\lang2057\langfe1033\langnp2057\insrsid3024233\charrsid15665170 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1573239 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 (c) That the m}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181 
atters mentioned in (a) and (b) a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid4551181 bove must be resolved within 10}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181  days }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15665170 of}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4551181  the date of this deed.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16677114 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid16677114 The }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 
Defendant subsequently advised the Plaintiff, in a letter dated 09}{\i\fs24\lang2057\langfe1033\super\langnp2057\insrsid4551181\charrsid16677114 th}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114  Jun}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid16677114 e}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid16677114 1995, that there were }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 no other unencumbered titles and that the 40 Certificates of Title, as listed in A}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 nnexure }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 4 of the Deed of Conveyance, would not form part of the transaction, as they were all }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 in the ownership }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 of third parties.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16677114 {\fs24\lang2057\langfe1033\langnp2057\insrsid4551181\charrsid15665170 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16677114 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 The }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 
Defendant further }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 says that it }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 has since facilitated the transfer of 24 }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 Titles from the list }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 of Titles contained in Annexure 4 of the Deed of Conveyance}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114  to the rightful}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114  third }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 party}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114  owners of those Lots, where those owners ha}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 ve made full payment of any outstanding}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114  service charges due to the Defendant pursuant to their sales contracts and Deeds of Cove}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 
nant. The balance of the 40 T}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 itles contained in Annexu}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 re 4 of the Deed of Conveyance a}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 re still held on trust for third party purchasers by the Defendant }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 and will be transferred to them upon p
ayment by them}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114  to the Defendant of the outs}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 tanding service charges, due to the Defendant }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 by the third par}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid16677114 ty purchasers of those balance L}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid16677114 ots}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10444386 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10444386 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 
\par [18] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In addition, the Defendant is resisting the claim on a numb}{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 er of grounds. To begin with in}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  paragraph 5 of the Statement of Defence the defendant admits entering in to a Deed of Conveyance. In accordance with the Deed of Conveya}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 nce, the Defendant concedes that}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the Plaintiff was eligible to be the registered proprietor of the subject properties. 
However any such registration was subject to }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4797550 certain obligations and conditions and encu}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid4797550 mbrances}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4797550  attached to the properties as contained in the}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid4797550  Deed of Conveyance}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10444386 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid4797550  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550\charrsid15665170 (see}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid15665170  para }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15665170 
5 of the Statement of Defence).}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  It claims that its obligation under the Deed is fully performed.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 
\par [19] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The reasons for non-conveyance of the properties now sought by the Plaintiff are }{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 contained}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in paragraphs 6, 7, 8 and }{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 16 of the Statement of Defence. }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 I have already re}{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 produced in full}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 paragraphs 6 and 8. Paragraphs }{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 7 and 16 respectively provides:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16677114 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5320290 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid5320290 7 -}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 T}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 he Defendant admits the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid5320290 
contents of paragraph 7 of the T}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 hird Amended Sta}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid5320290 tement }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 of Claim insofar as certain properties were conveyed by it to the Plaintiff pursuant }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 to the Deed of Conveyance. 
}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 It denies that this transfer was in pa}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 rtial compliance with the Deed}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290  of Conveyance and says that it was in full co}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 m}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 pliance with its obligations p}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 ursuant to the Deed}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550 .}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290  The Defendant repeats }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 paragraph 6 herein.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid16677114\charrsid1573239 
\par }\pard \ql \fi-731\li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1573239 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 16}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15665170  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1573239 -\tab }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 (a) The }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 Defendant denies }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 that it acted fraudulently and/}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 or in breach of its }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 obligations to the Plaintiff in requesting new C}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 Ts fo}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 r Lot 1 on DP 7340 and Lot 1 on DP 7341. I}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 
t further says that, as registered proprietor, it applied to the Registrar of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 Titles for the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 
 issuance of a number of Certificates of Title for Lots it owned at S}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 oqulu, as it was}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290  entitl}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 ed to do pursuant to Section 15 of the Land Transfer Act, C}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 ap }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 131.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid1573239 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550 (b) In response }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 
to paragraph 16(b) of the Third }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 Amended State}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 ment of Claim the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 Defendant adm}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550 its requesting and obtaining CT }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 
31921 and C}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550 T 288}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 20 in its name but }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 de}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid5320290 nies }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 that it acted fraudulently and in breach of the Plaintiff}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5320290 s rights and the Deed of Conveyance in doing so. It repeats paragraph 16(a) herein.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid5320290 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 (c) The Defendant denies acting dishonestly i}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid11823740 n executing the requests for CT}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740  288}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5320290\charrsid11823740 
20 }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 and 31921 and denies that it had any knowledge that these }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740 
Titles were already transferred to the Plaintiff and further says that CT 28820 and 31921 did not appear in the Transfer. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 A}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740 nnexure }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 3 of the Deed of Conveyance did }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740 not contain any area description for the Lots referred to therein
 and the Defendant did not have and could not have had any actual or constructive knowledge that the land subsequently shown to be Lot 1 on DP 7340 and Lot 1 on DP 7341 and for which it obtained the two titles, being CT 31921 and CT 28820}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4325726 ,}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740  were}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550  intended to
 be transferred to the Plaintiff. It further says that, at the time of the execution of the Deed of Conveyance, the then representatives of the Defendant satisfied themselves that CT 31921}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550 and CT 28820 were not mortgaged }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740 and were in its possession and owne
rship and, on that basis, they in the knowledge that those parcels of land, in the case of the land contained in CT 28820, being the water source for the whole development had not been conveyed to the Plaintiff nor were they ever intended to be so conveye
d.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid15740388 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 (d) The Defendant admits presenting the r}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740 equesting to the Second Defendant for the issuance o}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3490612 f new CTs but denies that it}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740  acted dishonestly in representing to the Second Defendant that the property as comprised}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15283336\charrsid11823740 
 in Lot 1 DP 7340 and Lot 1 DP 7341 had been surveyed but that Certificates o}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13044323\charrsid11823740 f Titles had not been issued for these properties. To that best of the Defendant}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13044323\charrsid11823740 s knowledge and belief at the time it made the request for the issue }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740 of the new Certificates of Title there were no Certificates of Titles issued for Lot 1 on DP 7340 and Lot 1 on DP 7341.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid11823740 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10444386 {\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid10444386 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 This knowledge and belief was founded on the fact that no such }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740 CT numbers}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740  appeared in A}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740 nnexure}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740  3 to the Deed of Conv}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740 eyance nor in the transfer of the properties to the Plaintiff. }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 The Deed }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740 of Conveyance was dated 02 June}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 ,}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740  1995 and the Transfer was dated}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740 27 June 1995. I}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 f any such Certificates of }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4797550\charrsid11823740 Title existed}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740  before the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 
date of the Deed of Conveyance the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16143720  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 Defendant was unaware of them as registered proprietor of all the land}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740  in the Soqulu}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 
 Estate at the time other than those properties belonging to third parties. Any such CTs could only be bogus }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1525491\charrsid11823740 
and the Defendant therefore acted properly in requesting the issue of Certificates of Titles for Lot 1 on DP 7340 and Lot 1 on DP 7341.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10444386 {\fs24\lang2057\langfe1033\langnp2057\insrsid15740388\charrsid10444386 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 (e) The Defendant denies }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12197700\charrsid11823740 the allegations in paragraph 16(e) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid11823740 of the third Amended Statement of Claim and/ or representing that }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 any such survey }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid11823740 plan was its}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11823740 .}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid11823740  The Defendant further
 says that a deposited plan, being DP 7341, was lodged by Rupeni Consultants with the Registrar of Titles showing as registered proprietor the National Bank of Fiji as Mortgagee, being the Plaintiff}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 
'}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid11823740 s predecessor in Title, and which DP is dated 9 February,
 1994, being some (14) months before the Deed of Conveyance was entered into and at which time the Defendant, and not the Plaintiff}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid11823740 s predecessor in title, was the registered proprietor of all the land at Soqulu, other than the land which belonged to third parties.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10444386 {\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid10444386 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid11823740 DP 7341 shows as Lot 1 an area of 867.6751 hectares marked with the notation CT 28820.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11823740 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid2490802 (f) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid2490802 T}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11823740\charrsid2490802 he}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11884527  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2490802 
Defendant admits refusing to surrender Certificates of Title 2882}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid2490802 
0 and 31921 as it was, at all times and remains, the bona fide registered  proprietor of those parcels of land and further says that Plaintiff has no right/claim/authority to request the surrender of CT 28820 and CT 31921 for cancellation of these CTs.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid1573239 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13198586 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid2490802 (g) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2490802 The Defendant de}
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid2490802 nies the contents of paragraph 16}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2490802 (g) of the Third A}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid2490802 mended Statement of Claim and denies any prior interest of}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1862005  the Plaintiff in CT 28820 and CT }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid16143720 31921.}{\fs24\lang2057\langfe1033\langnp2057\insrsid2490802 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid2490802 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2490802\charrsid1783850 [20] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 Allegations of fraud are categorically denied in relation to the requisition and o}{
\fs24\lang2057\langfe1033\langnp2057\insrsid16143720 btaining}{\fs24\lang2057\langfe1033\langnp2057\insrsid1862005  of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850  Certificates of Title Numbers 28820 and 31921 ov}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 er}{\fs24\lang2057\langfe1033\langnp2057\insrsid16143720  DP 7340 and 7341. In para 16}{\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 (c) }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 the Defendant denies having}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  knowledge of any prior title or interest existing over }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 the subject land it obtained Certificates of Title. }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Reference is made to Annexure 3 of the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 Deed of }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Conveyance which is alleged not to be making any reference to the }{\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 
subject Lots.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Consequently the Defendant did not have any constructive and/or actual knowledge that the subject lots were intended to be transferred to the Plai}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 ntiff. In addition, at the time}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 of the execution of the Deed, the then representatives of the Defendant were satisfied that the only lots registered in the Plaintiff}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s name were all mortgaged.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2490802 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 [21] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In reply the Plaintiff claims that the defendant i}{\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 s estopped from 
denying and/or applying for }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 new certificates of title subsequent to }{\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 the execution of the Deed. By way of }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 relief }{\fs24\lang2057\langfe1033\langnp2057\insrsid1783850 the }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 defendant seeks a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1783850  plethora of orders as follows:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1783850 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 (a) }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 A Declaration that is has complied fully with the terms of Cl}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1862005 ause 13 of the Deed of }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 Conveyance and }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid6104302 that }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 the Plaintiff has no claim nor}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850  right to the forty (40) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 lots referred}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 
 to in Annexure 4 of the Deed of Conveyance.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1783850 {\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid10444386 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1783850 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 (b) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 
A Declaration that the Second Defendant had no grounds for signing and lodging the c}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 avea}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 ts.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1783850 {\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid10444386 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1783850 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 (c) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 
A Declaration that the Third Defendant had no }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 grounds for registering the ca}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 veats.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1783850 {\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid10444386 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1783850 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 (d) A Declaration that the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 Defendant is the bona f}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 ide registered proprietor of the land contained}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850  in Ce}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid727252 rtificates of Title 31921 and 2}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 8820.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1783850 {\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid10444386 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1783850 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 (e) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 
A Declaration that there was no une}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 ncumbered land available for tr}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 an}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 sfer}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850  by }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1862005 Defendant to the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850  Plaintiff at the time the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 
 Deed of Conveyance was entered}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850  into.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1783850 {\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid10444386 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1783850 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 (f) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 
A Declaration that any purchaser from the Plaintiff shall comply with }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1783850\charrsid1783850 the provisions }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1783850 
of the Deed of Conveyance.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (g) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 An Order tha
t the Plaintiff provide full particulars of the transfer of any }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 land to any }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 third party to the Defendant.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14361064 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid10444386 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (h) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
Special damages in the amount of $21,548,000.00.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14361064 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid10444386 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (i) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
An order that the Plaintiff}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 provide the}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 Defendant with copies of all S}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 
ale and Purchase }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 Agreements together with the Deeds of Covenants in the manner prescribed by}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 
 the Deed of Conveyance dated 02}{\i\lang2057\langfe1033\super\langnp2057\insrsid14361064\charrsid11884527 nd}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 June 199}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 5 in accordance with Clause (6) of}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064  Deed of Conveyance}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (j) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
Special damages (to be calculated before trial) for out}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 standing land rates and service }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 charges.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14361064 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid13198586 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (k) General dam}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
ages for }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 failing to comply with Clause (6}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 ) of}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5972365 
 the Dee}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 d of Conveyance.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14361064 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid13198586 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 l}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 ) General dam}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 ages}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (m) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
Indemnity costs against the Plaintiff of and incidental to this action.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid1573239 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14361064 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid14361064 (n) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
Such further and other as this Honourable Court deems just.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 [22] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Clearly, the facts as pleaded gives rise to some }{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 
real issues warranting judicial inquiry an}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 d decision. Presently, th}{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 e Defendant is vested with the s}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ubject property claimed by the Plaintiff. One would have thought that it would be in the Bank}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s interest to resolve the issue of the title over the subject land, which is seriously contested. How would the Controller resolve the issue if the Defendant does not co-op}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 erate? Equally important, if the }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 contents of the statement of defence forms the basis of the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14361064  cause(s) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 of action in the counter claim, the c}{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 
ourt will be required to adjud}{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064\charrsid11812660 icate}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  th}{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 
e whole action and not the issues the Bank }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 wants to be decided }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 albeit}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in its favour. Why is the C}{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 ontroller opposed to the Court }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 deciding the entire dispute over the subject propert}{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 ies? Does it seek an answer in its}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  favour only to the exclusion of the defendant}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s counter-claim? These questions do give rise to the consideration of the various provisions of the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14361064 Banking Act}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 , which I wi}{\fs24\lang2057\langfe1033\langnp2057\insrsid1862005 ll discuss}{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064  next.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5972365 Banking Act
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14361064 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 [23] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Whilst the Act provides for a multitude of mat}{\fs24\lang2057\langfe1033\langnp2057\insrsid9765199 
ters pertaining to the banking i}{\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 ndustry, I will}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  limit the discussion to the narrow issue of controllership of a financial }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 institution. The }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 object or purpose of Act is provided }{\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 
for in the preamble as follows:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10108484 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 To provide for the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 regulation of the business of banking}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 ; providing for }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 the licensing and supervision of financi}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid6828783 al institutions}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid6828783  carrying on banking business, in the interests}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11020176  of}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 the soundness of the financial system}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 and to minimise detriment to the interests of depositors and creditors o}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid6828783 f financial institutions}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid6828783  and for purposes connected}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783  therewith}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "
}{\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1573239 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid6828783 (emphasis added)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 [24] }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 Part V}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  ca}{
\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 ptioned }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid6828783 Control Over Licensed F}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 inancial Institutions}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783 ,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  deals with the control of licensed financial institution }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid5972365 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5972365 becoming unable to mee}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid5972365 t its obligation or suspending}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5972365  payments}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid5972365 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6828783  (S. 29(1)), }{
\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 and }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid5972365 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid6828783\charrsid5972365 c}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5972365 arrying on business in a detrimental manner to the interest of its depositors or creditors, without being able to meet its obligation,}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid5972365 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  (}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 S. 30}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10108484 (i)}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 (c)).}{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450  The Reserve Bank under S. 30 (2}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ) is empowered to take a number of action against such an institution. One such course open to the Reserve Bank is to put the institution }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 under }{\fs24\lang2057\langfe1033\langnp2057\insrsid11020176 controllership.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Once an in
stitution is placed under controllership the Reser}{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 ve Bank must gazette the same; S}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
. 30(4). For the purposes of the present action, a notice relating to the Plaintiff was duly gazetted. The bank in this case was pla}{\fs24\lang2057\langfe1033\langnp2057\insrsid5972365 ced u}{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 
nder the controllership of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the Reserve Bank of Fiji}{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450  with effect from 1}{
\lang2057\langfe1033\super\langnp2057\insrsid13900450\charrsid10108484 st}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  April 2007.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6828783 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid15295253 [25] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15295253 Once a declaration of controllership is made the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid15295253  management of the financial institution v}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15295253 ests with}{\fs24\lang2057\langfe1033\langnp2057\insrsid4010127  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 the controller. After such a declaration}{\fs24\lang2057\langfe1033\langnp2057\insrsid7614586 , the Reserve Bank may appoint a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  person or it may itself assume the role of a Controller.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14222529 [26}{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 ] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
A Controller in due execution of the power conferred to it must have r}{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 egard to the following matters:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid11812660 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13900450 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
Considerations affecting exercise of powers by Controller
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13900450 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 42.-(1)}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
 In exercising the powers conferr}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 ed by this part of this Act a Controller of a }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 licensed fina}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 ncial Institution shall have regard to-}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid11812660 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14222529 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (a) }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
the need to maintain public confidence in the operation and soundness of the financial system and to minimise detriment to the interests of depositors}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 and creditors }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 of the licensed financial institution;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid11812660 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14222529 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 (b) the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
need to avoid significant damage to the financial system}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 ;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14222529 {\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 c)}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450  to the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 extent not inconsistent with the considerations referred to in paragraphs}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450  (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 a) and (b}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
) of this subsection, the need to}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450  resolve as quickly as possible the difficulties of that institution}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 ;

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13900450 {\fs24\lang2057\langfe1033\langnp2057\insrsid13900450 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14222529 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid15295253 (d) to the extent n}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
ot inconsistent with the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450  considerations referred to in paragraph (a) (b) an}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 d (c) of this subsection, }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 preserving the position of creditors and maintaining the ran}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 king of claims of creditors}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 ; an}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 d
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13900450 {\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid1573239 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid14222529 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13900450\charrsid13900450 (e}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13900450 
) the advice of the Reserve Bank.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid668718 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6626161 {\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 (emphasis added)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13198586 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12743928 S. 43 of the Banking Act (Act)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 [27] I will now turn to S. 43(}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 ) and (2}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ) of the Act under which p}{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 rovision the present application is made. }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 These provisions provide:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11812660 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13198586 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid6626161 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 Moratorium
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12743928 {\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12743928 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 43}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 .}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 -(}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 1) Where a licensed financial institution is dec}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 lared to be subject to Controllership}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 ,}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 
 no person shall-}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12743928 {\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11812660 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid6626161 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 (a)}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 commence or continue any action or other proceedings, including proceedings by way of counterclaim, against that licensed financial institution;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12743928 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid12743928 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12743928 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 (2) }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 
Notwithstanding subsection (1) of this Sectio}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 n, an action or proceeding may b}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 
e commenced or continued against a licensed financial institution for the purpose of determining whether any right or liability}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161  exists if the leave of the Co}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid6626161 ntroller or}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161  the High Court is obtained}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10887931\charrsid6626161 
.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6626161 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6626161 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (emphasis added)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 [28] S}{\fs24\lang2057\langfe1033\langnp2057\insrsid11097239  43(1)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (a) places a moratorium on a }{
\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11812660 number}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  of matters pertainin}{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 g to the financial}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  institution under Controllership. Amongst those matters is that no person shall }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12743928 commence or continue with any action or other proceedings by way of a counter-claim}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid12743928  against that}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12743928  financial institution}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  The application for my considerat}{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 ion concerns a }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid12743928 counter-claim}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .
\par 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 [29] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 A }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11097239 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097239 moratorium}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11097239 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 connotes a suspension of a planned activity. It is }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11097239 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097239 a legally au}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid11097239 thorised}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097239  period of delay in the performance of a waiting period set by the authority}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11097239 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11097239 ;}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  (See }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1454825 Merrian Webst}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12743928\charrsid1454825 er of Law (1996}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 )}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1454825 )}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . Therefore in the context of S}{\fs24\lang2057\langfe1033\langnp2057\insrsid10887931  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11097239 43}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (2), it translates into a }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11097239 "}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097239 temporary suspension}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid11097239 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 as opposed to a permanent curt}{\fs24\lang2057\langfe1033\langnp2057\insrsid1454825 ailment of the institution or }{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 continuance of a  legal }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 action against a financial ins}{\fs24\lang2057\langfe1033\langnp2057\insrsid10887931 titution under Controllership;}{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 Batkin Holdings Ltd }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10108484 -}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 v- }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499 DFC Ventures Ltd (1994}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 ) 1 NZLR 629}{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499  at 6}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 31 per Thomas J.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12743928 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 [30] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The legislative intent of the moratorium is plainly reflected}{\fs24\lang2057\langfe1033\langnp2057\insrsid11097239 
 in the Hansard Report of }{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 15}{\lang2057\langfe1033\super\langnp2057\insrsid13320499\charrsid13659432 th}{\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13659432  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 Febr}{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid11812660 uary}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  1995. At page 2438 of the Hansard, the then M}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 inister responsible in presenting}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the Bill to the House of Representatives unreservedly stated that }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 \'85s}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499 uch }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499 claims are not destroyed}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499  but their }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499 enforcement is suspended}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499  during Controllership....}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 
"}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 [31] S. 43(2) provides that }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 No}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499 t withstanding sub section (1) of this Section, }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 an action or proceeding }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13320499 may be commenced or continued against a licences financial institution for the purpose of determining whether any right or liability exists if }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 the leave of the Controller or High Court}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10887931  is o}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 
btained}{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid13320499 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 
\par [32] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In moving the Banking Bill 1995, the Hon Minister in respect of clauses }{\fs24\lang2057\langfe1033\langnp2057\insrsid11097239 43}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 (1) & (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 expressly stated:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10108484 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid10108484 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 Clause 43 pro}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid15992382 vides for a moratorium on claims }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 existing against }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid15992382 Institution in }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 controllership. Without a moratorium, the task of the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid15992382 controller would be impossible. }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15034973 
Such claims are not destroyed but their enforcement is suspended during Controllership to give the controller a breathing space in which to act. The clause permits actions or proceedings to be taken, notwithstanding controllership, to ascertain exis}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid15034973 tence of rights or obligations. }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15034973 
This, we believe, is a useful provision, at least allowing clarification of rights even in a C}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid15034973 ontrollership situation. }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid15992382 The m}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 oratorium does not affect }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13320499\charrsid15992382 
existence of}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382  securities and a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid15992382 llow}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15034973 s}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid15992382  full}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382  freedom of action against a licensed }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid15992382 financial institution in Controllership in }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 respect of contracts}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid15992382  entered into or obligations incurred afte}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 r co}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid15992382 mmencement }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 of Controllership.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10108484 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15992382 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11097239 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (emphasis added)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13320499 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382 [33] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Following the decision of the House of Lords in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 Pepper -v- Hart [1993] AC 593}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 , it is}{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 settled law that as an aid to interpretation of Statutes, the Court may refer to }{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid11812660 extrinsic}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15992382  material such as H}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ansard}{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382  Reports. Our Supreme Court (Honourable L}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ord }{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382 Coo}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 k}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15992382 e }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 of}{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382  Thorndon, and Honourable Sir Anthony Mason }{
\fs24\lang2057\langfe1033\langnp2057\insrsid15034973 J }{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382 S}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 C) in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 Bull v Commissioner of Inland}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid15992382  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 Revenue (Majority Judgment [1999] FJSC 5; CBV0005.1998S}{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382  (10 M}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 arch 1999) tacitly}{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 adopted and applied }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15992382 Pepper -v-Hart (supra}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ) as:
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15992382 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13659432 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid2648492 I}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 t is now widely accepted in many common law jurisdiction that recourse by the courts to legislative history and extrinsic materials is a legitimate aid to interpretation. }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 For present purposes it is sufficient}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005  to refer to the decision of the}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005 House of Lords }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 Pepper v. Hart [1993] AC 593}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005  where the rule excluding ref}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 er}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005 ence}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005  to Parliamentary materials as }
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005 an}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005  aid to statutory construction was relaxed so a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10887931 s t}
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005 o permit such reference when-}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid2648492 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13309439 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005 (1) the legislation is ambiguous or obsc}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 ure or leads to absurdity,
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4595005 {\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid2648492 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13309439 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005 (2) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 
the material relied upon consists of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid4595005 statements by a Minister or other}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005  promoter of a Bill together wi}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid4595005\charrsid4595005 th such other Parliamentary material as is}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005  necessary to understand such statements, and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4595005 {\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid2648492 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13309439 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid4595005\charrsid4595005 (3) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 
the statements are clear}{\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid15992382 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2648492 {\fs24\lang2057\langfe1033\langnp2057\insrsid4595005 (emphasis added}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 )}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid15992382\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4595005 [34] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Furthermore, Madam J}{\fs24\lang2057\langfe1033\langnp2057\insrsid4595005 ustice Shameem in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid4595005\charrsid4595005 State -v- Naq}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4595005 a & Ors, Suva High }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 
Court Criminal Case No HAA}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid4595005\charrsid4595005 0023}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 .}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid4595005\charrsid4595005 2003 }{
\fs24\lang2057\langfe1033\langnp2057\insrsid4595005 (18}{\lang2057\langfe1033\super\langnp2057\insrsid4595005\charrsid15034973 th}{\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15034973  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 July 2003) noted that }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid15034973 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15034973 Hansard}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11016164\charrsid15034973  containing statement}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15034973  by the Minister introducing the Bill was of a particular relevance,}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid15034973 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  and therefore should be available to the court as cogent evidence to elucidate t}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11016164 he intent, purpose and meaning}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  attributed to a particular provision of or an Act as a whole by the Legislature.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4595005\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11016164 [35] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 S. 43(1) & (2) has not been subjected to judi}{\fs24\lang2057\langfe1033\langnp2057\insrsid11016164 
cial scrutiny since its enactm}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ent}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 . The reason being, since its enactment,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  no financial instit}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 ution has been placed under con}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
trollership. For this reason of the novelty of the issue for determination, it is permissible to refer to the Hansard, although on the face of the legislation, there is no apparent }{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495\charrsid11812660 
ambiguity}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495  as to }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12935495\charrsid12935495 S. 43(2}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ). The requirements o
f and the criteria for granting of leav}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 e is not prescribed}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 by the Act. What the Act has bestowed to the Controller or Court is a very wide discretion. Whilst}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
I accept that the prescription of criteria is not an absolute }{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 necessity, but for the reason of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  mai
ntaining consistency it is a very helpfu}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 l guide. Furthermore, it will in future}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 cases }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
provide a guide for the parties to a litigation faced with such an application. For this reason I intend to consider this subject at length. The Honourable Minister}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s speech for this purpose is a good starting point. His speech as reprod}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 uced in paragraph 32 is succinct an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 d helpful.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 
\par [36]}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  From the speech, it is patently obvious tha}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 t a moratorium is necessary to a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 llow the Controller to effectively perform his/her statutory duty. It is equally important to allow the potential litigants to take legal pro}{
\fs24\lang2057\langfe1033\langnp2057\insrsid7238679 ceedings against the financial i}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
nstitution. In order to balance the two diametrically opposite demands, the Parliament vested power to the Controller and the Court to decide the question of whether leave to pursue a particular claim against a controlled financial institutio}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 n may be given to a claimant. In }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 re}{\fs24\lang2057\langfe1033\langnp2057\insrsid12935495 ality s/he is the most }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 appropriate and qualified person to deal wi}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 th the issue. In exercising the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 discretion s/he must do with great candour, fairness and rationality. By simply refusing a}{\fs24\lang2057\langfe1033\langnp2057\insrsid7238679 n}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  application for leave unceremoniously, for that matter the Controller in preference to an application to the court decline to exercise the power,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11345254  it tantamount to abdication of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the same. It is dereliction of his/her statutory duty. In the ord}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 er of things, it is only after }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 the Controller has exercised the powers conferred to it, an a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 pplication to the court for leave under S}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  43(2) ought ordinarily to be made. Although it is not an express legis
lative requirement,}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
this would be the most practical course to take. Because it is the Controller who is vested with the statutory function, as such s/he posses the requisite knowledge of the institution. A Controller exercising the jurisdiction impart}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 ially will no doubt com}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
e to a fair decision. This in turn will result in fewer and only warranted applications to Court. The present stance taken by the Controller to decline every application is a clear case of failure to exercise the discretion.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid11812660 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11345254 Why need leave?
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 [37] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The reason for the leave is expressly set out in th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 
e Honourable Minister}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 s speec}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 h, }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 quoted }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 above. It needs no further elaboration. However, a similar}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 
 provision is contained in the }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Reserve Bank of New Zealand}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254  Act 1989; S }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 122. In addition, New Zealand}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254  also has a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 similar provision for corporations placed under statutory management pursuant to }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 Corporations (investi}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7238679\charrsid1311949 
gation and Management) Act 1987;}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949  S42}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
. Both these provisions of both the Acts in New Zealand have been subjected to a t}{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 horough judicial scrutiny in a number of cases.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 
\par [38] S}{\fs24\lang2057\langfe1033\langnp2057\insrsid15613465 .122 of the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15613465\charrsid1311949 Reserve B}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 ank of NZ Act 1989}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  relevantly provides:
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11345254 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13309439 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid2953189 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11345254 Moratorium
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9450022 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 (1) Where a registered bank is declared under section }{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 117}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid2648492  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid9450022 of this Act to}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022  be subject to statut}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid9450022 ory management, no person shall-}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9450022 {\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid2648492 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9450022 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid9450022 (a) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
Commence or continue any action or other proceedings, including proceedings by way of counterclaim, against that regis}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid9450022 tered ban}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 k:}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid9450022 
\par }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1311949 \'85\'85\'85\'85\'85\'85\'85\'85\'85\'85\'85\'85\'85\'85}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid9450022 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1311949 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 (2) Notwithstanding subsection (}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 1}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 ) of this section}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid1311949 
, an action or proceeding may be}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949  commenced or continued against a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid1311949  registered bank for the purpose}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949  of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid1311949 determining }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 
whether any right or liability exists if}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid1311949  the leave of the statutory ma}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 nager or the High Court is obtained.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11345254\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9450022 [39] S}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . 42 of the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 
Corporation (Investigation and Management) Act 1989}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  relevantly provides:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13309439 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid2953189 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 Moratorium}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9450022 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 (1) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
Where a corporation is declared u}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 nder section 38 of this Act to be subject to}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022  statuto}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 ry management, no person shall-}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid2648492 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid9450022 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 (a) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
Commence or continue any action }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 or other proceedings, including}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022  proceedings by way of counterclai}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 m, against that corporation\'85\'85\'85\'85\'85\'85\'85\'85\'85.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9450022 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 (2) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
Notwithstanding the provisions of sub}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 section (1) of this section, an}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
 action or proceeding may be commenced or continued a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid9450022 gainst a corporation for the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
 purpose of determining whether any right or liability exists if the leave of the statutory manager or the Court is obtained.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9450022 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9450022 [40] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In New Zealand the reasons advanced for the requirement of leave under bot}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9450022 h the Acts are }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 held to be:}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14955565 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid14955565 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 
to prevent pointless and unnecessary proceedings;}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 Do}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid14955565 wner & Co Ltd -v- A B Herman & O}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 rs, High Court of New Zealand }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid2648492 (Christchurch) CP 321/89 at P}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid15613465\charrsid2648492 .}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2648492 
 10.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 Leave is permissible only in cases which has the purpose of deciding }{
\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid1311949 a right or liability}{\fs24\lang2057\langfe1033\langnp2057\insrsid15613465\charrsid1311949 ;}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid14955565  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 Kraseman -v- DFC New Zealand Limited [1990] 3 NZLR 606
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14955565 {\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14955565 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid14955565 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 
certain disputes are capable of and will actually be resolved in the ordi}{\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid1311949 nary course }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 of Contro}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid1311949 llership; }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid14955565 Joseph & Another -v- E}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 
quiticorp Nominees Ltd (in Stat Management) NZ CLC 96 - 382}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 , ins}{\fs24\lang2057\langfe1033\langnp2057\insrsid15613465\charrsid1311949 tead of diverting Controller}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13856465\charrsid1311949 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid15613465\charrsid1311949 s a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 ttenti}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15613465\charrsid1311949 on}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1311949 , resources and expanding substantial funds to defend court proceedings;}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 Re Gordon Grant and Grant Pty Ltd (1983) 2 QD R. 314.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14955565 {\fs24\lang2057\langfe1033\langnp2057\insrsid9450022\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14955565 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid14955565 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 A m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 oratorium is designed to prevent the bank}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465\charrsid13702968 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 s affa}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 irs from rapidly falling in to a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 
 state of disorder and so to allow a breathing space within which the situation}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 
be assessed and options considered by the Controller.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14955565 {\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14955565 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid14955565 (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 I}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 t is a screening mechanism in that the statutory managers will}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968  no}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 t }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 be burdened by }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 
precipitate or unnecessary litigation when carrying }{\fs24\lang2057\langfe1033\langnp2057\insrsid15613465\charrsid13702968 on}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968  their statutory functions;}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 Batkin Holdings Ltd -v- DFC Ventur}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8478606 es Ltd [1994] 1 
}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid14955565 NZLR 629}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid8478606  }{\fs24\lang2057\langfe1033\langnp2057\insrsid8478606\charrsid13702968 at 6}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 3}{\fs24\lang2057\langfe1033\langnp2057\insrsid8478606\charrsid13702968 2}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 .}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 Where adjudication becomes absolutely necessar}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 y to resolve a dispute then onl}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 y }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 it m}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 u}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 st be pursued; }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid14955565 Joseph & Anor v E}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 qui}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid16211498 ticorp Nominees Limited (in stat}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  managemen
t) (1990) 5 NZCLC 66, 358}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  at }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 65 360.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14955565 {\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid14955565 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid14955565 (e) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 
Where possible and authorised, the Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 ntroller must be able to assume}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 
 control of and preserve the business of a financial institution;}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 Wilson & Others -v- }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13702968 Aurora Group Ltd (1989) 4 NZ CL}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 C 65, 275 }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid14955565 
per Master Williams Q}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 C. }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 This is}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 
 to protect the }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 position of t}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 he shareholders, creditors and b}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 eneficiaries of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid13702968 financial i}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 
nstitution;}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565 Batkin Holdings Ltd -v- DFC Ventures Ltd}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14955565  (supra)
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13702968 {\fs24\lang2057\langfe1033\langnp2057\insrsid14955565 (emphasis added)}{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565\charrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid14955565 
\par [41] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Due to the }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565 similarities in the legislative}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  prov}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14955565 isions, the reasons advanced in}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  New }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565 Zealand}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  for leave is very persuasive and in fact applicable to our Act, especially when c}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 onsidered in }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 conjunction with the Minister}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s speech. As such, in my view it is important for a Controller to bear the above when consid}{\fs24\lang2057\langfe1033\langnp2057\insrsid13702968 ering an application under S 43}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
(2) of the Act. In the end, the Controller or the Court must ask the question as to whether the proposed or pending action has any unresolved issues of rights or liabilities requiring a judicial decree.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14955565 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 [42] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 His Lordship, Mr Justice Jitoko}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828  has considered and compared }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid13702968 S1}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 12 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 of the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 Reserve }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid13702968 Bank of New Zealand Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828  and }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid13702968 S}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13702968  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 43}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  of our }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 Banking Act 1995}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13309439 Pita Allan Rigamoto & Anor -}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid12480828 v- }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12480828 
NBF Asset Management Bank, Suva Hig}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 h Court Civil Action No: HBC0}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid12480828 06}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12480828 9}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 .}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid12480828 2000 (24/10/}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12480828 2009)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . At page 4 of judge}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 
ment, His Lordship stated that }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13702968 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid13702968 the principles of law applicable to the moratorium}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968  under}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid13702968  S}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13309439\charrsid13702968  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid13702968 122(2) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 of the Reserve }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12480828\charrsid13702968 
Bank of NZ Act are the same as those under }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 S}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13702968  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 
43(2) of our Banking Act}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13702968 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13702968 .
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12480828 What are the criteria or guiding factors for granting leave?
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 
\par [43] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The Act is silent as to any criteria which must/may be taken in to account i}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 n considering}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  an application for leave under S}{\fs24\lang2057\langfe1033\langnp2057\insrsid2191945  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 43(2) of the Act. However
}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 , in the forefront are the two}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  primary competing interests. Firstly, the Controller mus}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 t be permitted to execute his/h}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
er statutory duty from the time of assumption of the office. Secondly, is the right of a person to have his/her grievance determined by a court of law and/or an independent }{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 Tribunal.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Thus access to Court should not be unreasonab}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 ly withheld by the court for an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 y unmeritorious reason. To do so would countermand the notion of access to justice. I may add that a Controller is the best person to decide as to whether a party needs to reso
lve the case by engaging other forum or in the due process of Controllership.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 
\par [44] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Certainly, reading through the Hansard Report, it is p}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 atently obvious that S}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2191945  }{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 43(1) is not an}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 absolute bar to commencing action against a financial instit}{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 ution under Controllership. But}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 any such action must be brought with the leave of }{\fs24\lang2057\langfe1033\langnp2057\insrsid12480828 the Court or the Controller. Th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
e requirement of prior leave certainly requires an exercise of discretion.
\par 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 [45] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In other words the Controller or Court both may or may not grant leave. Whil}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 st the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Ac}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 t}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  confers to the Controller and the Court with an unfettered discretion, it must be exercised fairly and justly. In doing so, the court will have to cons}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 ider some factors, although the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 re cannot be an exhaustive list of the same. Whatever the crit}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 eria be, the emphasis must b}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 e on doing justice to the particular facts and parties of the case.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 [46] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
In view of this being a new issue for determination, I find it prudent to refer to the consideration of identical or similar issue in other jurisdictions }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 in all analogous situation.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 [47] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
Mr Naidu very helpfully referred me to cases dealing with the requirement of leave to commence proceedings against a company in liquidation under the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2191945 Comp}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid2191945 anies Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670  The }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
gist of the statutory prohibition under the various States Corporation Laws in Australia is that, where a company is being wound-up by the Court or Pr}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 ovisional Liquidator, no action}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  could possibly be commenced or proceeded with, without prior leave of the Court.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 
\par [48] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The leading judgment on the granting of leave to commence an action against }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  comp}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 any in liquidation in Australia}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  is that of }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2191945 Master Lee QC}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9906670 Re Gordon Grant}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9906670  an}{\fs24\lang2057\langfe1033\langnp2057\insrsid8478606 d }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8478606\charrsid8478606 G}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8478606 rant }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid2648492 Pty Ltd. [1982] 1 AL}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9906670 LC 196}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . At page 199, His Honour set out the guiding criteria for consideri}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 ng}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  an application for leave to commence or conti}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 nue with the action or proceedin}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid11812660 g}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670  against a }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 comp}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 any in liquidation as follows:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9906670 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9906670 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 1. }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 An app}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 lication for leave nunc pro tunc}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
 to commence any action or to co}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 ntinue any }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 action}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419  which was }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 commenced}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
 without obtaining leave may be given if }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 good cause is shown on the m}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 erits: }{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 Australia}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 n Company Law and Practices (Wallace and Young}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 )}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419  p. 65}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 4.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3963419 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid3963419 2. Section 230(3)}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
 ensures that assets of t}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 he company in liquidation will b}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 e admi}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 nistered in accordance }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
with the Act and that no person obtains an advantage to which, under the Act, he is not properly entitled. It enables t}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 he Court effectively to supervise a}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 ll claims brought against the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 company:}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419  
}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 Re Sydney Formworks Pty.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9906670\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3963419 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 3. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
There must be no prejudice to the creditors or to the orderly wi}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 nding-up of the}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419  company if the }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 action is allowed to proceed: }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 Re Sydney Formwork. Pt}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 y.}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 (supra); Re A.J.}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2191945  }{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 Benjamin Ltd (in liq}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2191945 .}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15681041 ) and the C}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 ompanies Act (supra}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 ).}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid3963419 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid11356612 4. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11356612 The applicant}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465\charrsid11356612 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11356612 s claim must be of a type which should proceed by action to }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid11356612 judgment,}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11356612  rather than one which is}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
 capable of bei}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 ng dealt with in an ordinary way by proof of winding-up: }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 
Century Mercantile Co. -v- Auckland Provincial }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 Fruitgrowers}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid2648492 '}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419  Society }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11800462 (1929) N.Z.L.R. 272}{\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 ;}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11800462\charrsid13198586  }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11800462 Batterson -}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 v-Miella }{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 Constructions Pt}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15233034 y}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 . Ltd}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15233034 .}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419  (sic) }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid3963419 (1967) V.R. }{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3963419 349}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid3963419 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11293514 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid11293514 5. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514 
Leave is more likely }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid11293514 to be granted where there is an}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514  insurance comp}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid11293514 any standing}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514  behind the company to pay any judgment which the plaintiff might obtain }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 against }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514 it. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 If successful, such an}
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514  action is unlikely to prejudice the creditors or the comp}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 any}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid15233034 ;}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514  }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 Re}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514  Sydn}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 ey Formworks Pty. Ltd. (in liq}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15233034 .}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 ) (supra)}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15233034 :}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514  Re A.J. Be}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15233034 n}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 ja}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15233034 m}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 in (in liq}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514 )
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid11293514 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11293514 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 6. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 
A condition is often imposed that the plaintiff will not enforce any j}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 udgment against }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 the c
ompany without leave of the Court. This ensures that the Court r}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 etains ultimate control: }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 Re }{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 Sydney Formworks Pty. Ltd. (in fig.) (supra): Re: A. }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 J.}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1659669  }{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 Benjamin (in li}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1659669 q.}{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 ) (supra}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 )}{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 .}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid3963419\charrsid1659669 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11293514 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 7. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 
Mere delay itself in applying for leave will n}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 ot prevent leave being granted. Leave i}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 
s not to be withheld simply an}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 d solely as a punishment}{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 : }{
\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 Re A.J. Benjamin (in liq}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1659669 .}{\i\fs24\ul\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 ) (supra).}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15233034 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 8. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 
Leave may be granted after the expiry of the relevant }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 period of limitation, to continue}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 
 an action commenced within the limitation }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 period without the leave of the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 C}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 ourt.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid1659669 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15233034 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15233034 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid15233034 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514 emphasis added)}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid15233034 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514 [49}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid1659669 ] Weinberg J (who apparently is/}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 
also one of our Justices of Appeal of the Supreme Court)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  sitting in the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 Federal Court of Australia}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 , when speaking on the sub}{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514 ject said that the }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
aforesaid principles }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid1659669 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1659669 appear to be well settled}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid1659669 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11800462 ; }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 B}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1659669 H}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11293514 G Nominees Pty Ltd. -v- El}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11293514 
lis Young Investment Ltd. & Ors. [1998] FCA 1019}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475 [50}{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514 ] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
In my opinion, these principles are helpful because they deal with statutory provision with a similar purpose. In addition the predicament of a limited liability company i}{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475 n liquidation}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  is identical or similar to that of a financial institution under controllership.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11293514\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475 [51] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The second group of authorities referred to were those, where leave to co}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12336475 mmence a}{\fs24\lang2057\langfe1033\langnp2057\insrsid6834515 n}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  action or proceeding was considered under }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12336475 S 42}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  of the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12336475 Corporations (}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12336475\charrsid12336475 Investigation and Management) Ac}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12336475 t 1989}{\fs24\lang2057\langfe1033\langnp2057\insrsid9517815 , and S 1}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 22 of the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12336475 Reserve Bank of New Zealand Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475 
. I find these}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  authorities most relevant because the provisions pro}{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475 hibiting the commencement of an}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 y action and the requirement of leave are identical to }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9517815 S. 43}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  of our }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9517815 Banking Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475 [52] }{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475\charrsid4984095 Cases referred to m}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4984095 e by the Counsel were }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4984095 Wilson -v- Auroro Group [1990}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 ]}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid4984095  NZLR}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4984095  6}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9517815 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4984095  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9517815 (}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid4984095 per Master}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793  Williams QC}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9517815 ), }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 Joseph & Anor. -v- E}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 
quiticorp Nominates Ltd}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13198586 (i}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid13198586 
n statutory management) }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13198586 NZ CLC 96, 8}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid13198586 32}{\fs24\lang2057\langfe1033\langnp2057\insrsid9261793  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid13198586 (per Wylie J)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9261793  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 Morris -v- E}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 quiticorp Finance Ltd. [1990}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9398770 ] 5 NZ CL}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 
C 66, 465 (Wylie J}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 ),}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793  Kraseman -v- OFC New Tompkins J}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 ) Zealand Ltd}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 . }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 [1990]}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793  3 NZLR 606 in Downer & Co. Ltd -v-}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 Herman (unrep) }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 Christchurch High Court, CP 321/}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 89 }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9517815 (16}{\i\lang2057\langfe1033\super\langnp2057\insrsid9261793\charrsid9517815 th}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9517815  March, 199}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9517815 2)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9517815 per }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 Holland}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9517815 J}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9517815 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12336475\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9261793 [53] Generally, }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 reading and dissecting from the decisi}{\fs24\lang2057\langfe1033\langnp2057\insrsid9261793 
ons in the above case, the com}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 mon criteria or factors considered by court in grantin}{\fs24\lang2057\langfe1033\langnp2057\insrsid9261793 g leave to commence 
or continue with all action u}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 nder both the Acts in New Zealand}{\fs24\lang2057\langfe1033\langnp2057\insrsid11800462  are as follows}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9261793 :}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9261793 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 (i) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 s}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9398770 trength of the Applicant}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 \rquote }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9398770 s case.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7013553 {\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9261793 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 (ii) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 
seriousness of the issue }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid275982\charrsid9261793 vis-\'e0-vis}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793  from the litigant}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 
'}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 s as w}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 ell as the institution}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 s }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 perspec}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 tive.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7013553 {\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9261793 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 (iii) possibility of the resolution of the dis}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid9261793 pute during the course of Statutory }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9261793 Management.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7013553 {\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7013553 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid7013553 (iv) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7013553 
whether resolution of the claim is}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid7013553  necessary for the carrying out}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7013553  of the St}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid7013553 atutory }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7013553 Management.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7013553 {\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7013553 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid7013553 (vi) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7013553 The n}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid7013553 ature of proceedings and its impact}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid7013553  on the statutory Ma}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7013553 nage}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid7013553 ment and entity at large.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid7013553 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7013553 {\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7013553 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid7013553 (vi) Delay in commencing the proceedings}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7013553 .
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9261793\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 [54] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 However, let it be emphasised that in all cases }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 
their Lordships acknowledged th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 t}{\fs24\lang2057\langfe1033\langnp2057\insrsid13198586 :}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7013553 {\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 (i) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
the factors are not to be treated as exhaustive.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7013553 {\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 (ii) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
all the factors may not be relevant or applic}{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 able to be peculiar facts of a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  case.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 [55] I}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 nitially the applicable list factors was }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 formulated and stated by }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid9517815 Wylie J}{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553  in }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid7013553 Morris }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 -}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid7013553 v-}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 E}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid7013553 quiticorp Finance Ltd (in Stat Management)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9717982 (Supra)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  under the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid9717982 Corporations }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9717982 (Investigation and Management) Act 1989}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9717982 Wylie J}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  at }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 page 66,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13198586  }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 471 of the report state}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 d the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13856465  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9717982 criteria as follows}{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553 :-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 1. }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9717982 The str}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid9717982 ength of the applicant}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13856465\charrsid9717982 '}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid9717982 s case}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 . I}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  doubt it is desirable to }
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 specify a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  standard to be applied - }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9398770 eg}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  a serious is}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 sue to be tried, a prima facie c}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 ase, or }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 a }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 strong case. }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 But at the not a hopeless one.}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 
Thereafter it should not be}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 
matter of overcom}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 ing a defined higher threshold. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 If there is a case at all its strength}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  is but one of the factors to be considered against the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 statutory }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 objectives.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 2. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 The }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 amount or seriousness of the issue involved from the point of view of both applicant and the statutory manager.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid7013553\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 3. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 Whether the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 issue is likely to be resolved in the ordinary course}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  of statutory management.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 4. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 Whether it is }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 necessary or desirable for the issue to be resolved}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  in order for the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 statutory management properly to be carried out}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 .
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 5. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 Whether the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 termination of the statutory management}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 -}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  lea}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 ding inevitably to either winding up}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  or return to normal operations - is }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9398770 likely to b}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 
e postponed for so long as to delay unfairly res}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 olution}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831  of the applicant}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 s case.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 6. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 Whether }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 the applicant}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13856465\charrsid13856465 '}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 
s right to have his claim determined after cessation of the statutory management would be rendered nugatory by delay}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 .
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 7. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9717982 Whether in the event of winding-}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 up an application for leave is likely to attract }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 considerations favourable to the applicant.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 8. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 Whether the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 litigation would impede the Statutory Management}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 .
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 9. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 Whether the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 litigation would dissipate the funds}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831  to the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 detriment of creditor or shareholders}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 .
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13130831 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2648492 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831 10. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 Any }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 special feature of the applicant}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831  which puts him/}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13130831 her in different}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid13130831  positions.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2648492 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2648492 {\fs24\lang2057\langfe1033\langnp2057\insrsid2648492\charrsid2648492 
\par }\pard \qr \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2648492 {\fs24\lang2057\langfe1033\langnp2057\insrsid13130831 (emphasis a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 dded)}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2648492 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13130831 [56] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Subsequently in }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1932575 
Kraseman -v- DFC New Zealand Limited [1990] 3 NZLR 606}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13130831  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid8534296 Tompkins J}{\fs24\lang2057\langfe1033\langnp2057\insrsid13130831  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8534296 
(who was a former Justice of Appeal of our Court of Appeal)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  whilst }{\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid11812660 acknowledging}{
\fs24\lang2057\langfe1033\langnp2057\insrsid1932575  the ten factors stated by }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid8534296 Wylie J}{\fs24\lang2057\langfe1033\langnp2057\insrsid1932575  in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid1932575 Morris -v- Equiticorp Finance Ltd}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid1932575 (supra)}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  observed }{\fs24\lang2057\langfe1033\langnp2057\insrsid1932575 S}{\fs24\lang2057\langfe1033\langnp2057\insrsid8534296 . }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 122 of the Reserve Bank of New Zealand Act does not prescribe any criteria to guide the Court. His Lordship whilst adop}{\fs24\lang2057\langfe1033\langnp2057\insrsid2648492 
ting some of the criteria from J}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ustice Wylie}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s list formula}{\fs24\lang2057\langfe1033\langnp2057\insrsid1932575 ted and added some of his own. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid8534296 H}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8534296 
is Lordship, }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid8534296 Mr J}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8534296 ustice Tomp}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid8534296 kin}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465\charrsid8534296 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid8534296 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid1932575  criteria were as follows:-}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13130831\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1932575 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid1932575\charrsid1932575 (i) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid8534296 T}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid1932575 he strength of the application case
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6305573 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid6305573 (ii) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 
The seriousness of the issue
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6305573 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid6305573 (iii) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 
The resolutions of the issue during statutory management.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6305573 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid6305573 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 
iv) Whether proceeding is necessary for the carrying out of the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid6305573 statutory management 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid2648492 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6305573 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid6305573 (v) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 
The nature of proceedings}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6305573 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid6305573 (vi) }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 
Delay in commencing the proceedings.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid6305573\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6305573 [57] On }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 the criteria, }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 Holland J}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 Downer & Co. Ltd -v- B Harman & Other High Court of NZ}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9398770  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 (Christchurch}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid6305573 ) (Unrep) CP. 321/}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid6305573 89}{\fs24\lang2057\langfe1033\langnp2057\insrsid6305573  at page 10-96 of the judgement said:-}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9398770 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6305573 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13856465 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 It is in my view it is }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 unwise to limit the unfettered}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9861331  discretion}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9861331  given to the court in}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331  this relatively modern legislation }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 but obviously consistency}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9861331  in approach is desirable}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9861331 . I am}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 happy to adopt the }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9861331 criteria adopted by Tompkins J. but I would not expect it to b}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 
e considered that those criteria will necessarily apply in every case, nor that they will be exhaustive}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13856465 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 .}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9179306 {\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 (emphasis added)}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13856465 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 His Lordship opted to follow th}{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 e criteria adopted by }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9179306 
Tompkins J}{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331  with expressly noting that}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 the criteria may not fit in all the cases. This does not necessarily imply that His Lordship rejected t}{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 he criteria set-forth by Wylie J}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 , }{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 because a number of them are sam}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 e.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 
\par [58] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Subsequently, }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9179306 Thomas J}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 Batkin Hold}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9861331 ings Ltd -v- DFC Ventures Ltd [1994]}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331  1 N}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9861331 ZL}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9861331 R 629}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11210546  }{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 at 632 said that S}{\fs24\lang2057\langfe1033\langnp2057\insrsid9179306 . }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 122 is not}{\fs24\lang2057\langfe1033\langnp2057\insrsid11210546 :}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9861331 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 ... intended to }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 preclude valid or meritorious claim}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546 s against a registered bank}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546 . To}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 prevent such a claim}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546  being brought, if it were well-}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 founded,}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546  would be to prefer other creditor}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 s}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11210546 
 whose may be no more}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546  nor less valid or meritorious than that of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546 claimant. It may well be, of course}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9179306 ,}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 
that such a claim should be deferred until a statutory }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546 manager has the opportunity }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 to }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546 rectify}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546  the failure of the bank or mi}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546 
nimise the damage ...............}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 .}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 But to adopt tha}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid11210546 t course is not to bar the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 claim}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 
.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11210546 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9179306 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (emphasis added)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 His Lordship stated that the moratorium is }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid9179306 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid9861331\charrsid9179306 ...}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9179306 
a screening mechanism so that the statutory managers will not be burdened by precipitate or unnecessary litigation when carrying out their statutory function,}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid9179306 "}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  (see page 632)
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9861331 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 His Lordship was }{\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 of the view that:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13856465 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 The }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 key question}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 , to}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  my mind, }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 therefore is whether the applicant can demonstrate that it has an argua}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 ble case}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 . Other issues, such a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 s }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 
any delay in pursuing the claim}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 , may have a bearing on the question of leave, but }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 I}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  do not apprehend that a claimant with a legi}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 timate claim be turned away simply}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  because its claim could or might hinder the conduct of the statutory manage}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 ment\'85.}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13856465 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9179306 {\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 (emphasis added)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9179306 [5}{\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 9] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 Pascoe Ltd -v- DFC Overseas Investments Ltd [1994] 3 NZLR 627}{\fs24\lang2057\langfe1033\langnp2057\insrsid13333280  after}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  referri}{\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 ng to the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  dec}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 ided cases at pages 629 & 630, }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid9179306 G}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9179306 al}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid9179306 len J (a former Justice of Appeal of our Court}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9179306  Appeal)}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  concluded that:
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13333280 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 There are therefore }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 some disagreements on the authorities as to the appropriate approach}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 . On examination, I}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  am not sure that those differences are in the end more than a matter of words. The case which is not hopeless is one which must have some prospects of success}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 . An arguable case is one where tenable }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 arguments can be}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  put forward so that it cannot immediately be predicated that the proceedings will}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280  fail. }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 Perhaps it could be said that if an applicant }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 can succeed in convincing the Court that}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  if it could succeed in establishing the fac}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280 tual basis upon which the claim depends,}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  the application of relevant legal principles would lead to}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid13333280  a successful claim, then}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280  leave should be granted}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13333280 .
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12659526 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 emphasis added)
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14243747 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13333280 [60] }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid12659526 Barker J}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12659526  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12659526\charrsid12659526 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid13333280\charrsid12659526 a former Jus}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12659526 tice of Appeal of our Cour}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid12659526 t of Appeal}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 ) in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747 DFC NZ Ltd (in Stat Man), Re Callis [}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 1996}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747 ] }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 NZCLC 260543}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747  at 2}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11210546 6 096}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 l preferred the approach of }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid12659526 Thomas J}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14243747  in }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747 Batkin Holdings }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 (supra).}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 [61] I find all the authorities cited above and referred to by counsel very helpful for considering an application for leave under }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid12659526 S}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12659526\charrsid12659526 . }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid12659526 43}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14243747  of the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747 Banking Act 1995}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 .
\par 
\par [62] In}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  considering an application for leave under the}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747  Act, it must be borne that:-}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16010449 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
The power to grant leave is restricted to }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 an action or proceeding}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  which has the purpose of }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 determining whether a right or liability exists}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 ; }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747 
Kraseman -v- DFC}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747 [1990]}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12659526  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 3 NZLR 606 of 610}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  and see also }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12659526 S 43}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 (2).}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16010449 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Furth
er the Act itself does not prescribe any c}{\fs24\lang2057\langfe1033\langnp2057\insrsid12659526 riteria for the granting}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747  or}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 otherwise of leave to commence or continue with an}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747  action or proceeding under S 4}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 3. However, a court in considering an appli}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 cation for leave must take in }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 to }{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 account }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 the general policy of the Act and that the right of a litigant to have h}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 is/her claim}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  determined in a court of law. By virtue of S}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 43}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 (1)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (a) this latter right of a litigant is interfered with, }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13856465 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 in a manner as being one which is}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747  at once dramatic and automatic}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13856465 "}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 ; }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11210546 Wilson }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid14243747 -v- Auroro Group [1}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 990] }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12659526 1}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747  NZLR 261}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16010449 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 onus is on the applicant to }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13856465 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 
establish a legal and factual foundation for the claim}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . In such a case, the Court is not only pe}{\fs24\lang2057\langfe1033\langnp2057\insrsid14243747 rmitted to, but probably will be
}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  required }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid13856465 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 
to review the evidence in order to ascertain whether there is a proper basis for the allegations}{\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  made; }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14243747 Batkin Holdings (supra).}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11210546 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
(d) An application for leave to commence a proceeding against a financial institution under Controllership must be made by an Originating S}{\fs24\lang2057\langfe1033\langnp2057\insrsid12659526 ummons}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ; }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11210546\charrsid12659526 Re DFC New Zealand Ltd (in Stat man) [1996] 7 NZCLC }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12659526\charrsid12659526 260953 at}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12659526\charrsid12659526  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11210546\charrsid12659526 260955}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13442237\charrsid12659526  (per Barker J}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12659526 )}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
. On the other hand, where an action is already filed, leave nunc pro tun}{\fs24\lang2057\langfe1033\langnp2057\insrsid14887089 c}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 to continue with the same is to be made by an ordinary interlocutory summons with supporting affidavit.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid14243747\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6620376 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (e) Where the Controller vigorously}{\fs24\lang2057\langfe1033\langnp2057\insrsid16010449 
 opposes the grant of leave, s/he must}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  comprehensively set out the reasons for it in an affidavit. Where a claim, t
o his/her mind is hopeless, it must accordingly be stated. However, when it becomes obvious that there is in extant a right or liability that n}{\fs24\lang2057\langfe1033\langnp2057\insrsid16010449 ee}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ds to be resolved, t}{\fs24\lang2057\langfe1033\langnp2057\insrsid16010449 he Controller must explain how s}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
/he intends to deal with the matter without the need for an action or proceeding in }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14756232 cou}{\fs24\lang2057\langfe1033\langnp2057\insrsid16010449\charrsid14756232 
rt. Even if the matter is likely }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14756232 to be resolved during the course of the cont}{\fs24\lang2057\langfe1033\langnp2057\insrsid14756232 rollership, s/he must depose the sam}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid14756232 e.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 Likewise, where a particular proceeding or action will or may become in impediment to the exercise of the statutory function, the onus is upon the Controller to disclose the same in detail. In doin}{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 
g so, the Controller in my view m}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ust pay regard to his/her statutory functio}{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 n, as well the resolution of}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  meritorious issue pertaining to the subsisting rights or liabilities of a litigant.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid16010449 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 [63] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Since the Act gives the Controller and Court an unrestr}{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 
icted discretion, the statem}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ent of some criteria will provide valuable guide to the}{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376  parties, Controller and Court in future}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . It will }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2381245 assist in maintaining c
onsistency when considering such an application. In addition, the litigant or the Controller will be able to adduce releva}{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376\charrsid2381245 nt and cogent evidence in making }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2381245 or opposing an application. However, in the same vain I concur with the views of their Lordships}{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376\charrsid2381245  in t
he cases cited above that:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6620376 {\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
the statutory discretion is unfettered and any criteria }{\fs24\lang2057\langfe1033\langnp2057\insrsid6620376\charrsid11812660 introduced}{\fs24\lang2057\langfe1033\langnp2057\insrsid2381245  by the court are not designed}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  to fetter the discret}{\fs24\lang2057\langfe1033\langnp2057\insrsid2381245 ion. It is for the purposes of maintaining}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  consistency and offering some form of future guidance.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6620376 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 (b) the criteria do not necessarily apply }{\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 
uniformly to the facts of each }{\fs24\lang2057\langfe1033\langnp2057\insrsid2648492 and every c}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ase.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6620376 {\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
by no means any statement or listing of criteria is intended to be exhaustive. However, some of the criteria w}{\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 ill commonly apply in all cases.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid6620376 
\par [64]}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Having considered the authorities cited }{\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 above, when taken together with}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the intent a}{\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 nd purpose of our legislation, I}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  propose to}{
\fs24\lang2057\langfe1033\langnp2057\insrsid10902158  adopt the following criteria:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10902158\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The strength of the applicant}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s case. It must be considered in light of the rights or liabilities which the proceeding or action is set to determine.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 (b) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
The seriousness of the issue to be determined by an action or proceeding.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
Whether judicial determination of the issues in the action is necessary for the controllership and/or for the deter}{\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 mination of the issue at large }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 between the parties.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 (d) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
Delay in commencing or continuing an action or proceeding.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 (e) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Whether the issue is
 likely to be resolved in the ordinary course of c}{\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 ontrollershi}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 p.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid10902158 (f) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Whether the applicant}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s right to have a claim det}{\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 ermined by an impartial tribuna}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 l is likely to be defeated at the conclusion of the con}{\fs24\lang2057\langfe1033\langnp2057\insrsid12526543 trollership, especially if the i}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 nstitution is to be wound-up.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 (g) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
Whether the litigation may impede the prompt and efficient execution of the Controller}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s statutory duty.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12455274  This must be considered in con}{\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 junction with para}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 (c) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 above.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid12455274 {\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 (h) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Further, (}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9659493 which is relevant to the fact of this case b}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12455274\charrsid9659493 ut not considered by the Courts}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9659493  in New Zealand}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
) is where there is a counterclaim, the court must pay heed to the statement of defence to the financial institution}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s claim. Where both the defence and counter-claim are so intertwined, leave merel}{\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 y becomes a formality. A cause }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
of action in a counterclaim which is independen}{\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 t of the plaintiff}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 s claim or t}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 he defence thereto, is to be treated in the same manner as a originating claim.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 
\par [65] I}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  will now consider the present application in light of the above criteria.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5047474 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5047474 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13856465 (a) Strength of Applicants}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13856465  case
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid12455274 
\par [66] }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid275982 Wyli}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12526543 e J}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 Morris -v- E}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid9659493 quiticorp }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9659493\charrsid12526543 (}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12526543 supra)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 was of the view that it is not desirable to specify a standard for the proposed action. As long as the case is}{\fs24\lang2057\langfe1033\langnp2057\insrsid9659493  not hopeless, leave ought to be }{\fs24\lang2057\langfe1033\langnp2057\insrsid11097425 
granted. }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11097425\charrsid11097425 Thomas J}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  in }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097425 Batkin Holdi
ngs Ltd}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097425 (Supra)}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  at }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11097425 632 held that the applicant must have an arguable case}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11097425\charrsid11097425 . }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 An arguable case is on}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097425 e where tenable arguments can be }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11097425\charrsid11097425 put forward so }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097425 that it cannot immediately be predicted that the proceeding will fail}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097425 . }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097425 Posco}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9659493\charrsid11097425 e Ltd (Supra)}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid9659493\charrsid11097425  at 630 per Gall}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11097425\charrsid11097425 en J.}
{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11097425 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9659493\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 [67] Since S 43(2) permits the commencement or continu}{\fs24\lang2057\langfe1033\langnp2057\insrsid15148735 ance of a proceeding against a financial institution }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15148735 for the purposes of det}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15148735\charrsid15148735 
ermining any right or liability}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15148735 .}{\fs24\lang2057\langfe1033\langnp2057\insrsid15148735  In my view, this }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 legislative intent connotes that the applicant must be able}{\fs24\lang2057\langfe1033\langnp2057\insrsid9919708  to establish an arguable case. }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Without there being an arguable case, there will be no }{\fs24\lang2057\langfe1033\langnp2057\insrsid9919708 rights or }{\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 liabilities
}{\fs24\lang2057\langfe1033\langnp2057\insrsid9919708  that warrant }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 the granting of leave to commence an action or proceeding. To the contrary, it will interfere with the prompt a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12526543 nd}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  efficient execution of the Controller}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 s functions. Therefore, I hold t}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 he test to be one of an arguable case before leave may be granted.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9919708 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 [68] In the case before me, the countercl}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
aim is intrinsically linked to the statement of defence filed in response to the claim filed by the Plaintiff}{\fs24\lang2057\langfe1033\langnp2057\insrsid9246218  bank itself. The subject matter of this }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 action, that is, the land is already before the Court at th}{\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 e instigation of the Bank and not the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 defendant. As it stands, the defendant for all intent and purpose is the registered proprietor of the said land. The Deed by virtue of which the subject}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9246218  land was alleged to have been }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 conveyed to the Bank is now challenged. At stake for }{
\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 the bank is a substantial sum o}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 f money held up in the subject property. At least there is e}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 vidence by the Bank that}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the whole transac}{\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 tion encompassed by the Deed am}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ounted to $8,000,000-00. Also o}{\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 n the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 premise of the Deed, the Bank discharged t}{\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 he securities for the debt owed}{\fs24\lang2057\langfe1033\langnp2057\insrsid12726826  to it.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  It now holds no security for the monies owed by the defendant. In my view, both the Bank}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s claim and the defendant}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s defence is an arguable one. Equ}{\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 ally important, the counter-claim}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  is not a hopeless one.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2492451 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9246218\charrsid13856465 (b) }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13856465 
Seriousness of the issue
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid9246218 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2492451 [69] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Seriousness of the issue ought to be looked at from the perspective of all the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2492451  parties to }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 action or proceeding. From the view point of the Bank, it seeks a transfer of }{
\fs24\lang2057\langfe1033\langnp2057\insrsid7098529 C}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 T }{\fs24\lang2057\langfe1033\langnp2057\insrsid12726826 2841}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 4, 28383}{\fs24\lang2057\langfe1033\langnp2057\insrsid12726826  and 28}{\fs24\lang2057\langfe1033\langnp2057\insrsid7098529 598 to it. P}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 re}{\fs24\lang2057\langfe1033\langnp2057\insrsid7098529 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
ently the defendant is the registered proprietor of the said}{\fs24\lang2057\langfe1033\langnp2057\insrsid2492451  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 properties. In or}{
\fs24\lang2057\langfe1033\langnp2057\insrsid7098529 der to succeed, the Bank relies on the}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  }{\fs24\lang2057\langfe1033\langnp2057\insrsid7098529 number of cause(s) of action including
}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  fraud, misrepresentation, breach of duty, breach of th}{\fs24\lang2057\langfe1033\langnp2057\insrsid7098529 e terms and conditions of the D}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 eed and so forth, to which I have already alluded to at the beginning of this decision.}{\fs24\lang2057\langfe1033\langnp2057\insrsid5386564  If Bank does n}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ot acquire title to the said properties, it stands to}{\fs24\lang2057\langfe1033\langnp2057\insrsid5386564  lose a substantial sum of money,}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  which really is debt owed by the Defendant. For the release of}{\fs24\lang2057\langfe1033\langnp2057\insrsid5386564  the debt, it is alleged by the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Bank that the Deed was entered into. The consideration recorded in the Deed i}{\fs24\lang2057\langfe1033\langnp2057\insrsid5386564 s}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2648492  $8000,000-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 00. One of the Controller}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s duty under S}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5386564 42(b) }{
\fs24\lang2057\langfe1033\langnp2057\insrsid5386564 is the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12870656 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5386564\charrsid12870656 \'85need to a}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12870656 void significant}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid5386564\charrsid12870656  damage to the financial system}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12870656 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid5386564  of the controlled institution. Undoubtedly, the issue is a serious one. His Lordship Mr Justice S}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ingh }{\fs24\lang2057\langfe1033\langnp2057\insrsid5386564 in }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 NBF Asset Management Bank -}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5386564\charrsid5386564 v-}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465  }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5386564\charrsid5386564 Taveuni Estates L}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5386564 td, Suva High}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5326408  Court Civil Action No. HBC0}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5386564\charrsid5386564 254}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid5326408 .20}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid5386564 08}{\fs24\lang2057\langfe1033\langnp2057\insrsid16322656 , which was filed}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  subsequently for removal of certain}{\fs24\lang2057\langfe1033\langnp2057\insrsid16322656  caveats, expressly noted that:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid11812660 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid16322656 {\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 ... The plaintiff}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 s [the Bank] claim in Civil Action No. 543/}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2443857 
04 is that it entitled to 40 certificates of title. Whether it succeeds o}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid2443857 r not, }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid12870656 only the trial will tell}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid2443857 .}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2443857  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid2443857 I}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2443857 t}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid2443857  is not a}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2443857  claim, whic}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid2443857 h I can say is doomed to fail.}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10444386 "}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid2443857 
\par }\pard \qr \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16322656 {\fs24\lang2057\langfe1033\langnp2057\insrsid16322656 (em}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 phasis added)}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid16322656\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8022445 His Lordship, in that action concluded}{\fs24\lang2057\langfe1033\langnp2057\insrsid8022445\charrsid8022445  that }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12870656 "}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8022445\charrsid12870656 the caveats b}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid2443857\charrsid12870656 e extended }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12870656 "}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12870656 ..}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid12870656 .until the}{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid2443857\charrsid12870656  disposal of Civil Action 543/04.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid10444386\charrsid12870656 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857\charrsid12870656  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 The}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  direction by the Court is self indicative of the }{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 outcome of the }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 application for leave to continue with this action. An a}{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 pplication such as the present o}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ne is not necessary.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 From the Defendant}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s perspective, it has fully compl}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 ied with the Deed as such it does no}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 t owe any money to the Bank. In additio}{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 
n, it has conveyed to the bank a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ll the land which it was obliged to do so }{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 by virtue of the Deed. On that b}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 sis it}{\fs24\lang2057\langfe1033\langnp2057\insrsid14223160  claims that it is the registered }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 proprietor of }{\fs24\lang2057\langfe1033\langnp2057\insrsid14223160 the CT 3}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 1921 and CT 28820.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2443857 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14223160 [70] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The other serious issue relates to the issuance }{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 
of CT 28286 and 28202 for land situate}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 d in}{\fs24\lang2057\langfe1033\langnp2057\insrsid14223160  }{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 Levuka and not Taveuni }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 despite the}{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517  Banks}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 
 request Nos: 363858 and 363859. These }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Certificates of Title ought to be properly adjudicated t}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 o reflect in the land registrar}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 , in}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the}{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Registrar of Titles custody. This has a much wider ram}{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 ification as the hallmark of the}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  Torrens System is the Register.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 [71] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In addition, the determination of this issue is important for both}{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 
 the Bank am Defendan}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 t because both have the desire to convey titles to third parties. }{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 If the issue of the titles is n}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ot resolved, it may have detrimental effect for the Third Parties.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 
\par [72] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Thus, in my opinion, the counter-claim does raise serious issues}{\fs24\lang2057\langfe1033\langnp2057\insrsid14889190  not adequately covered by}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  the claim which may leave issues between the parties unres}{\fs24\lang2057\langfe1033\langnp2057\insrsid14889190 olved. This may later give rise }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 to a multiplicity of suits as has been the case so far. There is}{\fs24\lang2057\langfe1033\langnp2057\insrsid8022445  judicial comity in resolving a}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ll issues between the same parties over a subject matter in one }{\fs24\lang2057\langfe1033\langnp2057\insrsid9050188 action in lieu of several suits}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . Apart from that, a latent action would directly affect the prompt and efficient process of controllership.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9050188 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9050188 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13856465 (c) Delay
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid8599517 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9050188 [73] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The issue of delay does not arise. The}{\fs24\lang2057\langfe1033\langnp2057\insrsid9050188  counter-claim was filed on 28}{
\lang2057\langfe1033\super\langnp2057\insrsid9050188\charrsid13856465 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  March, 2}{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626 007.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid9050188  At that}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  point in time the Bank was not under Controllership. Furthermore, the Ba
nk has actively been involved in the conveyance of the alleged propert}{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626 y contained in the Deed since}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 1995. Despite having encountered dif}{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626 ficulties, the bank did not commen}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
ce this action until 2004. Although the action was filed in 2004, the writ has been amended three time}{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626 s, the last of which was on 3}{
\lang2057\langfe1033\super\langnp2057\insrsid11148626\charrsid13856465 rd}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  July, 200}{\fs24\lang2057\langfe1033\langnp2057\insrsid3558624 6}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 . So far much of}{\fs24\lang2057\langfe1033\langnp2057\insrsid8022445  the delay has resulted by the b}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ank}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid8022445 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 pursuance of meaningless interlocutory applications. A controversial matter as this certainly cannot be resolved by interlocutory applications. A}{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626  classic example is the Controller}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3558624 's}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  attitude in this case to decline the leave, despite him and his counsel}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}
{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 s knowledge that th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626 ere are numerous cases pending i}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
n court pertaining to or a}{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626 ttached to the subject land. In}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  any }{\fs24\lang2057\langfe1033\langnp2057\insrsid11148626 
event the delay has no bearing o}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 n this application.
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10696598 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10696598\charrsid10696598 (d) }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid10696598 
Issue resolved in the ordinary course of Controllership
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13856465 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10696598\charrsid10696598 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10696598 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10696598\charrsid8459014 (g) }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8459014 
Applicants right to have its claimed determined by an impartial tribunal would not be defeated at the conclusion of the Controllership
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid10696598\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10696598 [74] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 It is convenient to deal with these two factors together. }{\fs24\lang2057\langfe1033\langnp2057\insrsid8022445 
Where the Controller is able to}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  resolve or for that matter any of the issues of rights or liab}{\fs24\lang2057\langfe1033\langnp2057\insrsid6096616 ilities are likely to or will b}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 e resolved in the ordinary course of the Controllership, an action or proceeding in court is not necessary. In such a case, the Court would ine}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8022445 vitably decline leave under S 43(2). The }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
bottom line is that, irrespective of the means, in the end a warranting issue of determination of rights or liabili}{\fs24\lang2057\langfe1033\langnp2057\insrsid6096616 ties ought to be resolved at the conclusion of the Control}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 lership, especially where the process will lead to }{\fs24\lang2057\langfe1033\langnp2057\insrsid6096616 the cessation of the operations }{
\fs24\lang2057\langfe1033\langnp2057\insrsid3558624 of }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 the institution.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10696598 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 [75] }{\fs24\lang2057\langfe1033\langnp2057\insrsid15413864\charrsid11812660 Where}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 the Controller is desirous of resolving t}{\fs24\lang2057\langfe1033\langnp2057\insrsid15413864 he matter in the ordinary course of Control}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 lership and despite that a pa
rty applies for leave, the Controll}{\fs24\lang2057\langfe1033\langnp2057\insrsid15413864 er must depose an affidavit outlining how s/}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 he intends to resolve it and furthe}{
\fs24\lang2057\langfe1033\langnp2057\insrsid15413864 r the duration of time it may ta}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
ke to resolve the same. In addition, the Controller must explicitly advert to the facts that the subject dispute would be considered and not simply disregarded, during the process of the Controllership.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15413864\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15413864 [76] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 It may be a case, where the Controller may require}{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014  furthe}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8022445 r time to consider the dispute }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 S}{\fs24\lang2057\langfe1033\langnp2057\insrsid3558624  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 43(1) is enacted for that purpose and I have no doubt if sufficient evidence and reasons are provided, the Court will accede to the request.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15413864\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15413864 [77] In this action, on 25}{\lang2057\langfe1033\super\langnp2057\insrsid15413864\charrsid13856465 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 September 2007, the Solicitors for the Defendant wrote a very comprehensive letter to the Governor of Reserve Bank, seeking his leave to continue with the counterclaim in}{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014  accordance with S43(2). On 10
}{\lang2057\langfe1033\super\langnp2057\insrsid8459014\charrsid13856465 th}{\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13856465  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 January, 2008}{
\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 , the Acting Deput}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 y Governor, Mr Barry Whiteside responded to the letter. In the letter, lie questioned the reasons for simul
taneous applications for }{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 leave from the Court }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid8459014\charrsid8459014 (which was/is still pending}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ) and the Controll}{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 er. In any event, in the conclu}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 ding parag
}{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 raph of the letter, Mr Whiteside }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 formed a firm opinion that the counter-claim does present an arguable case in law or facts.
 On that basis, the leave was declined.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 
\par [78] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Thus for the purposes of this action, the Contr}{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 oller has ruled that the counte}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 r-claim has no merits. Implicit in the decision is that the counterclaim would not be considered or resolved by the Controller in th
e ordinary process of controllership. It is clear that if leave is now declined by the Court, the applicant}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s right to have its claim determined would }{\fs24\lang2057\langfe1033\langnp2057\insrsid3558624 b}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 e defeated upon the Controller finalising the controllership.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13856465 {\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8459014\charrsid13856465 (e)}{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid8459014 Will Litigation impede the prompt and efficient execution of the Controllership?}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 
\par [79] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 The short answer to this question was submitted by Ms Chan. That is, the parties}{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014  must }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 convene the pre-trial conference and proceed with the case to }{\fs24\lang2057\langfe1033\langnp2057\insrsid8459014 trial. I concur with }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 in }{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 her views }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
entirety. This action will not impede the statutor}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 y functions of the Controller. T}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
o the contrary, it will assist him in expediting the process of Contro}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 llership by getting rid of one}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 of the most difficult cases, which has resulted in e}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 normous legal expenditure and ha}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s remained unresolved for a considerable period of time. I }{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 will add here that the judicial}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  resolution of the c}{
\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 ase, which is a necessity, will}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  not meddle with the tenacity with which the process of Controllership is expected to be un
dertaken by the Controller.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 [80] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
In this action the Bank is the Plaintiff. It has no desire to withdraw the action to allow it to be resolved through the Controllership. Equally important, it do}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 es not find this ac}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4614015 tion}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  as impeding the due process of Controllership. It will hav}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 
e to proceed with its action. }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Therefore the key to promptness lay in the hands o}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 f those who are directing these}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  proceedings on behalf of the Controller. The Bank}{\fs24\lang2057\langfe1033\langnp2057\insrsid13856465 '}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
s counsel plays a pivotal role for expediting this action to trial. Energy now must be dive}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 rted to the case and not writing}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 letters to the court as to the assignment of this file to a pa}{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434 rticular judge. Once the case is}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
 ready for trial, the Registry will assign a judge.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2314434\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 One thing for sure, the rights and liabilities in issu}{\fs24\lang2057\langfe1033\langnp2057\insrsid10647447 e of the action as a whole, needs}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  to be judicially determined. At least, the Counsel ar}{\fs24\lang2057\langfe1033\langnp2057\insrsid10647447 e in agreement on this point.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3803636 Conclusion
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3803636\charrsid11812660 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3803636 [81] }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 In}{\fs24\lang2057\langfe1033\langnp2057\insrsid3803636  view of the above discussion, I}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  am convinced that le}{\fs24\lang2057\langfe1033\langnp2057\insrsid4614015 ave}{\fs24\lang2057\langfe1033\langnp2057\insrsid3803636  to continue with the counter-}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 claim ought to be given, which I so grant.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3803636 
\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid3803636 Order:
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid3803636 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid3803636 (1) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
Leave is granted to the Defendant to continue wi}{\fs24\lang2057\langfe1033\langnp2057\insrsid3803636 th the counterclaim Under }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3803636\charrsid13855554 S}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid13856465  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3803636\charrsid13855554 43(}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid4614015 2}{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13855554 ) of the }{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13855554 Banking}{\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid3803636\charrsid13855554  }{
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid13855554 Act 1995}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  ag}{\fs24\lang2057\langfe1033\langnp2057\insrsid4614015 ainst the NBF Asset Management Bank}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 .
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid3803636 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13856465 {\fs24\lang2057\langfe1033\langnp2057\insrsid3803636 (2) }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 Due to the importanc}{
\fs24\lang2057\langfe1033\langnp2057\insrsid13855554 e of the issue Involved in}{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  this }{\fs24\lang2057\langfe1033\langnp2057\insrsid13855554 application, I will make no }{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 order as to costs.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13855554 {\b\caps\fs24\insrsid13855554\charrsid15471876 J }{\b\caps\fs24\insrsid275982\charrsid15471876 J. }{\b\caps\fs24\insrsid11812660\charrsid15471876 Udit}{
\b\caps\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15471876 
\par }{\b\caps\fs24\lang2057\langfe1033\langnp2057\insrsid13855554\charrsid15471876 Master o}{\b\caps\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid15471876 f High court
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11812660 {\fs24\lang2057\langfe1033\langnp2057\insrsid13855554 7}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid13855554\charrsid13855554 th}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660  April,}{\fs24\lang2057\langfe1033\langnp2057\insrsid13855554  }{\fs24\lang2057\langfe1033\langnp2057\insrsid11812660\charrsid11812660 2009
\par }}