{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff31507\deff0\stshfdbch31505\stshfloch31506\stshfhich31506\stshfbi0\deflang1033\deflangfe1033\themelang1033\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times};}
{\f1\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604020202020204}Arial{\*\falt Helvetica};}{\f3\fbidi \froman\fcharset2\fprq2{\*\panose 05050102010706020507}Symbol;}{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;}
{\f38\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604030504040204}Tahoma;}{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times};}
{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times};}{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}
{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times};}{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times};}
{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times};}{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}
{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman{\*\falt Times};}{\f39\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times};}
{\f40\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times};}{\f42\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times};}{\f43\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times};}
{\f44\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times};}{\f45\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times};}{\f46\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times};}
{\f47\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times};}{\f49\fbidi \fswiss\fcharset238\fprq2 Arial CE{\*\falt Helvetica};}{\f50\fbidi \fswiss\fcharset204\fprq2 Arial Cyr{\*\falt Helvetica};}
{\f52\fbidi \fswiss\fcharset161\fprq2 Arial Greek{\*\falt Helvetica};}{\f53\fbidi \fswiss\fcharset162\fprq2 Arial Tur{\*\falt Helvetica};}{\f54\fbidi \fswiss\fcharset177\fprq2 Arial (Hebrew){\*\falt Helvetica};}
{\f55\fbidi \fswiss\fcharset178\fprq2 Arial (Arabic){\*\falt Helvetica};}{\f56\fbidi \fswiss\fcharset186\fprq2 Arial Baltic{\*\falt Helvetica};}{\f57\fbidi \fswiss\fcharset163\fprq2 Arial (Vietnamese){\*\falt Helvetica};}
{\f379\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}{\f380\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;}{\f382\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}{\f383\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}
{\f386\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}{\f387\fbidi \froman\fcharset163\fprq2 Cambria Math (Vietnamese);}{\f419\fbidi \fswiss\fcharset238\fprq2 Tahoma CE;}{\f420\fbidi \fswiss\fcharset204\fprq2 Tahoma Cyr;}
{\f422\fbidi \fswiss\fcharset161\fprq2 Tahoma Greek;}{\f423\fbidi \fswiss\fcharset162\fprq2 Tahoma Tur;}{\f424\fbidi \fswiss\fcharset177\fprq2 Tahoma (Hebrew);}{\f425\fbidi \fswiss\fcharset178\fprq2 Tahoma (Arabic);}
{\f426\fbidi \fswiss\fcharset186\fprq2 Tahoma Baltic;}{\f427\fbidi \fswiss\fcharset163\fprq2 Tahoma (Vietnamese);}{\f428\fbidi \fswiss\fcharset222\fprq2 Tahoma (Thai);}{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times};}
{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times};}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times};}
{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times};}{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times};}
{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times};}{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times};}
{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times};}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times};}
{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times};}{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times};}
{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times};}{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times};}
{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times};}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times};}
{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times};}{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}
{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}
{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times};}{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times};}
{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times};}{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times};}
{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times};}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times};}
{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times};}{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times};}
{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times};}{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times};}
{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times};}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times};}
{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times};}{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times};}
{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times};}{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times};}
{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times};}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times};}
{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times};}{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times};}
{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times};}{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times};}
{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times};}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times};}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}
{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE{\*\falt Times};}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr{\*\falt Times};}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek{\*\falt Times};}
{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur{\*\falt Times};}{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew){\*\falt Times};}
{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic){\*\falt Times};}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic{\*\falt Times};}
{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese){\*\falt Times};}}{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;
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\fs20\lang1033\langfe1033\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp1033\langfenp1033 \sbasedon0 \snext45 \slink46 \ssemihidden \sunhideused \styrsid8345219 annotation text;}{\*\cs46 \additive \rtlch\fcs1 \af31507\afs20 \ltrch\fcs0 
\fs20\lang1033\langfe1033\langnp1033\langfenp1033 \sbasedon10 \slink45 \slocked \ssemihidden \styrsid8345219 Comment Text Char;}{\s47\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 
\ab\af31507\afs20\alang1025 \ltrch\fcs0 \b\fs20\lang1033\langfe1033\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp1033\langfenp1033 \sbasedon45 \snext45 \slink48 \ssemihidden \sunhideused \styrsid8345219 annotation subject;}{\*\cs48 \additive 
\rtlch\fcs1 \ab\af31507\afs20 \ltrch\fcs0 \b\fs20\lang1033\langfe1033\langnp1033\langfenp1033 \sbasedon46 \slink47 \slocked \ssemihidden \styrsid8345219 Comment Subject Char;}{
\s49\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af38\afs16\alang1025 \ltrch\fcs0 \fs16\lang1033\langfe1033\loch\f38\hich\af38\dbch\af31505\cgrid\langnp1033\langfenp1033 
\sbasedon0 \snext49 \slink50 \ssemihidden \sunhideused \styrsid8345219 Balloon Text;}{\*\cs50 \additive \rtlch\fcs1 \af38\afs16 \ltrch\fcs0 \f38\fs16\lang1033\langfe1033\langnp1033\langfenp1033 \sbasedon10 \slink49 \slocked \ssemihidden \styrsid8345219 
Balloon Text Char;}{\*\cs51 \additive \rtlch\fcs1 \af0 \ltrch\fcs0 \sbasedon10 \spriority0 \styrsid8345219 citation;}}{\*\pgptbl {\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp1\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp11\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp7\itap0\li0
\ri0\sb0\sa0}{\pgp\ipgp11\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp7\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp6\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp11\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp0\itap0\li0\ri0\sb0\sa0}
{\pgp\ipgp6\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp7\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp1\itap0\li0\ri0\sb0\sa0}{\pgp\ipgp1\itap0\li0\ri0\sb0\sa0}}{\*\rsidtbl \rsid347919\rsid423763\rsid490754\rsid602727\rsid675253\rsid686811\rsid732386\rsid750119\rsid936171
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\rsid16404083\rsid16582645}{\mmathPr\mmathFont34\mbrkBin0\mbrkBinSub0\msmallFrac0\mdispDef1\mlMargin0\mrMargin0\mdefJc1\mwrapIndent1440\mintLim0\mnaryLim1}{\info{\author adiqativi_l}{\operator baleimatuku_l}{\creatim\yr2012\mo5\dy17\hr7\min55}
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\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5
\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang 
{\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar\qr \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12525365 \rtlch\fcs1 
\af31507\afs22\alang1025 \ltrch\fcs0 \fs22\lang1033\langfe1033\loch\af31506\hich\af31506\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 [1984] 30 FLR 90
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6180430\charrsid10619648 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7240240 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\scaps\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240\charrsid14056950 
\hich\af0\dbch\af31505\loch\f0 COURT OF APPEAL OF FIJI}{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\scaps\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6180430 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Civil Jurisdiction}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid13257436 \hich\af0\dbch\af31505\loch\f0 OFFSHORE}{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 
\hich\af0\dbch\af31505\loch\f0  OIL N.L.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6180430 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 INVESTMENT CORPORATION OF FIJI LIMITED}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6180430 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Speight}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  V.P}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ., }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 O}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Regan, J}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 A}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 .,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Barker}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  J}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 A}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 25 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 July}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7240240 
\hich\af0\dbch\af31505\loch\f0  1984}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 
(Company Law}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6368059 {\field{\*\fldinst SYMBOL 45 \\f "Symbol" \\s 12}{\fldrslt\f3\fs24}}}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 Winding up}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6368059 {\field{\*\fldinst SYMBOL 45 \\f "Symbol"
 \\s 12}{\fldrslt\f3\fs24}}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 Injunction to restrain issue of winding up petition}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6368059 {\field{\*\fldinst SYMBOL 45 \\f "Symbol" \\s 12}{\fldrslt\f3\fs24}}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 
\hich\af0\dbch\af31505\loch\f0 whether debt the subject of s.22}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 1}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0  notice is presently due a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763\charrsid12525365 
\hich\af0\dbch\af31505\loch\f0 nd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0  owing}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6368059 {\field{\*\fldinst SYMBOL 45 \\f "Symbol" \\s 12}{\fldrslt\f3\fs24}}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 
\hich\af0\dbch\af31505\loch\f0 interpretation of documents}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6368059 {\field{\*\fldinst SYMBOL 45 \\f "Symbol" \\s 12}{\fldrslt\f3\fs24}}}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 discretion of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763\charrsid12525365 \hich\af0\dbch\af31505\loch\f0  }
{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 Judge to restrain hearing of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid423763\charrsid12525365 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid12525365 \hich\af0\dbch\af31505\loch\f0 petition.) 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 P.G. Hely Q.C}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 .,}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  P.M. Jacobsen (of the New Sou\hich\af0\dbch\af31505\loch\f0 th Wales bar) and R. Patel for the Appellant. 
\par 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 P. Young Q.C}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ., W.G. Hodgekiss (of the New South Wales bar) and M.D. Benefield for the Respondent. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Appeal agains}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  a decision of the Supreme Cour}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  of 6 April}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 1984 whereby an injunc}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 tion was grant}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ed to the responden}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 (ICF) to restrain the issue of winding up petition by appellant (Offshore) based upon a demand notice requiring payment of $871}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16081431 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 427. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The facts were uncontested. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 On 25 November, 1980 and 14 January, 1981 the Reserve Bank of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Austr
\hich\af0\dbch\af31505\loch\f0 alia gave Offshore authority to remit out of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Australia $F437,500 and $F317,500 as unsecured loans to ICF. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 On 31 May, 1982 Offshore allegedly wrote to ICF as follows: }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "3}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 1}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 st May 1982 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16404083 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 The Secretary 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Investment Corporation of
\par \hich\af0\dbch\af31505\loch\f0 Fiji Limited
\par \hich\af0\dbch\af31505\loch\f0 82 Elizabeth St\hich\af0\dbch\af31505\loch\f0 reet
\par \hich\af0\dbch\af31505\loch\f0 Sydney NSW 2000}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Dear Sir }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 This is to confirm that the shareholder}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
s loans advanced to your company from time to time are repayable on notice of not less than two years, at a variable interest rate related to the Fiji bank overdraft rate. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365 \hich\af0\dbch\af31505\loch\f0 Interest 
\hich\af0\dbch\af31505\loch\f0 will be allowed to accrue for the first three years and thereafter will be payable half-yearly in arrears or as may be otherwise agreed.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Yours sincerely }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15081973 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Offshore Oil N.L."}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16404083 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12525365\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Counsel for Offshore noted that, if it ever became material to do so. Offshore w\hich\af0\dbch\af31505\loch\f0 ould contest that the letter was ever written. The report as did the arguments by Counsel proceeds on the basis that it was written.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10572994\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  In their Reasons the court sum}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 marised other evidence in the case thus: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "Minutes of a directors meeting of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15300591\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ICF, held on 21\hich\af0\dbch\af31505\loch\f0  June}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 
\hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 1982}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  referred to a "shareholders advance"}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 repayable on notice of not less than two years with interest at the Fiji bank overdraft rate (Offshore was a shareholder in ICF). Another such meeting on 10 September, 1982, referred to this kind of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 loan b
\hich\af0\dbch\af31505\loch\f0 eing "}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 longterm". }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Further letters were produced}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 from Offshore dated 27 August}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 1982 alleging that the ICF loan was on call; from ICF, dated 31 August, 1982, alleging that the advance was for three years; from Offshore dated 31 August, 1982, again assertin\hich\af0\dbch\af31505\loch\f0 
g a loan on call and stating that demand had been made on 27 August, 1982}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  finally, a letter dated 3 September, 1982 from ICF again asserting a three year loan and referring to the terms of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
the Reserve Bank approval." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 On 25 November, 1982 there was execu\hich\af0\dbch\af31505\loch\f0 ted a so called moratorium agreement}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 parties to which were the litigants, other creditors of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ICF and associated companies in one group and other}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
companies including Brinds Limited in another}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 group,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 three individuals associated with ICF,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
including Mr Ganke\hich\af0\dbch\af31505\loch\f0  and Mr}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 A.R.M. Mackintosh a chartered accountant. The court agreed with the following summary of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the effect of }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5784866\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the deed:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 " ........ }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid2518440 
\hich\af0\dbch\af31505\loch\f0 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16404083 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 settlement of the terms and conditions under which certain debts }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 w}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ere acknowledged and were to be paid; }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid2518440 \hich\af0\dbch\af31505\loch\f0 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ) a morator\hich\af0\dbch\af31505\loch\f0 ium of 12 months against actions by creditors against the debtors; }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 (}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440\charrsid2518440 \hich\af0\dbch\af31505\loch\f0 c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 )}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  certain restrictions on and requirements for the running of the business of debtor companies and }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid2518440 \hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ) the appointment of Mr Mackintosh as an examining accountant." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The court consid\hich\af0\dbch\af31505\loch\f0 
ered the parts of the deed which are set out below needed to be (for the purposes of their judgment) recorded: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 "}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid2518440 \hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11230892\charrsid2518440 
\hich\af0\dbch\af31505\loch\f0 ecital A}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The parties of the sixth to eighth, tenth and twelfth to fifteenth parts (inclusive) her}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2124512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 eto are indebted to Offshore or }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Aureole (a w\hich\af0\dbch\af31505\loch\f0 holly owned subsidiary of Offshore) in the amounts set out opposite the names of such parties in the First Schedule hereto. Offshore has issued notices pursuan}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 t }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2124512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
to Section 364 of the Com}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 panies (New South Wales) Code (or a corresponding statute) and dispute
\hich\af0\dbch\af31505\loch\f0 s have arisen between the Debtors, Offshore and Aureole about the terms and other conditions of the indebtedness. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11230892\charrsid2518440 
\hich\af0\dbch\af31505\loch\f0 Recital E}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11230892\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11230892\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Each of the debtors has requested the Creditors to whom it is indebted to extend to it certain indulgences and the Creditors}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  have\hich\af0\dbch\af31505\loch\f0  agreed to grant such indulgences on the terms and conditions including the covenants on the part of all the }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 D}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ebtors as well as Ganke, Tosio and Kippist hereinafter set forth.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11230892\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid2518440 
\hich\af0\dbch\af31505\loch\f0 Recital F}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2518440 \hich\af0\dbch\af31505\loch\f0 O}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ffshore, Aureole, Metropolitan, FAI and FAR have at the request of \hich\af0\dbch\af31505\loch\f0 
the Debtors and in consideration of the Debtors covenant as well as those of Ganke, Tosio and Kippist hereinafter contained agreed to enter into }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10759832 
\hich\af0\dbch\af31505\loch\f0 th}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 is Deed and settle various disputes and litigation to which they and certain of the }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0 D}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ebtors and such persons \hich\af0\dbch\af31505\loch\f0 are parties.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Clause 1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16404083 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
From the date of this Deed and until and including November 30, 1983 or until terminated in accordance with the provision hereof, whichever shall first (hereinafter called the "Moratorium"):}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16404083 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 A. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0 E}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ach of the Debtors shall and it}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11615134\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  hereb\hich\af0\dbch\af31505\loch\f0 
y separately covenants with each Creditor to whom it is indebted as set forth in the First and Second Schedule hereto:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid732386 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
..............................................}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Clause 10.1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16404083 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Each of the Debtors acknowledges: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 (i) to each of Offshore and Aureole that\hich\af0\dbch\af31505\loch\f0  it is indebted in the amounts set out opposite its name in the First Schedule to the party therein specified and }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15626193\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 that such indebtedness is uncon}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ditionally repayable by such Creditor on demand and shall bear interest at the rate of 16% per annum from the 3\hich\af0\dbch\af31505\loch\f0 0th November}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15626193\charrsid10619648 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  1982 except in the case of}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15626193\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
the indebtedness of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15626193\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 each of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15626193\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Acron}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15626193\charrsid10619648 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Fiji and Nadi Bay which we shall bear}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15626193\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
interest at the rate referred to in the mortgage documents contemplated by Clause 20." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Clause 30 read-}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "Clauses 7(ii) 10}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  11, 12 to 17 incl\hich\af0\dbch\af31505\loch\f0 usive 18 to 21 inclusive, 23}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  24}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  26}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  27}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  34 and 35 shall survive the termination at this deed and shall be binding upon and enure to the benefit of each party hereto and its successor." 

\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 On 16 February}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  1983 notice of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 termination of the moratorium was gi\hich\af0\dbch\af31505\loch\f0 
ven to the Ganke interests}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  this was followed by a demand from Offshore addressed to ICF, at its office in Sydney demanding }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0 i}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 mmediate repayment of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the amount of}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 $A871,927. On 3}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 October, 1983 a demand was made in Fiji in terms of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 wh}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0 at is now Section 221}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid11928313 \hich\af0\dbch\af31505\loch\f0 c}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ) \hich\af0\dbch\af31505\loch\f0 of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the Fiji Companies Act}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 requiring payment of}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 the sum of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0 $A87}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
1,927 threatening winding up proceedings if the sum was not paid within 21 days. Thereupon ICF sought and was granted the injunction which is the subject of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
this appeal. Counsel had agreed bef\hich\af0\dbch\af31505\loch\f0 ore Kermode,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  J}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . that the application s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 hould be treated as one for per}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 manent injunction. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Kermode, J. in his reserved decision held that }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5469083\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Clause 20 and the correspondenc}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 e between the parties prior to the moratorium deed indicated that ICF had a right to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 \hich\af0\dbch\af31505\loch\f0 not
\hich\af0\dbch\af31505\loch\f0 ice of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15540609 \hich\af0\dbch\af31505\loch\f0 demand of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
\hich\af0\dbch\af31505\loch\f0 not less than 2 years and that this agreement was unaffected by moratorium the deed because of the provisions of Clause 20. He stated:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "The portion of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Section 20 which has been earlier quoted is in express and specific terms and the inten\hich\af0\dbch\af31505\loch\f0 
tion is clear. Except for the moratorium period it was not intended by the Deed to affect or alter the rights }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of any}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  party which were subsisting at the time that Deed was entered into. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 There would appear to be a conflict between Clauses 10.1 and 20 unles\hich\af0\dbch\af31505\loch\f0 s Clause 10.1 can be interpreted in such a way as to resolve that conflict." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11928313 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid11928313 \hich\af0\dbch\af31505\loch\f0 Held}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 : Looking as a whole }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 at the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  deed and at pre}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
-deed correspondence, the inten}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 tion }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  pa}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6821874 \hich\af0\dbch\af31505\loch\f0 r}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ties was clear. There had been a real dispute evidenced by the pre-deed letters as t\hich\af0\dbch\af31505\loch\f0 o the terms and conditions of the repayment of ICF}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10759832 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
s loan to Offshore prior to the making of the Deed. ICF had maintained there was a three year loan payable in two years; Offshore had claimed a loan repayable on demand.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 \hich\af0\dbch\af31505\loch\f0 The pro}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 visions }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Deed quantifi\hich\af0\dbch\af31505\loch\f0 ed the amount }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  indebtedness and stated that it was to be repayable on demand except during the moratorium. The clear intention }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 deed was to replace prior arrangements. As stated above, notice of termination of the moratorium had been given on 1\hich\af0\dbch\af31505\loch\f0 6 February, 1983. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 There is a discretion on a court seized }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
winding up petition, to decline to hear the petition where the debt is contested on s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ubstantial grounds. See }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 Re Q.B.S}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 
\hich\af0\dbch\af31505\loch\f0 . Pty. Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . (1967) Qd.R. 218,225}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 Bateman Television Ltd. (in liquidation)\hich\af0\dbch\af31505\loch\f0  v. Coleridge Finance Co}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 Ltd}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . (1969) NZLR 794, 810}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 ,}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  817 and (1971) NZLR 929, 932 (Privy Council). The learned trial Judge here had not been given any evidence of}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
genuine factual contest on the existence }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  debt. So far as he was aware the only ground \hich\af0\dbch\af31505\loch\f0 
upon which the debt could be contested on a winding up petition was on an interpretation of the deed which resurrected a requirement for two years}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 notice of demand. Exercise of discretion to hear a winding petition was not a question which arose before th\hich\af0\dbch\af31505\loch\f0 e learned trial Judge. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
A question which could remain as to the basing of a winding up petition on a statutory notice of demand which had not been preceded by a notice of demand made at the registered office of the company. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Appeal allowed. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Injunction \hich\af0\dbch\af31505\loch\f0 
granted by the Supreme Court dissolved. Offshore to have costs in the court below and in Court of Appeal. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Cases referred to: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid8345219 
\hich\af0\dbch\af31505\loch\f0 r}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 inds Limited & Others }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 
 Offshore Oil NL & Others}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  10 A}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 C}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 LR 229.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 Re QB}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid8345219 
\hich\af0\dbch\af31505\loch\f0 S}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0  P}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 y Ltd}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 \hich\af0\dbch\af31505\loch\f0 [}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 1967}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 \hich\af0\dbch\af31505\loch\f0 ]}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Qd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 \hich\af0\dbch\af31505\loch\f0  }
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 218. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 Bateman Television Ltd }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0  Cole}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 r\hich\af0\dbch\af31505\loch\f0 i}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid8345219 \hich\af0\dbch\af31505\loch\f0 dge Finance Co Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0 [}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 1969}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0 ]}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  NZLR 794 and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid686811 \hich\af0\dbch\af31505\loch\f0 [}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 1971}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid686811 \hich\af0\dbch\af31505\loch\f0 ]}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  NZLR 929. 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \scaps\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6368059 \hich\af0\dbch\af31505\loch\f0 Barker}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Judge of Appeal: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219\charrsid10619648 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8345219 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid7240240 \hich\af0\dbch\af31505\loch\f0 
Judgment of the Court
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8345219 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
The proceedings in the Supreme Court on which this appeal is based represent the Fiji sector of a forensic battle waged largely in Australia}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 
\hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  on th\hich\af0\dbch\af31505\loch\f0 
e one side are interests controlled by the appellant and its representative, a Mr Adler and on the other those }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  respondent controlled by a Mr Ganke. Litigation between the two factions abounds in various Australian}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
jurisdictions}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 appeals are currentl\hich\af0\dbch\af31505\loch\f0 y pending in both the High Court of}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Australia and the Judicial Committee of Privy Council. The fact that the respondent happens to be registered in Fiji necessitates litigation in}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  this country over the appellant}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s desire to wind-up the respondent. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Althou\hich\af0\dbch\af31505\loch\f0 gh much evidence}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  resulting in difficult f}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 actual findings, has been neces}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 sary elsewhere}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 notably before the Supreme Court of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Victoria}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
the essential facts for this present appeal are uncontested and can be stated relatively simply. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 It}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 will be convenien\hich\af0\dbch\af31505\loch\f0 t to refer}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
to the appellant as "Offshore" and to the respondent as "ICF. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 On 25th November}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  1980, the Reserve Bank of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Australia gave Offshore authority to remit $F437}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 500 out of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Australia to ICF as an unsecured loan for three years with interest at Fiji b\hich\af0\dbch\af31505\loch\f0 ank overdraft r}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ates. On the 14th January, 1981}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  authority was given on similar terms for a further loan of $F317}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 500. On 31st May, 1982, Offshore allegedly wrote to ICF the following letter: 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "31st May 1982 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid675253 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 The Secretary 
\par \hich\af0\dbch\af31505\loch\f0 Investment Corporation of 
\par \hich\af0\dbch\af31505\loch\f0 Fiji\hich\af0\dbch\af31505\loch\f0  Limited 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0 8}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
2 Elizabeth Street 
\par \hich\af0\dbch\af31505\loch\f0 Sydney NSW 2000 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Dear Sir }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11932756 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 This is to confirm that the shareholder}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s loans advanced to}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 your}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
company from time to time are repayable on notice of not less than two years}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  at a variable interest rate related to the Fiji bank \hich\af0\dbch\af31505\loch\f0 overdraft rate. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Interest will be allowed to accrue for the first three years and ther}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
eafter will be payable half-yea}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 rly in arrears or as may be otherwise agreed. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Yours sincerely }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13920618\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13920618 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Offshore Oil N L 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Mr Hely advised that}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 if the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  point ever}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  became materi\hich\af0\dbch\af31505\loch\f0 al}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  it would be di}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 sputed that this letter was written by Offshore}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  however}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11010582 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 he acknowledged that}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  for the purposes }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 se proceedings}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the letter demonstrated an }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
rguable case for holding that there was an agreement between the parties on the terms conta\hich\af0\dbch\af31505\loch\f0 ined in that letter as at the date }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  letter i.}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 e}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 . p}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 r}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ior to the execution }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  morat}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 or}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ium deed to which we shall refer later. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Minutes of a directors meeting of ICF, held on 21st June, 1982, referred to a "shareholders advance", repayable on notice o\hich\af0\dbch\af31505\loch\f0 f}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
not less than two years with interest at the Fiji bank overdraft rate (Offshore was a shareholder in ICF). Another such meeting on 10th September, 1982, referred to this kind of loan b}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 eing "l}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ongterm". Further}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 letters were produced}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 from Offshore dated 2\hich\af0\dbch\af31505\loch\f0 7th August, 1982}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11010582 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
alleging that the ICF loan was on call; from ICF, dated 31st August, 1982 alleging that the advance was for three years}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  from Offshore dated 31st August, 1982,again asserting a loan on call and stating that demand had been made on 27th Aug
\hich\af0\dbch\af31505\loch\f0 ust, 1982}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  finally a letter dated 3rd September}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  1982 from ICF again asserting a three year loan and referring to the terms of the Reserve Bank approval. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6186556\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 On the 25th November, 1982, there came}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
o be executed a document which we shall call the "moratorium\hich\af0\dbch\af31505\loch\f0  deed". The parties to that deed were Offshore and other creditors of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ICF and associated companies in one group,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ICF and other companies (including Brinds Ltd.) controlled by Mr Ganke, in ano}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ther group}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 three indivi}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 duals associated with IC}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 \hich\af0\dbch\af31505\loch\f0 F,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  including Mr G\hich\af0\dbch\af31505\loch\f0 anke in anothe}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 r group and Mr A.R.M. Mackintosh}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  a chartered accountant. The deed is a lengthy one}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 
\hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 it has all the hallmarks of having been drafted by a committee, as counsel informed us was the situation. The deed was described by Needham}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 \hich\af0\dbch\af31505\loch\f0 J.,}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  in the Supre\hich\af0\dbch\af31505\loch\f0 me Court of New South Wales, as having been drafted without "conspi}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 cuous clarity". With this obser}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 vation, we are in respectful agreement. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 We agree with Mr Hely that}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  in summary, the morator}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ium deed achieved: (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid15478297 
\hich\af0\dbch\af31505\loch\f0 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ) set}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 tlement }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  terms and conditions und\hich\af0\dbch\af31505\loch\f0 er which certain debts were acknowledged and were to be paid; (}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid15478297 \hich\af0\dbch\af31505\loch\f0 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ) a moratorium of 12 months against actions by creditors against the debtors; (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid15478297 \hich\af0\dbch\af31505\loch\f0 c}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ) certain restrictions on and requirements for the running of the business of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
debtor companies and (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid15478297 \hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ) the appoi\hich\af0\dbch\af31505\loch\f0 ntment of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Mr Mackintosh as an examining accountant. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Most of the provisions of the deed need not be reproduced in this judgment. However the following parts must be recorded: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297\charrsid10619648 
\par }\pard \ltrpar\ql \li284\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid675253 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 "
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid15478297 \hich\af0\dbch\af31505\loch\f0 Recital A}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 .}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
The parties of the sixth to eighth, tenth and twelfth to fifteenth\hich\af0\dbch\af31505\loch\f0 
 parts (inclusive) hereto are indebted to Offshore or Aureole (a wholly owned subsidiary of Offshore) in the amounts set out opposite the names of such parties in the First Schedule hereto. Offshore has issued notices pursuant to Section 364 of the Compan
\hich\af0\dbch\af31505\loch\f0 i\hich\af0\dbch\af31505\loch\f0 es (New South Wales) Code (or a corresponding statute) and disputes have arisen between the Debtors}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Offshore and Aureole about the terms and other conditions of the indebtedness. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 
\par }\pard \ltrpar\ql \li284\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid675253 {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid15478297 
\hich\af0\dbch\af31505\loch\f0 Re}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid15478297 \hich\af0\dbch\af31505\loch\f0 cital E.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid675253 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Each of the Debtors has requested the Creditors to whom it is i\hich\af0\dbch\af31505\loch\f0 ndebted to extend to it certain indulgences and the Creditors have agreed to grant such i}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11342493\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ndulgences on the terms and con}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ditions including the covenants on the part of all the Debtors as well as Ganke, Tosio and Kippist hereinafter set forth. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 
\par }\pard \ltrpar\ql \li284\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid675253 {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid15478297 
\hich\af0\dbch\af31505\loch\f0 Recital F}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid675253 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 O\hich\af0\dbch\af31505\loch\f0 ffshore}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Aureole}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Metropolitan}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  FAI and FAR have at the request }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 Debtors and in consideration }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Debtors covenants as well as those of Ganke}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Tosio and Kippist hereinafter contained agreed to enter into this Deed and settle various disputes and l\hich\af0\dbch\af31505\loch\f0 
itigation to which they and certain of the Debtors and such persons are parties. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\par }\pard \ltrpar\ql \li284\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid675253 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Clause 1.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid675253 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 From the date of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 this Deed and until and including November 30, 1983 or}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 un}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 til terminated in accordance wi}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 h}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the provisions hereof, whichever shall first occur}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 (her
\hich\af0\dbch\af31505\loch\f0 einaftercalled the "Moratorium ): 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 
\par }\pard \ltrpar\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5992070 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 A. Each of the Debtors shall and it hereby separately covenants with each Creditor to whom it is indebted as set forth in the First and Second Schedule hereto: }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li-1890\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin-1890\itap0\pararsid675253 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5992070 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 .................................
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15478297 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5992070 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Clause 10.1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid675253 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Each of the\hich\af0\dbch\af31505\loch\f0  Debtors acknowledges: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5992070 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297\charrsid10619648 
\par }\pard \ltrpar\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 (i) to each of Offshore and Aureole that it is indebted in the amounts set out opposite its name in the First Schedule to the party therein specified and that such indebtedness is unconditionally repayable by }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 such}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Creditor on deman\hich\af0\dbch\af31505\loch\f0 d and shall}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  bear interest at the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 rate }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of 16}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 %}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 per annum from the 30th}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  November}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15478297 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  1982 ex}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 cept}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  in the case }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  indebtedness of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 each of}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Acron}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Fij}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
i a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 nd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  Nadi Bay which we shall bear interest at the rate referr}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10039969\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ed}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  to in the mortgage documents contemplated by Cl\hich\af0\dbch\af31505\loch\f0 ause 20." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Counsel agree that clau}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11282594\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 se}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 "20" referred to above should read "19" and tha}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1065370\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 t the word "creditor" should rea}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 d "better"}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9966775\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 In the F}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 irst Schedule}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  the amount owing by ICF to Offshore as at 30th Novem}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 er}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 198}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 2}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  is stated at $A871}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 927. Clause 10.2 stat\hich\af0\dbch\af31505\loch\f0 es that, during the Moratorium no }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
reditor should demand repayment of the debts}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  details of which were set forth in the Schedule. Other provisions }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  deed detailed specific proceedings}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
in various Australian Courts which were to be discontinued. 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Claus\hich\af0\dbch\af31505\loch\f0 e 20 states: }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "20. The parties and each of them declare and agree with each other that no provision of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 this Deed shall in any way operate as a waiver}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 compromise}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 alteration or extinction of any of the rights, powers and authorities which subsist in such \hich\af0\dbch\af31505\loch\f0 party pursuant to the terms of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
existing agreements or deed to which it is a party other than pursuant to clause 7(ii) and the parties agree with each other and declare that no provision of this Deed shall be pleaded or raised in any manner against any part
\hich\af0\dbch\af31505\loch\f0 y following expiration or determination of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 this Moratorium}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  as a defence or}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 counter}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
to any claim other than in response to any claim by FAR following a Shortfall on realisation of securities pursuant to Clause 7 hereof. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Without limiting the generality}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of\hich\af0\dbch\af31505\loch\f0  the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  foregoing each of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Chapmans and Alexan}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ers Sec}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ur}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ities agrees with and acknowledges to FAR that FAR may hereafter while such Debtor remains in default to FAR exercise all its rights powers and authorities conferred by the respective deed pursuant to whi\hich\af0\dbch\af31505\loch\f0 
ch the Securities were mortgaged in favour of FAR.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16582645 \hich\af0\dbch\af31505\loch\f0 "}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Clause 29 listed the events on the happening of anyone of which the Moratorium would be terminated. }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Clause 30 is important and reads: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "30. Clauses7(ii)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 , 10, 11.1, 12 }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 to 17 inclusive 18}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid3868971\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid3868971\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 o }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 21}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid3868971\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 inclusi
\hich\af0\dbch\af31505\loch\f0 ve}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 23}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 24}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 26}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 27, 34 and 35 shall survive the termination }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9966775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of this}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Deed and shall be binding upon and enure to the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 be}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 nefit of each party hereto and its successors." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Clause }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 10.1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\hich\af0\dbch\af31505\loch\f0  (cit. s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 pra) alters the interest rate for the indebtedness of}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid7406788 \hich\af0\dbch\af31505\loch\f0 inter alia}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  IC\hich\af0\dbch\af31505\loch\f0 
F from whatever it had been previously to the interest rate referred to in the mortgage documents contemplated by clause 19. Reference to that clause gives a reference to the Fourth Schedule which provides that the interest rate is to be the maximum permi
\hich\af0\dbch\af31505\loch\f0 t\hich\af0\dbch\af31505\loch\f0 ted by the Fiji Moneylenders}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Act but with a ceiling of 14% per annum.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Interest is}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 to be paid "without compounding" before 31st December 1985.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 It will be seen that this interest rate is different from that contained in the previously quoted correspondence \hich\af0\dbch\af31505\loch\f0 
which referred to the Fiji bank overdraft rate. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
On the 16th February 1983, notice of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 termination }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  moratorium was given to the Ganke interests}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 this was followed on the 1st March 1983, by a demand from Offshore addressed to ICF, at its office in Syd\hich\af0\dbch\af31505\loch\f0 ney, demanding imme}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
iate repayment of the amount of $A871}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 927. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
On the 3rd October}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  1983}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 demand was made}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  in Fiji at IC}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648 \hich\af0\dbch\af31505\loch\f0 F}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s registered office in terms of what }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\hich\af0\dbch\af31505\loch\f0 is}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  now section 221(}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid7406788 \hich\af0\dbch\af31505\loch\f0 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ) }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  Fiji Companies Act 1983}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 requiring payment of the sum of $A871}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 927}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  \hich\af0\dbch\af31505\loch\f0 the notice was in standard form}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 it threatened winding-up proceedings if the sum were not paid within 21 days. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ICF thereupon sought an interim injunction in the Supreme Court to restrain the issue }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of a }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 winding-up petition based on the notice}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 
\hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  this was gr\hich\af0\dbch\af31505\loch\f0 anted by Kermode, }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4989724\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 J}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  on the 20th October 1983. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7406788\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
On the 24th February 1984 IC}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16582645 \hich\af0\dbch\af31505\loch\f0 F sought a further extension of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the injunction which was opposed by Offshore; the learned Judge heard full argument on whether Offshore should be restrained permanently from pr}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10171151\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ese\hich\af0\dbch\af31505\loch\f0 nting a winding-up petition b}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ased on the notice. Counsel agreed before Kermode, }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 J}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5641586 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
that the application be treated as one for permanent injunction. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
On the 6th April 1984}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 Kermode, J. delivered a reserved judgment which he found in favour of ICF and made \hich\af0\dbch\af31505\loch\f0 the following order. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10171151\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 "}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 It is ordered that the defe}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10171151\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 nd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 a}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 nt company of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 itself}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
or by its servants or agents or otherwise whatsoever is hereby restrained from presenting a petition for the winding-up of the plaintiff company based upon its alleged failure to co\hich\af0\dbch\af31505\loch\f0 mply with the notice dated the 3rd day of}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 October 1983}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  or any notice}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  g}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 iven hereafter by it to the plaintiff}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 company p}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 u}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 rsuant}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 \hich\af0\dbch\af31505\loch\f0 
to section 221}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid7807907 
\hich\af0\dbch\af31505\loch\f0 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  of the Companies Act demanding payment of the alleged debt of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1127421\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 A$871}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 927 until such }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ebt becomes due and owin}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 g or\hich\af0\dbch\af31505\loch\f0  is held}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  b}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15598203\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 y}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the Court in any action hereafter brou}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 g}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ht b}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 y}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 efendant co}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 m}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 pany against}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the plaintiff co}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 m}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
pany to be due an}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  o}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 w}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ing by he plaintiff to the defendant but}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10565295\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
this order shall not extend to or}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1127421\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  be deemed to res}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 train the company from pursuing }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1127421\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 action t\hich\af0\dbch\af31505\loch\f0 hrough the Court to wind}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  up the plain}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1127421\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 tiff company on any other ground}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 s }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1127421\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 provided in section 220 of the Com}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 panies Act." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Offshore now appeals to this Court against that judgment. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The learned Judge held that clauses 20}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  and the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 \hich\af0\dbch\af31505\loch\f0  correspondence between the p\hich\af0\dbch\af31505\loch\f0 ar}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ties prior to the Moratorium Deed}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  indicated that ICF had a right to notice }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10362640\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of demand of not less than two y}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ears and that}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10362640\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  his agreement was unaffected by}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 Moratorium Deed because of the provisions of clause 20. He stated: 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7937570 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 \hich\af0\dbch\af31505\loch\f0 "}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The portion of Section 20 whic\hich\af0\dbch\af31505\loch\f0 
h has been earlier quoted is in express and specific terms and the intention is clear. Except for the moratorium period it was not intended by the Deed to affect or alter the rights }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of any}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 party which were subsisting at the time that Deed was entered into.\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7937570 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16582645 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 There would appear to be a conflict between Clauses 10.1 and 20 unless Clause 10.1 can be interpreted in such a way as to resolve that conflict." }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7937570 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907\charrsid10619648 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Mr Hely for Offshore su}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10362640\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 mitted that,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10362640\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 prior to the moratorium deed, there was a dispute between the partie\hich\af0\dbch\af31505\loch\f0 
s as to the terms and conditions of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10362640\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ICFs indebtedness to Offshore. He submitted that reference in recital F of the deed was made to certain disputes between the parties}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the clear intention }
{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  moratorium deed was to settle the dispute between Offshore \hich\af0\dbch\af31505\loch\f0 and ICF as }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 \hich\af0\dbch\af31505\loch\f0 w}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ell as other disputes on the basis of an acknowledgment from ICF as to quantum and a further acknowledgment that, subject to the moratorium}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the debt would be unconditionally payable on demand. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Mr Young for the respondent submitted that the c\hich\af0\dbch\af31505\loch\f0 lear intention }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  clause 20 was to preserve prior agreements such as that evidenced by Offshore}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s letter of 31st May 1982}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 
\hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  if}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10362640\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
there was a clear}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10362640\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 conflict between the two provisions }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  agreement, clauses 10.1 and 20 he submitted that the latter had t
\hich\af0\dbch\af31505\loch\f0 o prevail. We have no doubt, looking at the deed as a whole and at the pre-deed correspondence as a whole}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7807907 \hich\af0\dbch\af31505\loch\f0 , 
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 that the intention }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 parties was clear. We accept for}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 present purposes that there was a real dispute as to the te}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 rm}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
s and conditions of the repay\hich\af0\dbch\af31505\loch\f0 ment of ICFs loan to Offshore prior to the making of the deed}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ICF maintaining that there was a three year loan payable on two years notice}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Offshore claiming a loan repayable on demand.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The provisions }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Deed quantified the amount }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 indebtednes\hich\af0\dbch\af31505\loch\f0 s and stated that it was to be repayable on demand except during the moratorium. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 We here note that no point was taken }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 fact that Offshore}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s notice was issued in Fiji }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 before}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the expiry date of the moratorium deed but after the deed had been dete}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 rm}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 in\hich\af0\dbch\af31505\loch\f0 ed other than through effluxion of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 time in circumstances held appropriate by the New South Wales Court of Appeal. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Mr Young submitted that}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the deed, having referred in recital F to }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
disputes and litigation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  applied only to those terms of litigation speci\hich\af0\dbch\af31505\loch\f0 
fically mentioned in the deed or to those instance where notices under section 364 of the New South Wales Companies Act had been issued (i.e. notices similar to those under section 221 (}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10123925 \hich\af0\dbch\af31505\loch\f0 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
) of the comparable Fiji Act). We reject this submission. The word }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 d\hich\af0\dbch\af31505\loch\f0 isputes}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 clearly encompasses the dispute between these parties which was evidenced by the pre-deed letters. What we consider as fatal to this submission is the express reference to ICF in the deed whereby the interest rate for its loan from Offshore is cha
\hich\af0\dbch\af31505\loch\f0 nged from the current Fiji overdraft rate to the current maximum under the Fiji Moneylenders}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Act with a ceiling of 14% per annum. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 In our}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9383598\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 view}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
the parties clearly turned their mind to this particular debt and to its terms of repayment. Indeed we see no \hich\af0\dbch\af31505\loch\f0 reason}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  if this debt were to be repayable only upon two years notice}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  why it should have }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13072518\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 been}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 included in the moratorium deed at all. The moratorium was to have lasted for only one year and would have expired long before any notice demanding payment in two\hich\af0\dbch\af31505\loch\f0  years}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  time. }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Kermode}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 
\hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13072518\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 J}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
. declined to interpret the deed in the same way as the Full Court of the Supreme Court of Victoria in winding-up proceedings brought by Offshore against another company controlled by Mr Ganke (i.e. B}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4944921 \hich\af0\dbch\af31505\loch\f0 r}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 inds Ltd.) 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 In }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10123925 
\hich\af0\dbch\af31505\loch\f0 Brinds Limi}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid10123925 \hich\af0\dbch\af31505\loch\f0 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10123925 \hich\af0\dbch\af31505\loch\f0 e\hich\af0\dbch\af31505\loch\f0 d & Others v. Offshore Oil N}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4944921 .}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10123925 \hich\af0\dbch\af31505\loch\f0 L}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4944921 .}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10123925 \hich\af0\dbch\af31505\loch\f0  & Others}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  (1983) 10 A\hich\af0\dbch\af31505\loch\f0 C\hich\af0\dbch\af31505\loch\f0 L\hich\af0\dbch\af31505\loch\f0 R\hich\af0\dbch\af31505\loch\f0  229}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the Full Court upheld a winding-up order made b}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15092459\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 y}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  Tadgell }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 J}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . in the Supreme }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Court of Victoria on the 5th May}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  1983.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 That learned }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 j}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ud}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 g}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 e had heard extensive evidence and had interpreted the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 mo}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 rat\hich\af0\dbch\af31505\loch\f0 orium deed in a ma}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 n}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ner favourable to Offshore. In that was no antecedent agreement}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  such as the letter relied upon by ICF in these proceedings. The Full Court stated}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4944921 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  on the question of the interpretation of clause }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925 
\hich\af0\dbch\af31505\loch\f0 20:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1604838 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 
"Mr Gruzman scarcely touched upon th\hich\af0\dbch\af31505\loch\f0 e question of construction during his initial submiss}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8927466\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 
ions. However, during his reply}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925\charrsid1981404 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 
\hich\af0\dbch\af31505\loch\f0  he provided the Court with a further written submission. In that he acknowledged the force of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid1981404 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 Mr Forsyth}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 
s submission that a literal interpretation }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0  first part of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid1981404 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 C\hich\af0\dbch\af31505\loch\f0 lause 20 would make nonsense as it}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid1981404 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 would destro}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 y }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 
\hich\af0\dbch\af31505\loch\f0 the effectiveness }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0  whole deed. It was then said that no rights are pe}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 r}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 
manently altered by the moratorium}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10123925\charrsid1981404 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 
\hich\af0\dbch\af31505\loch\f0  and neither party can plead the moratorium after it has been determined as an answer to a claim\hich\af0\dbch\af31505\loch\f0  by another party.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Therefore, it was said, after the termination of the moratorium}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 
\hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the parties reverted to their pre-existing rights}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4944921 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  which involved in turn a findin}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 g}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 that the loans were upon twelve months}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  call. Since his Honour had made n}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 \hich\af0\dbch\af31505\loch\f0 
o }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 finding on th\hich\af0\dbch\af31505\loch\f0 is aspect there was no proven debt}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4944921 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 and thus no basis for a winding-up order. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7937570 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3164832 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
As the learned trial Judge said in his judgment}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  this submission "involves treating the present assertion of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Brinds that its debt to Offshore is not now due and payable as a }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 \hich\af0\dbch\af31505\loch\f0 c\hich\af0\dbch\af31505\loch\f0 l
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 aim}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  to }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 w}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
hich the acknowledgment }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  present indebtedness by Brinds is now raised as a }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
defence or counter}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ." His Honour held that "the word }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 
\hich\af0\dbch\af31505\loch\f0 l}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 aim}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 means a pecuniary claim and does not encompass an allegation or assertion }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of any}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  kind made by one }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of th\hich\af0\dbch\af31505\loch\f0 e}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 moratorium. The present contention that Brinds is not indebted to Of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 fshore for a sum now due is not}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 in my opinion such a claim. The acknowledgment in Clause 10 may accordingly be relied on by Offshore against Brinds." We believe it to be }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12206021\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 unnecessary to \hich\af0\dbch\af31505\loch\f0 say more than th}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 at we are of the respectful opinion that His Honour was plainly correct." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 For}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1920544\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 the sake of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1920544\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 completeness}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 we record the finding of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1920544\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Tadge}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1920544\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ll}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  J. in the Court below: }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3164832 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 \hich\af0\dbch\af31505\loch\f0 "}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The second principal basis for opposition to the petition}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  to which I have\hich\af0\dbch\af31505\loch\f0  referred}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 involves the interpretation of clause 20 of the deed. The submission involves treating the present assertion of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16391359\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Brinds, that its debt of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid16391359\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Offshore is not now due and payable, as a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 claim}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  to which the acknowledgment }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 present indebtedness by\hich\af0\dbch\af31505\loch\f0  Brinds is now raised as a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 defence or counter}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3164832 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
It wa}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  argued on behalf of the petitioning creditor that clause 30 of the deed, which provides that clauses 10 and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 20, among others, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 shall surviv}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
e the termination }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9966775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of this}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  deed and shall be binding upon an\hich\af0\dbch\af31505\loch\f0 d ensure to the benefit of each party hereto}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
, is the answer to the company}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s contention. For myself, I cannot understand why that should be thought to }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 th}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 row}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 light on the meaning in clause 20 of the word }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 claim}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . Even so}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  I am of opinion that the word }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 cla\hich\af0\dbch\af31505\loch\f0 im}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 means a pecuniary claim and does not enco}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 m}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 p}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 as}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s an allegation or assertio}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 n}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  of any kind made by one of the p}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ar}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ties to the deed to another following the termination}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  of the moratorium. The present }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 contention}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 that Brinds}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  is not indebted to Offshore for a su\hich\af0\dbch\af31505\loch\f0 m now due }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 is}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 not, in my opinion, such a claim. The acknowle}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 gment in clause 10 may accordingly be relied on by Offshore against }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 B}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
rinds. It is for that rea}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 on that I }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 th}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ought it unnecessary to pursue more than I did the original }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 arran}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 gements, if}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 any, which w\hich\af0\dbch\af31505\loch\f0 ere made between the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2311088\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 parties as}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  to repayment." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11230892\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Kermode, J. had this to say on the Victorian Full Court decision: }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3164832 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
"Clause 10.1 cannot be interpreted in my}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 view}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 as it}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 appears to have been done by the full Court of the Supreme Court of Victoria in Action 
\hich\af0\dbch\af31505\loch\f0 1983 No. Co. 13015 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 Brinds Ltd. & }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 O}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 rs. v. }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 O}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 
\hich\af0\dbch\af31505\loch\f0 ffshore}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid1981404 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 Oil}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid1981404 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 N}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15105444 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 C. & }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 O}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid1981404 \hich\af0\dbch\af31505\loch\f0 rs}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 . This}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 was an appeal from a winding}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 up order affectin}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 g}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 Brinds Ltd. The Court considered Clause 10 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Moratorium Deed and stated "}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 y virtue of Clause 10 of the Moratorium Deed the debts of \hich\af0\dbch\af31505\loch\f0 
Brinds and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 by}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  the other respondents were acknowledged to be due and presently paya}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 b}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 le." With respect to the views }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  learned Judges of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 that Court }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 \hich\af0\dbch\af31505\loch\f0 I}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 cannot agree that there is such an acknowledgment in Clause 10." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Mr Hely pointed out that, at various \hich\af0\dbch\af31505\loch\f0 stages of the overall litigation}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1981404 \hich\af0\dbch\af31505\loch\f0 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Mr Ganke had sought to interpret the deed as having the same meaning as that now submitted }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14644824\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 by}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Offshore; in an affidavit filed in the High Court of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8392602\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Australia dated 2nd }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8392602\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Septem}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ber 1983}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  his solicitor stated that he had been i\hich\af0\dbch\af31505\loch\f0 
nformed by Mr Ganke of the consequences of the alleged premature termination of the deed}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  viz. "by virtue of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8392602\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 c}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8392602\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 l}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ause }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8392602\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 0.1 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  said deed certain debts terms and payment of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8392602\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 which were in dispute and acknowledge to be unconditionally repayable on demand". }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 In the judgment }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Court of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2362074\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Appeal of}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2362074\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 New}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2362074\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 South Wales dated 19th July 1983}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  there is a reference to a submission made on behalf}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2362074\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2362074\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
Mr Ganke}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 s interests in other litigation i.e. that there was a penalty in the deed}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  namely}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  that upon its termination}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  t\hich\af0\dbch\af31505\loch\f0 he de}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2362074\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 b}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ts unconditionally payable in full survive. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 In our respectful view, the Victorian Full Court was correct in its approach. Mr Young submitted that the first part }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  clause 20 assisted ICF whereas it had been argued before Kermode}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  J}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  that the se\hich\af0\dbch\af31505\loch\f0 cond part assisted ICF. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 We cannot agree with the learned Judge that an agreement to give two years notice of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
repayment was not a condition. In our}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 view}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
clause 20 is a general provi}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 sion which in the case of ambiguity must give way t}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4152110\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 o a particular pro\hich\af0\dbch\af31505\loch\f0 vision regard}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ing this particular loan to which the parties clearly turned their attention when they varied the interest rate. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The interpretation we have placed on it as Deed (which happens to accord with that }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 Victorian Court) gives commercial sens\hich\af0\dbch\af31505\loch\f0 e to the deed. It is unlikely in the extreme that the parties would have entered into this deed which had}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15105444 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  as one of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12267762\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 its aims}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 the resolution of many disputes and the avoidance of litigation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  unless the liabilit}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12267762\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 y}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12267762\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ICF and other debtors were to become fix\hich\af0\dbch\af31505\loch\f0 ed and certain and unless all imped}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12267762\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 i}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ments for suing were removed, save only for the moratorium deed. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Mr Hely also submitted that Kermode}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 
,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12267762\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  J. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 was wrong in the following paragraph in his judgment: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3164832 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
"It is my belief that whoever framed the clause believed \hich\af0\dbch\af31505\loch\f0 that all debts were immediately due and payable. The defend}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4599641\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 ant company on 27th August 1982}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  a few months before the Moratorium Deed was executed believed the loan was }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 repayable at cal}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4599641\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 l}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4599641\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  (}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 vide letter of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4599641\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
that date annexed to Mr}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4599641\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Tosio}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s affidavit MAT 8) and \hich\af0\dbch\af31505\loch\f0 presumably its lawyers were so advised." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10619648 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 We agree with counsel there was no evidence as to what was the state of knowledge }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  draftsman 
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  deed. However}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  in our}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11360103\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 view}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  their belief}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11360103\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 was immaterial}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 
\hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  the clear intention of the deed was to replace pri\hich\af0\dbch\af31505\loch\f0 
or arrangements. Moreover}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 it would have }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13072518\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 been}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  quite pointless to have included in the deed a debt in res}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid11360103\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 pect of w}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
hich the moratorium would have had no meaning. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Mr Young submitted}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  rather faintly}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  that the learned Judge was right in the exercise of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5661703\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 his di
\hich\af0\dbch\af31505\loch\f0 scretion to have declined to deal with a winding-up petition based on a defended debt; the effect of his decision}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  according to counsel, required the parties to litigate ICFs indebted}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5661703\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 n}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ess to Offshore in a Court of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5661703\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  competent jurisdiction pro}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 bably in New Sou\hich\af0\dbch\af31505\loch\f0 th Wales. 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 There was no suggestion in Kermode J.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
s judgment that he expressly turned his mind to the exercise of such a discretion}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  although we are informed by Mr Young (who did not appear in the Court below) that certain submissions were made to him in t
\hich\af0\dbch\af31505\loch\f0 his regard. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The law is clear that there is a discretion on a Court seized }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4091850\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 winding-up peti}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4091850\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 tion}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  to decline to hear the petition where the debt is contested on substantial grounds. In the context }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  broader litigation between these parties}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  Tadge}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4091850\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 l\hich\af0\dbch\af31505\loch\f0 l}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  J. in Victoria exercised his discretion to hear a petition}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 
\hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  he had to endure a very lengthy hearing}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  he was upheld by the full Court. 
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Well-known cases such as }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid6105957 \hich\af0\dbch\af31505\loch\f0 Re Q.B.S. Pty. Ltd.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  (1967) Qd. R. 218}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  225}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid6105957 \hich\af0\dbch\af31505\loch\f0 
Bateman Television Ltd. (in liquidation) v. Cole\hich\af0\dbch\af31505\loch\f0 ridge Finance Co. Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
. (1969) NZLR 794, 810}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 817 (Court of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12786710\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 Appeal) and (1971) NZLR 929, 932 (Privy Council) deal with the exercise of a discretion to proceed or not at the hearing of a winding-up petition. 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 We do not know of any case where such a discreti\hich\af0\dbch\af31505\loch\f0 
on becomes exercisable on a motion to restrain the filing or prosecution }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14751512\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of a}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 petition, although we conceive that the likelihood of genuine factual contest on the existence of a debt could be material; however, the Judge would need to have evidence that th\hich\af0\dbch\af31505\loch\f0 e grounds of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12786710\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
contesting the debt were substantial. Kermode, J}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  was not given any such evidence in this case}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6105957 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  he had only the correspondence, the moratorium deed and particulars of various aspects }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 litigation in Australia. So far as he was aware, the \hich\af0\dbch\af31505\loch\f0 only ground upon which sensibly, the debt would be contested on a winding-up petition was an interpretation of the Deed which resurrected a requirement for two ye}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16069002\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 ar}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  notice of demand. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The interpretation of the deed is not a matter which requried evidenc\hich\af0\dbch\af31505\loch\f0 e}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 indeed such evidence would be inadmissible under the parol evidence rule. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
In our view, the question of the exercise of the discretion to hear a winding-up petition simply did not arise before Kermode,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 J. For the sake of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 further guidance for the Suprem\hich\af0\dbch\af31505\loch\f0 
e Court, we think that his is likely to be one of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 those cases where it would be difficult not to entertain a winding-up petition}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  now}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  that the deed has been inter}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 preted in favour of Offshore, we think that the issues are even simpler than those before Kerm\hich\af0\dbch\af31505\loch\f0 ode, }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 J}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 . }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 It follows therefore that the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15105444 
\hich\af0\dbch\af31505\loch\f0 appeal must be allowed and the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 injunction dissolved. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Mr Hely claimed that demand had been made by Offshore of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
ICF by the notice given in Australia on }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837 \hich\af0\dbch\af31505\loch\f0 1}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 st March 1983. He acknowledged that a statutory notice must rel\hich\af0\dbch\af31505\loch\f0 ate to a then e}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 x}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
isting debt and that, before there is an existing debt in this case, there must have been prior notice seeking payment on demand.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
There could be some difficulty in basing a winding-up petition on a statutory notice of demand which had not b\hich\af0\dbch\af31505\loch\f0 een preceded by a notice of}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  dem}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
and made at the registered office of the company. The fact that the March 1983 demand was }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14115775\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 made at I}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 C}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648 \hich\af0\dbch\af31505\loch\f0 F}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6168818 \hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
s Sydney office and not at its registered Fiji office could cause difficulties. However, this is a matter to which Offshore}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10619648\charrsid10619648 
\hich\af0\dbch\af31505\loch\f0 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 s advisers will no doubt give attention. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 Finally, we note that counsel agreed that the proper law }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14512028\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 of the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 
 moratorium deed was that of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10445818\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 New South Wales}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837 \hich\af0\dbch\af31505\loch\f0 ;}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  they were happy for this Court to interpret it without any evidence as to the law of New South Wales. T\hich\af0\dbch\af31505\loch\f0 
his was sensible suggestion because it is highly unlikely that in this area of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10445818\charrsid10619648 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 law there would be any difference between the approaches of the Courts in the two jurisdictions. }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid10619648 \hich\af0\dbch\af31505\loch\f0 The appeal is allowed. Offshore is entitled to costs both in this Court and in\hich\af0\dbch\af31505\loch\f0 
 the Court below. The injunction made by the Supreme Court is dissolved. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4684837\charrsid10619648 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1530209\charrsid4684837 \hich\af0\dbch\af31505\loch\f0 Appeal allowed. 
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