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{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
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{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\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;}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
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{\author Robynne Blake}{\operator baleimatuku_l}{\creatim\yr2010\mo10\dy2\hr7\min34}{\revtim\yr2015\mo10\dy19\hr14\min54}{\version14}{\edmins78}{\nofpages7}{\nofwords3286}{\nofchars16456}{\*\company scims}{\nofcharsws19703}{\vern32859}}
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\qr \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 [1994] 40 FLR }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 193
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 HIGH COURT OF FIJI}{\rtlch\fcs1 
\ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe1033\langnp2057\insrsid8471852 
\par }{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe1033\langnp2057\insrsid9074480 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9074480 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480\charrsid9074480 Civil Jurisdiction
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe1033\langnp2057\insrsid9074480\charrsid9074480 
\par }{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 1. PACIFIC TIMBER DEVELOPMENT LTD
\par 2. NORTHAM INTERNATIONAL INVESTMENTS LTD
\par 3. AXIOM INVESTMENTS LTD
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 v
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 1. N.Z. FOREST PRODUCTS LIMITED
\par 2. NZFP RESOURCES FINANCE LIMITED
\par 3. ELFIC LIMITED
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Fatiaki J}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480 
\par 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9074480 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480 9 October 1994}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
Practice (Civil) - injunctive relief - fortification of undertaking as to damages - debenture charge creating equitable interest - whether payment into Court appropriate.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par Following the grant of an injunction restraining the defendants from exercising rights conferred under a charge defendants sought orders fortifying the usual undertaking as to damages and further security for the sum secured. The High 
Court reviewed the applicable law before refusing both applications.
\par 
\par Cases cited:
\par 
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Allen v Jambo Holdings}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  [1980] 1 WLR}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  1252
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Baxter v Claydon}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1952) WN}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  376
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Blundell & Anor v Associated Securities Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 (1971) 19 FLR }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 17
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 British Anzani (Felixstowe) Ltd v International Marine Management (UK) Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  [1980] 1 QB 137
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Cunningham v National Australia Bank}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1987) 77 ALR}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  632
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Glandore Pty Ltd v Elders Finance and Investment Co. Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid143286\charrsid9074480 [1946-1955]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 4 FLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  130
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Grant v N.Z.M.C. Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  [1989] 1 N}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 Z}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  8
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Harvey v McWatters}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1948) 49 NSWSR}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  173
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 Inglis and Anor v Commonwealth Trading Bank of Australia}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 (1972) 126 CL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 R 161
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Manganex Ltd and Robert Southwell v Akhil Holdings Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  (Civil App. No. 13/76)
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Murphy v Zamonex}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 (1993) 31 NSW}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  439
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Pearson and Sons Ltd v Dublin Corporation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  [1907] AC
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  351}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Rawcliffe v Customs Credit and Others}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  No. 7
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Rawson v Samuel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1841) 54 RR}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  259
\par }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Town and Country v Planning Partnership Pacific}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 
 (1988) 20 F}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 C}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  540
\par 
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 P. Larkin}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  with }{\rtlch\fcs1 
\ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 I}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 .}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  Fa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  for the Plaintiffs
\par }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 B.N. Sweetman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  with }{\rtlch\fcs1 
\ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid2105195\charrsid9074480 Ms}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  D. White}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  for the Defendants
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 
\par }{\rtlch\fcs1 \ab\af0\afs24 \ltrch\fcs0 \b\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Fatiaki J:
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par On the 9th of December 1993 this Court granted on the }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 ex parte}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  application of the plaintiffs, an interim injunction restraining the defendants from appointing a receiver or exercising any
 rights or remedies under a charge executed on the 2nd of December 1992 between the second plaintiff company and the defendants and effectively secured over the land and business assets of the 1st plaintiff company in Fiji.
\par 
\par At the outset it should be reco
rded that the injunction order sealed by the plaintiffs carelessly omitted any reference to the usual undertaking in damages which was required and recorded in the Court's handwritten minutes. This is conceded however by counsel for the plaintiffs and is 
undoubtedly a universal requirement with few exceptions of which the present is not an instance.
\par 
\par On the 11th of January 1994 the plaintiffs issued an }{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 inter partes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  motion for a continuation of the interim injunction until further order and/or upon final determination of the plaintif}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid13990563\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
 claim. By a consent order dated the 14th of January 1994 the injunction was continued indefinitely with liberty reserved to the defendants to apply for any of the following orders:
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 (a) For security for costs;
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 (b) That the plaintiff}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 s usual undertaking as to damages be fortified;
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
(c) That the sum said by the defendants to be secured by the charge be paid into Court (or alternatively that the plaintiffs provide evidence of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 the plaintif}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 f}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
s ability to maintain the assets the subject of the charge and provide personal undertaking of the principals of the plaintiffs that the assets will not be eroded in value pending the trial); and
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
(d) That the injunction be dissolved if the plaintiffs or their principals fail to comply with any order made pursuant to any such application or breach of any undertaking given, or if the plaintiffs}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid13990563\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  ability to maintain the assets diminishes."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par On the 6th of May 1994 the defendants in pursuance of the above reservations filed a bare summons seeking in terms the orders enumerated in (b), (c) and (d) above. The summons was subsequently supported by 5 affidavits as follows:
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
(1) Affidavit of Paul Goodsall filed 13.5.94;
\par (2) 1st Affidavit of Deborah White filed 17.5.94;
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 (3) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
1st Affidavit of Anil Rana filed 25.5.94;
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 (4) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
2nd Affidavit of Anil Rana filed 21.9.94;
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 (5) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
2nd Affidavit of Deborah White filed 26.9.94.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par The contents of these affidavits are conveniently summarised in the skeleton argument of defence counsel as de
monstrating the plaintiffs impecuniosity as evidenced by its failure to meet creditor's demands; by the existence of a petition to wind up the 1st plaintiff company; in eviction proceedings being undertaken by a landlord of the 1st plaintiff company; by t
h
e refusal of the 2nd plaintiff company to release the names of its directors and shareholders and by the 1st plaintiff company's extreme reluctance to permit an inspection of its timber mill and facilities at Deuba by an authorised representative of the d
efendants. Defence counsel also criticised the nebulous nature of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
the plaintiffs undertaking and the almost complete absence of any information as to the financial standing of the 2nd plaintiff company which is the named chargor under the defendant's charge.
\par 
\par Counsel was especially critical of the figures in the affidavit of Stephen Turner and his reference to the existence of undisclosed inter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 -}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 company guarantees describing it as a "meaningless statement" and the figures as: "No use speaking about $50 millio
n when you can't find $1.5 million to pay into Court." There is in defence counsel's submission some real fear that the plaintiff's undertakings may prove illusory or worthless.
\par 
\par The Plaintiffs in opposing the application have in turn lodged 4 affidavits:
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
(1) 1st affidavit of Greig Hill filed 21.9.94;
\par (2) 1st affidavit of Isireli Fa filed 23.9.94;
\par (3) 2nd affidavit of Greig Hill filed 26.9.94; and
\par (4) 2nd affidavit of Isireli Fa filed 26.9.94.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par The contents of the plaintiff}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
s affidavits may be summarised as an attempt to explain the nature and status of various creditors and their claims against the 1st plaintiff company and to reassert the solvency of the 1st plaintiff company as exemplified by an unaudited pro}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 forma Balance Sheet of the 1st plaintiff comp
any.
\par 
\par I note however that there is a profound silence in the plaintiffs answering affidavits as to the financial position of the 2nd plaintiff company the actual chargor and it is upon this factor which defence counsel lays greatest stress. So much then fo
r the affidavits in the case. I turn next to deal with the particular orders sought by the defendants.
\par 
\par Firstly, the question of fortification of the plaintiff}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 s undertaking as to damages. In this regard I am more than satisfied that the Court has power at any time during the subsistence of an injunction to order that the party for whose benefit
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
the injunction was granted be required to fortify an undertaking given as to damages by the provision of some form of additional security.
\par 
\par Furthermore the nature and form of such security is a matter in the discretion of the Court to determine having regard to all the circumstances of the case including, whether or not the party giving the undertaking is resident within or o}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid13990563\charrsid9074480 utside the Court's jurisdiction}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
; the nature value and location of any assets within the jurisdiction; the nature of any claims put forward by the parties in the substantive action; the financial ability
 of the injunctor (for want of a better term) to meet an award for damages should an order be made in that regard and the overall justice of the case.
\par 
\par In this instance Mr. Sweetman suggested that fortification could take the form of a cash deposit such as in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Baxter v. Claydon}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1952) WN}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
 376 or a personal covenant of the directors of the plaintiff companies such as was affirmed by the Fiji Court of Appeal in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
Manganex Ltd. and Robert Southwell v. Akhil Holdings Ltd}{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  Civil Appeal No. 13/76 or a banker}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 s guarantee.
\par 
\par Counsel for the plaintiffs in opposing this ground of the defendants application argued that this was not an appropriate case to order fortification in as much as two of the 3 plaintiff companies giving the undertaking are local companies reg
istered in Fiji with substantial assets in Fiji, but even if the Court should find that the plaintiff companies were impecunious that alone would be an insufficient grou}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid13990563\charrsid9074480 nd for ordering fortification (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\lang2057\langfe1033\langnp2057\insrsid13990563\charrsid9074480 S}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 ee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 : }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Allen v. Jambo Holding}{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid9120092\charrsid9074480 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480  [1980] 1 WLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  1252 and }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Rawcliffe v. Customs Credit and Others}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
 No. 7 in the defendant's list of authorities). Secondly, the trial dates for the hearing of the substantive claims has been fixed and an order for fortification at this stage of the proceedings would have the unwarrante
d consequence of pre-determining the defendant's entitlement under its charge which is the very matter at issue in these proceedings.
\par 
\par Having carefully considered the various competing factors I am firmly of the view that this is not an appropriate case for the exercise of the Court's discretion to require the plaintiffs to fortify its undertaking as to damages.
\par 
\par The second limb of the defendants}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
 application is for an order for the payment in of the amount secured by the defendants}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  charge. This is principally based on the general rule enunciated in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
Inglis and Anor. v. Commonwealth Trading Bank}{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480  }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 of Australia}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1972) 126 CLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  161 where it was:
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Held}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
: As a general rule an injunction will not be granted restraining a mortgagee from exercising powers conferred
 by a mortgage and, in particular, a power of sale unless the amount of the mortgage debt, if this is not in dispute, is paid or unless, if the amount is disputed, the amount claimed by the mortgagee is paid into Court; and this rule will not be departed 
from merely because the mortgagor claims to be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 entitled to set off the amount of damages claimed against the mortgagee."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par This rule has been applied, discussed and refined in numerous decisions of the Australian Courts thereafter as was helpfully pointed ou
t by both counsel before me. In particular I detect a growing tendency to relax the stringency of its application in cases where the enforceability of the security or the validity of the exercise of the mortgagee's powers are directly challenged by the mo
rtgagor.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
Mr. Sweetman basing himself on the plaintiffs Statement of Claim asserts that there is no direct attack on the security document, the charge, in this case, rather the plaintiffs claim to be entitled to an equitable set-off. The difference is furth
er reflected in the nature of the relief claimed by the plaintiffs which is not a declaration that the charge is null and void but that they are entitled to an equitable set-off.
\par 
\par In the circumstances defence counsel relying on such authorities as }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Harvey v. McWatters}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1948) 49 NSWSR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  173 and }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Glandore Pty Ltd. v. Elders Finance and Investment Co. Ltd.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1948) 4 FL}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 R 130 and }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
Blundell & Anor v. Associated Securities Ltd.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1971) 19 FLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
 17, urges the Court to to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid13108512\charrsid9074480 [sic] }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 which list
 might be added consider "moulding" an order "so as to require payment in of so much only as will suffice to give adequate protection to the mortgagee" per Sugarman J. in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Harvey v. McWatters}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  (}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 ibid}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 ) and counsel suggests the payment in of the interest accrued to date.

\par 
\par Lea}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 rn}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
ed counsel for the plaintiffs in opposing this second order lays stress on the close even direct relationship between the plaintiffs claim and the creation of the defendants charge. In this counsel relied on such authorities as }{\rtlch\fcs1 
\ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Rawson v. Samuel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1841) 54 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid13108512\charrsid9074480 R 259;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Cunningham v. National Australia Bank}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1987) 77 ALR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  632 and }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
British Anzani (Felixstowe) Ltd. v. International Marine Management (U.K.) Ltd.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  [1980] 1 Q}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480 B}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  137 where the particular expressions used are: "... whether the nexus bet
ween the claim and cross claim was such that the cross-claim could be said to impeach the title of the plaintiff" (per Jenkinson J. at p. 637) and "... the important qualification is that the equity must impeach the title to the legal demand, or in other 
words go to the very foundation of the landlord}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid13108512\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 s claim." (per Forbes J. at p. 152).
\par 
\par To this list may be added the observation of Somers J. in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Grant v. N.Z.M.C. Ltd.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480  [1989] 1 NZLR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  8 when he said at pp. 12, 13 in delivering the judgment of the Court of Appeal:

\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
"The principle is we think, clear. The defendant may set-off a cross-claim which so affects the plaintif}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid5451671\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
s claim that it would be unjust to allow the plaintiff to have judgment without bringing the cross-claim to account. The link must be such that th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 
e two are in effect interdepende}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 nt; judgment on one cannot fairly be given without regard to the other}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid5451671\charrsid9074480 ;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 defendant's claim calls into question or impeaches the plaintif}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid8471852\charrsid9074480 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid5451671\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 s demand. It is neither necessary, nor decisive, that claim and cross-claim arise out of the same contract."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 See also}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 : The judgment of Giles J. in }{\rtlch\fcs1 \ab\ai\af0\afs24 
\ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Murphy v. Zamonex}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1993) 31 NS}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480 LR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  439).
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par It is convenient at this stage to deal with the nature of the plaintiffs
 claim in the present case as disclosed in its amended Statement of Claim. Briefly the plaintiffs claim that contracts entered by them for the purchase of a sawmill and for which a charge was given by the plaintiffs to the defendants to secure the purchas
e price were induced by a false misrepresentation as to the production capabilities of the mill upon a small outlay by the plaintiffs, made recklessly by representatives of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
the defendants and without regard to the truth or accuracy of the representation. In
 as much the plaintiffs claim includes an allegation of fraud and deceit. Since the purchase was finalised the plaintiffs have paid $2 million to the defendants and there remains an outstanding balance of $1.5 million which is secured by the charge in que
stion. The plaintiff}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
s claim to have suffered substantial damages for the losses sustained by it in reliance on the defendants}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  misrepresentations as to the nature and costs of the remedial works required by the mill.
\par 
\par The defendants for their part deny making any such misrepresentations and/or the falsity of the same. In particular, learned defence counsel also drew the Court's attention to the terms of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Clause 7.35}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  an exclusion clause in the Charge under which the chargor'
s duties and obligations are descri
bed as being: "... absolute and unconditional and shall not be subject to reduction, termination or other impairment by set-off ..." and in which the Chargor agreed that its obligation to make any payments under the charge would not be "... released, reli
e
ved or discharged ... for any reason whatsoever including ... misrepresentation, negligence, gross negligence, wilful misconduct ... under or in connection with this agreement ...", and counsel submits that the plaintiffs thereby contractually excluded ex
pressly any right of equitable set off.
\par 
\par Plaintiffs counsel in a short response referred to the decision of the House of Lords in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Pearson and Sons Ltd. v. Dublin Corporation}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid9074480  [1907] A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 C
 351 in which their lordships declined to uphold an exclusion clause where there had been allegations of fraud. Reference need only be made to the judgments of Lord Loreburn L.C. where he said at p. 353 in referring to the exclusion clause:
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
"Now it seems clear that no one can escape liability for his own fraudulent statements by inserting in a contract a clause that the other}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 
 party shall not rely}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  upon them."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid10571761 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 and the Earl of Halsbury who said at p. 356:

\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid10571761\charrsid9074480 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid1735275 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 "The action is based on the a
llegation of fraud, and no subtlety of language, no craft or machinery in the form of contract, can estop a person who complains that he has been defrauded from having that question of fact submitted to the jury."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par I am satisfied at this interlocutory stage that the plaintiffs claim raises serious questions including allegations of fraud on the part of the defendants' representatives which are incapable of being resolved or determined without a trial.
\par 
\par To return then to the second order sought by the defendants i.e. of payment in. This application in my opinion is concluded by the judgment of the Fiji Court of Appeal in the }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Manganex}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  case (}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 
\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 op.cit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
) in which the Court rejected a similar submission of Mr. Handley Q.C. that in restraining the debenture holder and its appointed receiver from exercising its powers under the debenture the Court ought to have 
imposed a condition that the injunctor bring into Court either the whole or a substantial part of the sum claimed by the debenture holder.
\par 
\par O'Regan J.A. in discussing the nature of the security in the case i.e. a company debenture, said in words that are directly applicable to the present security, at pp. 10, 11:
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid1735275 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
"The first appellant's security does not vest in it the legal estate in any of the respondent's realty or ownership of its personalty. It charges ... all its undertaking and all its property whats
oever and wheresoever both present and future including its uncalled capital and then goes on to provide:
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par }\pard \ltrpar\ql \li1440\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin1440\itap0\pararsid1735275 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
'The charge hereby created shall operate as a fixed charge as regards all freehold and leasehold property ... building structures, erections improvements uncalled capital, engines, machines, machinery plant and vehicles of the company}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid11407514\charrsid9074480  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 ...'
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid1735275 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
Whether fixed or floating it is nonetheless a char
ge and clearly does not pass the legal estate or property in the assets of the company. In that circumstance, having regard to the historical base and the genesis of the rule as enunciated by Fox J. (with whom we respectfully agree) in }{\rtlch\fcs1 
\ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Blundell's}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
 case we are of opinion that neither the general rule (as set out in the }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Inglis }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 case) nor the special or subsidiary rule expounded by Sugarman J. in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
McWatters}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  case apply to debenture charges creating as they do merely equitable interests."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par Furthermore in }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 \b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Town and Country v. Planning Partnership Pacific}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid9074480  (1988) 20 FCR}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  540 the full Court of South Australia in refusing leave to appeal against 
the discharge of an injunction restraining the appointment of a receiver under a mortgage recognised albeit tentatively a somewhat similar distinction in commenting on the general rule enunciated in the }{\rtlch\fcs1 \ab\ai\af0\afs24 \ltrch\fcs0 
\b\i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Inglis}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480  case when it said at p. 544:
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid1735275 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
"The rationale for the rule may thus be thought to have less relevance to a mortgage of land which is included in a Torrens system o
f title registration where the mortgage operates as a mere charge on the land and not as a conveyance to the mortgagee of the mortgagor's legal interest in the property."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8471852 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
\par In the present case the defendants interest or claim under its charge may be describ
ed as being that of an assignee of a mortgage which is secured over real property, a sawmill, and a timber milling business beneficially owned and operated by the plaintiffs in Fiji. Such a security could only give rise in my opinion to what the Fiji Cour
t of Appeal describes as "merely equitable interests".
\par 
\par O'Regan J.A. recognised however the possibility that there may be some diminution in the value of the security by virtue of a lack of proper maintenance or mismanagement and in order to meet such an eventuality t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\lang2057\langfe1033\langnp2057\insrsid12067193\charrsid9074480 he Court could not in pursuance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 
 of any rule of law - but in the Court's discretion, impose conditions which would avoid hardship and consequential injustice and not render the interlocutory relief nugatory.
\par 
\par I turn then to consider whether or not there is any evidence of a possibility of diminution in the value of the defendants security or from which the Court might infer lack of proper maintenance or mismanagement on the part of the plaintiffs.
\par 
\par In this regard I confess that having carefully co
nsidered the affidavits filed on behalf of the defendants I am unable to find any such evidence nor am I constrained to draw such adverse inferences against the plaintiff companies with whom the defendants chose to deal with at the outset in establishing 
its charge.
\par 
\par Finally, although no issue was raised with regard to the balance of convenience in the case I am firmly of view that this factor strongly favours the plaintiffs and the maintenance of the existing status quo.
\par 
\par The defendants' application is accordingly dismissed with costs to be taxed if not agreed.
\par 
\par (}{\rtlch\fcs1 \ai\af0\afs24 \ltrch\fcs0 \i\fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 Application dismissed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\lang2057\langfe1033\langnp2057\insrsid1735275\charrsid9074480 )
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