You might like to read the whole thing but I think it is a tad boring unless you are really into Contract Law!
Para 2 "2 The respondents were appointed liquidators of Legend International Holdings Inc (in liq) (‘Legend’) by order of Randall AsJ on 2 June 2016. Legend owns 100 per cent of the shares in the second applicant, Paradise Phosphate Ltd (‘Paradise’). Paradise owns various phosphate tenements in Queensland. The current directors of Paradise are Mr Sholom Feldman and his mother, Mrs Pnina Feldman. Mr Feldman and Mrs Feldman are, respectively, the nephew and sister of Mr Joseph Gutnick." http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VSCA//2017/269.html
Para 15 "15 On 24 April 2017, an application made by the applicants (filed 12 April 2017) to vary the undertakings previously given by the Feldmans was heard by Randall AsJ. The variation sought was to enable the Feldmans, as directors of Paradise, to obtain a secured loan of $1million from Queensland Bauxite Ltd (another company associated with them) for the purpose of funding legal and other expenses of Paradise. The application was refused." http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VSCA//2017/269.html
As far as I can ascertain, in a case unrelated to the commercial interests of QBL (CGB), an application was made by the directors of Paradise to the Supreme Court of Victoria that they would obtain a secured loan of $1,000,000 from QBL for the purpose of "... funding legal and other expenses of Paradise." Yes?
The above is a matter of record of the Supreme Court of Victoria and as such it is readily available to the public (see the links above).
Let's be clear - it is not my opinion.Can I ask - what are posters questions / thoughts / conclusions after reading those paras?
