In the matter of IPM Developments Pty Ltd [2023] NSWSC 1443

In the matter of IPM Developments Pty Ltd [2023] NSWSC 1443

Security for costs should be ordered in this case due to the plaintiffs' evident impecuniosity, the control of the proceedings by only two beneficial owners, and a lack of undertakings to address the risk of non-payment of costs, distinguishing this case from typical owners corporations. The quantum of $375,000 is reasonable and is to be paid in tranches.

Jurisdiction
Australia
Judgment Date
28 November 2023
Procedural Posture
Application for Security for Costs / Interlocutory Application
Outcome
Security for costs ordered against plaintiffs; plaintiffs to pay costs of motion; stay imposed if security not provided.
Legal Topics
['security for Costs' 'costs' 'impecuniosity of Plaintiffs']
['civil Procedure'] ['security for Costs' 'costs' 'impecuniosity of Plaintiffs']

Case Brief

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Procedural Posture

Application for Security for Costs / Interlocutory Application

Legal Issues

  1. 1 ['Whether security for costs should be ordered against impecunious owners corporations' 'Quantum and structure of security for costs to be provided']

Ratio Decidendi

Security for costs should be ordered in this case due to the plaintiffs' evident impecuniosity, the control of the proceedings by only two beneficial owners, and a lack of undertakings to address the risk of non-payment of costs, distinguishing this case from typical owners corporations. The quantum of $375,000 is reasonable and is to be paid in tranches.

Court Disposition

Security for costs ordered against plaintiffs; plaintiffs to pay costs of motion; stay imposed if security not provided.

Orders

  • ["Plaintiffs to provide security for defendants' costs of this proceeding and proceeding 2022/00069738 in the amount of $375,000 by way of payment into Court or as otherwise agreed." 'Security provided in three tranches: (1) $125,000 within 21 days of the judgment; (2) $125,000 within 21 days after the proceedings...