Incomlend Pte Ltd v Insurance Australia Ltd [2024] NSWSC 1482

Incomlend Pte Ltd v Insurance Australia Ltd [2024] NSWSC 1482

Security for costs of $1.75 million is adequate based on a broad brush estimate of necessary investigations, lay evidence, and associated costs; a deed of indemnity from AmTrust, as modified, together with $45,000 paid into court for enforcement, provides sufficient protection and does not impose unacceptable risk or disadvantage on defendants.

Parties
Second Defendant/first Applicant: Tokio Marine & Nichido Fire Insurance Co Ltd; Third Defendant/second Applicant: BCC Trade Credit Pty Ltd; First Plaintiff/first Respondent: Incomlend Pte Ltd; Second Plaintiff/second Respondent: Amicorp Trustees (Singapore) Limited
Jurisdiction
Australia
Judgment Date
21 November 2024
Procedural Posture
Security for Costs Motion / Interlocutory
Legal Topics
Security for Costs, Trade Credit Insurance, Form and Quantum of Security, Enforcement of Foreign Judgments
Civil Procedure Commercial Law Security for Costs Trade Credit Insurance Form and Quantum of Security Enforcement of Foreign Judgments

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Parties

Tokio Marine & Nichido Fire Insurance Co Ltd

Second Defendant/first Applicant

BCC Trade Credit Pty Ltd

Third Defendant/second Applicant

Incomlend Pte Ltd

First Plaintiff/first Respondent

Amicorp Trustees (Singapore) Limited

Second Plaintiff/second Respondent

Procedural Posture

Security for Costs Motion / Interlocutory

Legal Issues

  1. 1 What quantum of security for costs should be ordered for overseas plaintiffs in funded litigation?
  2. 2 Is a deed of indemnity from a foreign insurer an adequate form of security for costs?
  3. 3 Does the proposed deed sufficiently protect defendants against risks of enforcement and delay?

Ratio Decidendi

Security for costs of $1.75 million is adequate based on a broad brush estimate of necessary investigations, lay evidence, and associated costs; a deed of indemnity from AmTrust, as modified, together with $45,000 paid into court for enforcement, provides sufficient protection and does not impose unacceptable risk or disadvantage on defendants.