ACN 105 921 962 Pty Ltd & Ors v Dominic Wiggett & Anor [2012] NSWSC 1526

ACN 105 921 962 Pty Ltd & Ors v Dominic Wiggett & Anor [2012] NSWSC 1526

The undertakings offered by the Plaintiffs and related parties were insufficient to adequately protect the Defendants due to lack of control over trust distributions and asset structuring possibilities; the Defendants established jurisdiction under Corporations Act s 1335 and UCPR r 42.21, and appropriate discretionary factors favoured an order for security, in the quantum of $46,000 payable in two tranches.

Jurisdiction
Australia
Judgment Date
11 December 2012
Procedural Posture
Interlocutory Application / Ruling on Application for Security for Costs
Outcome
Security for costs ordered against First and Third Plaintiffs
Legal Topics
['security for Costs' 'costs' 'corporate Impecuniosity' 'trustee Liability' 'discretionary Factors for Security Orders']
['civil Procedure' 'corporations Law' 'equity'] ['security for Costs' 'costs' 'corporate Impecuniosity' 'trustee Liability' 'discretionary Factors for Security Orders']

Case Brief

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Procedural Posture

Interlocutory Application / Ruling on Application for Security for Costs

Legal Issues

  1. 1 ['Whether the jurisdiction to make an order for security for costs is established against the First and Third Plaintiffs' 'Whether the undertakings offered are sufficient to displace the need for security' 'What quantum of security is appropriate' 'Whether discretionary factors favour or oppose the order for security for costs']

Ratio Decidendi

The undertakings offered by the Plaintiffs and related parties were insufficient to adequately protect the Defendants due to lack of control over trust distributions and asset structuring possibilities; the Defendants established jurisdiction under Corporations Act s 1335 and UCPR r 42.21, and appropriate discretionary factors favoured an order for security, in the quantum of $46,000 payable in two tranches.

Court Disposition

Security for costs ordered against First and Third Plaintiffs

Orders

  • ["The First and Third Plaintiffs provide security for the Defendants' costs of the proceedings in such form as may be agreed between the parties, or otherwise in a form to be determined by a Registrar, in two tranches: (a) the amount of $23,000 within 28 days; and (b) the amount of $23,000 no later than 8 weeks...