Ashington Capital Pty Ltd & Anor v Parissen Capital (Project X) Pty Ltd & Anor [2012] NSWSC 410

Ashington Capital Pty Ltd & Anor v Parissen Capital (Project X) Pty Ltd & Anor [2012] NSWSC 410

Security was appropriate, but the first defendant's claimed amount of $316,065 was reduced because past costs included amounts referable to issues on which the plaintiffs were arguably successful, some costs related to the security application itself, no allowance should be made for disclosure, the issues for trial were not especially complex, the likely trial length was 3 to 4 days, and proportionality required a reasonable relationship between the security and the $774,292.47 claim. The plaintiffs' proposed charge or second mortgage over Crayon's property was unsatisfactory because there was no evidence of PCL's consent, the property value evidence was unreliable, and the protection...

Jurisdiction
Australia
Judgment Date
01 May 2012
Procedural Posture
Civil Proceedings; Interlocutory Application for Security for Costs / Notice of Motion Filed 11 November 2011 by the First Defendant for Security for Costs
Outcome
The first defendant's motion for security for costs was granted in part; security was ordered in the amount of $165,000, and the plaintiffs' proposed form of security was rejected.
Legal Topics
['security for Costs' 'quantum of Security' 'form of Security' 'proportionality of Costs' 'stay of Proceedings']
['civil Procedure' 'costs' 'corporations'] ['security for Costs' 'quantum of Security' 'form of Security' 'proportionality of Costs' 'stay of Proceedings']

Case Brief

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Procedural Posture

Civil Proceedings; Interlocutory Application for Security for Costs / Notice of Motion Filed 11 November 2011 by the First Defendant for Security for Costs

Legal Issues

  1. 1 ["What amount of security for costs should the plaintiffs provide for the first defendant's costs up to, but not including, trial." 'Whether security should be provided by payment into court or bank guarantee, or by a charge or second registered mortgage over a Potts Point property owned by Crayon Property Pty Ltd.' "What costs order should be made on the first defendant's notice of motion."]

Ratio Decidendi

Security was appropriate, but the first defendant's claimed amount of $316,065 was reduced because past costs included amounts referable to issues on which the plaintiffs were arguably successful, some costs related to the security application itself, no allowance should be made for disclosure, the issues for trial were not especially complex, the likely trial length was 3 to 4 days, and proportionality required a reasonable relationship between the security and the $774,292.47 claim. The plaintiffs' proposed charge or second mortgage over Crayon's property was unsatisfactory because there was no evidence of PCL's consent, the property value evidence was unreliable, and the protection...

Court Disposition

The first defendant's motion for security for costs was granted in part; security was ordered in the amount of $165,000, and the plaintiffs' proposed form of security was rejected.

Orders

  • ["The plaintiffs provide security for the first defendant's costs of the proceedings up to, but not including, the trial in the amount of $165,000 by way of either payment into court of that amount or by way of bank guarantee in a form acceptable to the registrar by 4pm 12 June 2012, or otherwise as agreed by the...