In the matter of Tiaro Coal Limited (in liq) [2018] NSWSC 746

In the matter of Tiaro Coal Limited (in liq) [2018] NSWSC 746

A deed of indemnity from an overseas insurer can constitute adequate security for costs, provided it does not contain uncertain qualifications and adequately protects the defendant; specific amendments to the proposed deed were required to achieve sufficiency.

Parties
First Defendant / Applicant: Peter Meers; Plaintiff / Respondent: Tiaro Coal Limited (in liq)
Jurisdiction
Australia
Judgment Date
24 May 2018
Procedural Posture
Application for Security for Costs / Interlocutory Application
Outcome
Security for costs ordered; parties to bring in short minutes of order consistent with reasons
Legal Topics
Security for Costs, Liquidation, Form of Security, Deed of Indemnity, Bank Guarantee
Civil Procedure Security for Costs Liquidation Form of Security Deed of Indemnity Bank Guarantee

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Parties

Peter Meers

First Defendant / Applicant

Tiaro Coal Limited (in liq)

Plaintiff / Respondent

Procedural Posture

Application for Security for Costs / Interlocutory Application

Legal Issues

  1. 1 Whether a deed of indemnity from an overseas insurer is an adequate form of security for costs
  2. 2 Whether certain terms in the proposed deed create unacceptable disadvantage for the defendant

Ratio Decidendi

A deed of indemnity from an overseas insurer can constitute adequate security for costs, provided it does not contain uncertain qualifications and adequately protects the defendant; specific amendments to the proposed deed were required to achieve sufficiency.

Court Disposition

Security for costs ordered; parties to bring in short minutes of order consistent with reasons

Orders

  • Plaintiff to provide security for costs for Mr Meers in the sum of $81,020 for tranche 1, either by payment into court or a deed of indemnity from AmTrust with required amendments.
  • Parties to bring in short minutes of order within 10 business days.