AquireFX Limited v Monoova Global Payments Limited [2024] NSWSC 1542

AquireFX Limited v Monoova Global Payments Limited [2024] NSWSC 1542

There is reason to believe the plaintiff corporation will not be able to pay the defendants' costs if ordered; no serious discretionary ground was raised against security; appropriate security is $180,000 payable in three tranches proportionate to the claim and estimated costs; proceedings to be stayed if security is not given; plaintiff to pay costs of the motion.

Parties
Plaintiff: AquireFX Limited; First Defendant: Monoova Global Payments Limited; Second Defendant: Monoova Payments Pty Ltd
Jurisdiction
Australia
Judgment Date
04 December 2024
Procedural Posture
Equity Commercial List / Security for Costs Motion Decision
Outcome
Security for costs granted; proceedings to be stayed if not provided; costs order against plaintiff.
Legal Topics
Security for Costs, Costs, Corporate Procedural Issues
Civil Procedure Security for Costs Costs Corporate Procedural Issues

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 7 Party arguments 2 Amounts and remedies 11
Sign in to unlock

Parties

AquireFX Limited

Plaintiff

Monoova Global Payments Limited

First Defendant

Monoova Payments Pty Ltd

Second Defendant

Procedural Posture

Equity Commercial List / Security for Costs Motion Decision

Legal Issues

  1. 1 Whether the plaintiff should provide security for the defendants' costs
  2. 2 Whether the plaintiff, as a corporation, will be unable to pay the defendants' costs if ordered
  3. 3 Quantum and form of security for costs

Ratio Decidendi

There is reason to believe the plaintiff corporation will not be able to pay the defendants' costs if ordered; no serious discretionary ground was raised against security; appropriate security is $180,000 payable in three tranches proportionate to the claim and estimated costs; proceedings to be stayed if security is not given; plaintiff to pay costs of the motion.

Court Disposition

Security for costs granted; proceedings to be stayed if not provided; costs order against plaintiff.

Orders

  • Plaintiff to provide security for defendants' costs ($180,000 in three tranches: $60,000 by 14 January 2025; $60,000 within 28 days of matter fixed for hearing; $60,000 at least 42 days before trial commencement).
  • Proceedings stayed if security is not provided as ordered.