MCDS Group Nominees Pty Ltd v Angas Securities Ltd [2020] NSWSC 814

The defendants do not hold adequate security for their exposure to costs, and a further order for security is justified despite the plaintiff’s impecuniosity.

Jurisdiction: Australia
Judgment Date: 06 April 2020
Procedural Posture: Security for Costs Application / Interlocutory
Outcome: Plaintiff to provide further security for costs; conditional stay if not paid; costs order for the motion granted to defendants; matter stood over for directions.
Legal Topics: ['security for Costs' 'impecuniosity' 'litigation Funding']

['equity' 'commercial Law'] ['security for Costs' 'impecuniosity' 'litigation Funding']

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Procedural Posture

Security for Costs Application / Interlocutory

Legal Issues

1 ['Whether further security for costs should be ordered against the plaintiff' 'Whether current security held is adequate' 'Whether the plaintiff’s impecuniosity should affect the making of a further security for costs order']

Ratio Decidendi

The defendants do not hold adequate security for their exposure to costs, and a further order for security is justified despite the plaintiff’s impecuniosity.

Court Disposition

Plaintiff to provide further security for costs; conditional stay if not paid; costs order for the motion granted to defendants; matter stood over for directions.

Orders

["The plaintiff to give security for the defendants' costs in the sum of $524,439.74 by payment into Court within 21 days." 'If the security is not paid as ordered, the proceedings are stayed until it is paid.' "The plaintiff is to pay the defendants' costs of the Notice of Motion filed on 3 March 2020." "Parties...