Topcide Pty Limited v Charter Financial Planning Ltd [2010] FCA 1151

Topcide Pty Limited v Charter Financial Planning Ltd [2010] FCA 1151

There is credible testimony establishing reason to believe Topcide Pty Limited will be unable to pay costs if unsuccessful. No discretionary factor justifies refusal or lesser security. Security for costs should be ordered as assessed by respondent solicitors, with payment in two stages, and costs of motions awarded to respondents.

Jurisdiction
Australia
Judgment Date
25 October 2010
Procedural Posture
Motion for Security for Costs / Interlocutory Decision on Motions for Security for Costs
Outcome
Security for costs ordered; costs of motions awarded to respondents; proceedings stayed against respondents if security not given.
Legal Topics
['security for Costs' 'corporations Act 2001 (cth) S 1335' 'discretionary Considerations for Security Orders']
['civil Procedure' 'corporations Law'] ['security for Costs' 'corporations Act 2001 (cth) S 1335' 'discretionary Considerations for Security Orders']

Case Brief

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Procedural Posture

Motion for Security for Costs / Interlocutory Decision on Motions for Security for Costs

Legal Issues

  1. 1 ['Whether security for costs should be ordered against corporate applicant Topcide Pty Limited under s 1335 Corporations Act 2001 (Cth)' "Assessment of the applicant's capacity to meet adverse costs orders" 'Discretionary factors weighing for or against security for costs']

Ratio Decidendi

There is credible testimony establishing reason to believe Topcide Pty Limited will be unable to pay costs if unsuccessful. No discretionary factor justifies refusal or lesser security. Security for costs should be ordered as assessed by respondent solicitors, with payment in two stages, and costs of motions awarded to respondents.

Court Disposition

Security for costs ordered; costs of motions awarded to respondents; proceedings stayed against respondents if security not given.

Orders

  • ['Applicant to give security to First Respondent by payment into Court or irrevocable Australian bank guarantee of $135,000 within 28 days, plus $66,360 not less than 28 days before hearing.' "Applicant to pay First Respondent's costs of and incidental to the motion." 'If security not given, proceeding against First...