Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA [2013] EWCA Civ 218 (25 February 2013)

Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA [2013] EWCA Civ 218 (25 February 2013)

Security for costs is ordered as Olympic is insolvent and unable to pay costs, and there is no sufficient evidence that the appeal would be stifled, including lack of evidence regarding the Greek State's ability or willingness to provide security. It would be unjust for the Trustees to resist the appeal without security.

Citation
[2013] EWCA Civ 218
Parties
Applicant/respondent: The Trustees of the Olympic Airlines S. A Pension & Life Assurance Scheme; Respondent/appellant: Olympic Airlines S. A.
Jurisdiction
England and Wales
Judgment Date
25 February 2013
Procedural Posture
Application for Security for Costs in Appeal / Court of Appeal, Post Permission to Appeal, Pre Appeal Hearing
Outcome
Application for security for costs granted
Legal Topics
Security for Costs, Winding Up Order, Cross Border Insolvency, Pension Scheme Deficit
Insolvency Civil Procedure Pensions Security for Costs Winding Up Order Cross Border Insolvency Pension Scheme Deficit

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Parties

The Trustees of the Olympic Airlines S. A Pension & Life Assurance Scheme

Applicant/respondent

Olympic Airlines S. A.

Respondent/appellant

Procedural Posture

Application for Security for Costs in Appeal / Court of Appeal, Post Permission to Appeal, Pre Appeal Hearing

Legal Issues

  1. 1 Whether security for costs should be ordered against an appellant company in liquidation under CPR 25.15
  2. 2 Whether an order for security would stifle the appeal due to Greek insolvency law

Ratio Decidendi

Security for costs is ordered as Olympic is insolvent and unable to pay costs, and there is no sufficient evidence that the appeal would be stifled, including lack of evidence regarding the Greek State's ability or willingness to provide security. It would be unjust for the Trustees to resist the appeal without security.

Court Disposition

Application for security for costs granted

Orders

  • Olympic Airlines S. A. to provide security for costs in the sum of £60,000
  • Liberty to apply for determination of any issue concerning Greek law prior to any payment out