Coral Reef Ltd v Silverbond Enterprises Ltd & Anor

Given the claimant's deliberate refusal to provide financial information, lack of evidence of assets, and the legal principles established by the Court of Appeal, there is reason to believe the claimant will be unable to pay the defendants' costs if ordered, justifying an order for security for costs.

Parties: Claimant: Coral Reef Limited; First Defendant: Silverbond Enterprises Limited; Second Defendant: Eiroholdings Invest
Jurisdiction: England and Wales
Judgment Date: 20 April 2016
Procedural Posture: Civil / Application for Security for Costs
Outcome: Application for security for costs granted; quantum and timing to be determined at a subsequent hearing unless agreed by parties.
Legal Topics: Security for Costs, Doctrine of Precedent, Beneficial Ownership of Shares, Rectification of Share Register

Civil Procedure Company Law Security for Costs Doctrine of Precedent Beneficial Ownership of Shares Rectification of Share Register

Case Brief

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Parties

Coral Reef Limited

Claimant

Silverbond Enterprises Limited

First Defendant

Eiroholdings Invest

Second Defendant

Procedural Posture

Civil / Application for Security for Costs

Legal Issues

1 Whether the claimant should be ordered to provide security for the defendants' costs
2 Whether the claimant's refusal to disclose financial information justifies an inference of inability to pay costs
3 Whether a master is bound by decisions of High Court judges under the doctrine of precedent

Ratio Decidendi

Court Disposition

Application for security for costs granted; quantum and timing to be determined at a subsequent hearing unless agreed by parties.

Orders

Security for costs to be ordered; quantum and timing to be determined at a relisted hearing.