Irish Bank Resolution Corporation Ltd v DTZ Debenham Tie Leung Ltd

Irish Bank Resolution Corporation Ltd v DTZ Debenham Tie Leung Ltd

The Defendant failed to demonstrate a real risk that the Claimant would be unable to satisfy any costs order, as the relevant Irish statutory provisions and case law establish that costs incurred by the liquidator in adopted actions are priority debts, and the existence of a floating charge-holder does not affect this priority under current Irish law.

Parties
Applicant/defendant: Irish Bank Resolution Corporation Ltd; Respondent/claimant: DTZ Debenham Tie Leung Ltd
Jurisdiction
England and Wales
Judgment Date
07 March 2013
Procedural Posture
Commercial Court Application / Ruling on Application for Security for Costs
Outcome
Application for security for costs dismissed
Legal Topics
Security for Costs, Liquidation Priorities, Professional Negligence
Insolvency Civil Procedure Security for Costs Liquidation Priorities Professional Negligence

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Parties

Irish Bank Resolution Corporation Ltd

Applicant/defendant

DTZ Debenham Tie Leung Ltd

Respondent/claimant

Procedural Posture

Commercial Court Application / Ruling on Application for Security for Costs

Legal Issues

  1. 1 Whether the Defendant is entitled to security for costs given the Claimant's liquidation status
  2. 2 Whether the unique Irish liquidation affects priority of costs
  3. 3 Whether a floating charge-holder could affect priority of costs

Ratio Decidendi

The Defendant failed to demonstrate a real risk that the Claimant would be unable to satisfy any costs order, as the relevant Irish statutory provisions and case law establish that costs incurred by the liquidator in adopted actions are priority debts, and the existence of a floating charge-holder does not affect this priority under current Irish law.

Court Disposition

Application for security for costs dismissed

Orders

  • Application for security for costs is dismissed