MOUNTAIN ASH PORTFOLIO LIMITED v BORIS TSIBENOVICH VASILYEV

MOUNTAIN ASH PORTFOLIO LIMITED v BORIS TSIBENOVICH VASILYEV

Security for costs is ordered against the Claimant, a corporate trustee, as the threshold condition of insolvency is met, none of the grounds of opposition (merits, trustee status, stifling) are sufficient to displace the court’s discretion, and the amount of security is reduced to £1.1m as a reasonable sum.

Parties
Claimant: Mountain Ash Portfolio Limited (As Trustee of CF Structure Products BV); Defendant: Boris Tsibenovich Vasilyev
Jurisdiction
England and Wales
Judgment Date
21 July 2022
Procedural Posture
Application for Security for Costs / Post Set Aside of Default Judgment, Pre Summary Judgment
Outcome
Application for security for costs granted
Legal Topics
Security for Costs, Trustee Claims, Stifling of Claims, Merits Assessment, Quantum of Security
Civil Procedure Commercial Law Security for Costs Trustee Claims Stifling of Claims Merits Assessment Quantum of Security

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Parties

Mountain Ash Portfolio Limited (As Trustee of CF Structure Products BV)

Claimant

Boris Tsibenovich Vasilyev

Defendant

Procedural Posture

Application for Security for Costs / Post Set Aside of Default Judgment, Pre Summary Judgment

Legal Issues

  1. 1 Whether security for costs should be ordered against a corporate trustee claimant
  2. 2 Whether the merits of the claim preclude security for costs
  3. 3 Whether the application for security is oppressive or stifles the claim

Ratio Decidendi

Security for costs is ordered against the Claimant, a corporate trustee, as the threshold condition of insolvency is met, none of the grounds of opposition (merits, trustee status, stifling) are sufficient to displace the court’s discretion, and the amount of security is reduced to £1.1m as a reasonable sum.

Court Disposition

Application for security for costs granted

Orders

  • Claimant to provide security for Defendant’s costs in the sum of £1,100,000
  • Parties to agree terms of order and consequential matters; failing agreement, court will determine at formal hand down