Golden Grove Estates Ltd v Chancerygate Asset Management Ltd

CAM failed to discharge the burden of proving Golden Grove would be unable to pay costs if ordered, provided the financial information is properly verified. Security for costs is not warranted at this stage.

Parties: Claimant: Golden Grove Estates Limited; Defendant: Chancerygate Asset Management Limited
Jurisdiction: England and Wales
Judgment Date: 30 April 2007
Procedural Posture: Civil / Appeal and Renewed Application for Security for Costs
Outcome: Appeal allowed against para 2 of Master's Order; no award for security for costs subject to verification of financial information.
Legal Topics: Security for Costs, Breach of Contract, Enforcement of Judgments, Company Law

Civil Procedure Security for Costs Breach of Contract Enforcement of Judgments Company Law

Case Brief

Summary, issues, holding and outcome

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Full judgment text Downloadable case file Legal principles 3 Authorities cited 9 Party arguments 2 Amounts and remedies 13

Parties

Golden Grove Estates Limited

Claimant

Chancerygate Asset Management Limited

Defendant

Procedural Posture

Civil / Appeal and Renewed Application for Security for Costs

Legal Issues

1 Whether security for costs should be ordered against a foreign claimant
2 Whether the claimant will be unable to pay the defendant's costs if ordered to do so
3 Adequacy and verification of claimant's financial information

Ratio Decidendi

Court Disposition

Appeal allowed against para 2 of Master's Order; no award for security for costs subject to verification of financial information.

Orders

If the letter of 6th June 2006 is duly verified within seven days, no award for security for costs will be made.
No award for security for costs on renewed application for costs down to exchange of witness statements or trial, subject to verification.