STEENBOK NEWCO 10 SARL v FORMAL HOLDINGS LIMITED

STEENBOK NEWCO 10 SARL v FORMAL HOLDINGS LIMITED

The uplift in security for costs is justified due to material changes in litigation complexity, expanded pleadings, additional witness statements and expert reports, and increased trial length. However, uplift is limited to 60% of headline costs at previous solicitor rates; increased rates are not recoverable. Incurred costs are included. Costs awarded to Defendants, subject to minor reduction.

Parties
Claimant: Steenbok Newco 10 SARL; Claimant: Ibex Retail Investments Limited; Defendant: Formal Holdings Limited; Defendant: Mr Malcolm King; Defendant: Mr Nicholas King
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Commercial Court Application / Ruling on Application for Uplift in Security for Costs
Outcome
Application for uplift in security for costs granted in part.
Legal Topics
Security for Costs, Costs Assessment, Fraud Allegations, Case Management
Civil Procedure Commercial Law Security for Costs Costs Assessment Fraud Allegations Case Management

Case Brief

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Parties

Steenbok Newco 10 SARL

Claimant

Ibex Retail Investments Limited

Claimant

Formal Holdings Limited

Defendant

Mr Malcolm King

Defendant

Mr Nicholas King

Defendant

Procedural Posture

Commercial Court Application / Ruling on Application for Uplift in Security for Costs

Legal Issues

  1. 1 Whether Defendants are entitled to an uplift in security for costs
  2. 2 Appropriate percentage for security for costs
  3. 3 Inclusion of increased solicitor rates in uplift

Ratio Decidendi

The uplift in security for costs is justified due to material changes in litigation complexity, expanded pleadings, additional witness statements and expert reports, and increased trial length. However, uplift is limited to 60% of headline costs at previous solicitor rates; increased rates are not recoverable. Incurred costs are included. Costs awarded to Defendants, subject to minor reduction.

Court Disposition

Application for uplift in security for costs granted in part.

Orders

  • Claimants to pay uplifted security for costs in the sum of £351,049.62 for pleadings and CMC phase, £375,000 for witness statements and expert reports, £700,000 for trial preparation and trial phase, all at previous solicitor rates.
  • Claimants to pay Defendants' costs of the application in the sum of £65,000.