The Republic of Kazakhstan v Istil Group Inc

The Republic of Kazakhstan v Istil Group Inc

The parties, through their solicitors, made a binding agreement that £30,000 would be the security for costs for the entirety of the Commercial Court proceedings, with no reservation for further sums. There are no grounds to set aside the agreement for mistake or changed circumstances. The court will not order further security unless the agreement is void or voidable, which it is not in this case.

Parties
Claimant: The Republic of Kazakhstan; Defendant: Istil Group Inc.
Jurisdiction
England and Wales
Judgment Date
18 October 2005
Procedural Posture
Commercial Application (security for Costs) / Judgment on Application for Further Security for Costs
Outcome
Application for further security for costs dismissed
Legal Topics
Security for Costs, Enforcement of Arbitral Awards, Contractual Agreements on Security, Mistake in Contract
Civil Procedure Arbitration Security for Costs Enforcement of Arbitral Awards Contractual Agreements on Security Mistake in Contract

Case Brief

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Parties

The Republic of Kazakhstan

Claimant

Istil Group Inc.

Defendant

Procedural Posture

Commercial Application (security for Costs) / Judgment on Application for Further Security for Costs

Legal Issues

  1. 1 Whether the court should order further security for costs beyond the agreed sum of £30,000
  2. 2 Whether the agreement on security for costs is void or voidable for mistake
  3. 3 Whether there has been a significant change of circumstances justifying further security

Ratio Decidendi

The parties, through their solicitors, made a binding agreement that £30,000 would be the security for costs for the entirety of the Commercial Court proceedings, with no reservation for further sums. There are no grounds to set aside the agreement for mistake or changed circumstances. The court will not order further security unless the agreement is void or voidable, which it is not in this case.

Court Disposition

Application for further security for costs dismissed

Orders

  • The parties are held to their agreement for security for costs in the sum of £30,000 for the Commercial Court proceedings only.