Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA

Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA

Security for costs is ordered as Olympic is insolvent and unable to pay costs, and there is no sufficient evidence that the appeal would be stifled by such an order. The Greek State’s ability to provide security is relevant and unexplained. The sum ordered is reduced to £60,000 as proportionate.

Parties
Applicant/respondent: The Trustees of the Olympic Airlines S.A. Pension & Life Assurance Scheme; Respondent/appellant: Olympic Airlines S.A.
Jurisdiction
England and Wales
Judgment Date
25 February 2013
Procedural Posture
Application / Security for Costs Pending Appeal
Outcome
application granted
Legal Topics
Security for Costs, Winding Up Order, Cross Border Insolvency, Pension Scheme Deficit
Insolvency Pensions Civil Procedure Security for Costs Winding Up Order Cross Border Insolvency Pension Scheme Deficit

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Parties

The Trustees of the Olympic Airlines S.A. Pension & Life Assurance Scheme

Applicant/respondent

Olympic Airlines S.A.

Respondent/appellant

Procedural Posture

Application / Security for Costs Pending Appeal

Legal Issues

  1. 1 Whether security for costs should be ordered against an appellant in liquidation under Greek law
  2. 2 Whether an order for security would stifle the appeal due to Greek insolvency restrictions
  3. 3 Appropriate quantum of security for costs

Ratio Decidendi

Security for costs is ordered as Olympic is insolvent and unable to pay costs, and there is no sufficient evidence that the appeal would be stifled by such an order. The Greek State’s ability to provide security is relevant and unexplained. The sum ordered is reduced to £60,000 as proportionate.

Court Disposition

application granted

Orders

  • Olympic Airlines S.A. to provide security for costs in the sum of £60,000
  • Liberty to apply for determination of any issue concerning Greek law prior to payment out