9 Sept 2011
TAYLOR V BANK OF NEW ZEALAND HC AK CIV-2011-404-001842
- Citation
- openlaw-91e2db93_3f88_49e6_9b14_eac3b38126a0.pdf
- Court
- High Court
Threshold satisfied: Trust will be unable to pay the Bank's costs if unsuccessful. On interlocutory assessment the Trust's substantive claim faced substantial hurdles (conflict of evidence, bank's documented practice requiring written loan offers, conditionality of alleged promises, weak Fair Trading Act cause). The Trust's impecuniosity was not primarily caused by the Bank but by market falls and delay; proceedings appear to have been issued to forestall recovery. Accordingly it was just to order security for costs. Quantum set at NZD 17,500 as a realistic but not oppressive contribution tow…