Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Deep Sea Oils Ltd v K M Corporation Pty Ltd [2000] FCA 944
COSTS - Application for security for costs - discretion of a Judge of the Court to order an applicant to give security for the payment of costs against the applicant - determination of application for security for costs in circumstances where applicant is a corporation and has debts which exceed its assets - whether a guarantee of security is appropriate in such circumstances Life Insurance Act 1995 (Cth) s202(3)
Federal Court of Australia Act 1976 (Cth) s56 Reches Pty Ltd v Tadiran Pty Ltd (1998) 85 FCR 514 followed
Willey v Synan (1935) 54 CLR 175 distinguished DEEP SEA OILS LTD v K M CORPORATION PTY LTD T 7 of 2000 MARSHALL J 23 JUNE 2000 HOBART
IN THE FEDERAL COURT OF AUSTRALIA
TASMANIA DISTRICT REGISTRY T 7 of 2000
BETWEEN: DEEP SEA OILS LIMITED
(ACN 050 205 831)
APPLICANT
AND: K M CORPORATION PTY LTD
(ACN 070 858 203)
RESPONDENT
JUDGE: MARSHALL J
DATE OF ORDER: 23 JUNE 2000
WHERE MADE: HOBART
THE COURT ORDERS THAT: 1. The substantive application be dismissed unless on or before 14 July 2000 the applicant provide security for costs of the application in a sum of $40,000. Such security to be in cash or in a bank guarantee of a kind acceptable to the District Registrar provided that that security will be deemed to be satisfied if there is provided by 14 July 2000 by the applicant's solicitors a guarantee by Mr and Mrs Yasuda of payment by the applicant of any of the costs which the applicant is ordered to pay to the respondent in this proceeding, if any. Such guarantee to be in a form to be agreed by the parties or approved by the District Registrar.
2. Costs reserved.
3. Having regard to the issues raised by the respondent concerning any difficulties that may come from the guarantee, that liberty to apply be reserved on not less than 48 hours written notice to each other party. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
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