Tyne v UBS AG [2014] FCA 1073

FEDERAL COURT OF AUSTRALIA

Tyne v UBS AG [2014] FCA 1073 Citation: Tyne v UBS AG [2014] FCA 1073

Parties: SCOTT FRANCIS TYNE AS TRUSTEE OF THE ARGOT TRUST and CLARE ELIZABETH MARKS v UBS AG

File number(s): QUD 10 of 2014

Judge(s): GREENWOOD J

Date of judgment: 3 October 2014

Catchwords: PRACTICE AND PROCEDURE – consideration of an application for security for costs by a respondent in circumstances where the first applicant in the proceeding is an individual who is the trustee of a unit trust – consideration of the circumstances of impecuniosity on the part of the trustee – consideration of whether an order will stultify and foreclose the proceedings – consideration of whether the pleaded conduct is conduct said to have given rise to the impecuniosity of the trustee and the depletion of the trust assets – consideration of previous litigation in Singapore and in the New South Wales Supreme Court – consideration of anti-suit injunction orders made in the High Court of the Republic of Singapore and a stay order made in the New South Wales Supreme Court – consideration of the parties to those proceedings and the content of those orders – consideration of the effect upon a security for costs order of the role of a further applicant in the proceedings

Legislation: Federal Court of Australia Act 1976 (Cth), s 56 Federal Court Rules 2011 – r 19.01 Australian Securities and Investments Commission Act 2001 (Cth), s 12DA Corporations Act 2001 (Cth), s 1041H Fair Trading Act 1987 (NSW), s 42 Fair Trading Act 1989 (Qld), s 38