Austcorp Project Number 20 Pty Ltd v LM Investment Management Ltd (in liq) [2014] FCA 1371

FEDERAL COURT OF AUSTRALIA

Austcorp Project Number 20 Pty Ltd v LM Investment Management Ltd (in liq) [2014] FCA 1371 Citation: Austcorp Project Number 20 Pty Ltd v LM Investment Management Ltd (in liq) [2014] FCA 1371

Parties: AUSTCORP PROJECT NO 20 PTY LTD and COMPROMISE CREDITORS MANAGEMENT PTY LTD v LM INVESTMENT MANAGEMENT LTD (IN LIQUIDATION) ACN 077 208 461, THE TRUST COMPANY (PTAL) LTD ACN 008 412 913, TREVOR POGROSKI AND GRAHAM KILLER, IN THEIR CAPACITY AS JOINT AND SEVERAL RECEIVERS AND MANAGERS OF BELLPAC PTY LTD (RECEIVERS AND MANAGERS APPOINTED) (IN LIQUIDATION) ACN 101 713 017, AMLIN CORPORATE MEMBER LTD (UK COMPANY NO 02969411) T/AS AMLIN SYNDICATE 2001 AT LLOYD'S, DUAL AUSTRALIA PTY LTD ON BEHALF OF ARCH SYNDICATE 2012 and MARKEL CAPITAL LTD (UK COMPANY NO 03114572) T/AS MARKEL SYNDICATE 3000 AT LLOYD'S AND THE CHANNEL SYNDICATE LLP (UK COMPANY NO 13359898) T/AS CHANNEL SYNDICATE 2015 AT LLOYD'S

File number: NSD 186 of 2013

Judge: GLEESON J

Date of judgment: 15 December 2014

Catchwords: PRACTICE AND PROCEDURE – application by defendants for security for costs – considerations involved in exercise of discretion – where undertaking proffered by corporate entities – where plaintiffs have litigation funder – whether plaintiffs' impecuniosity caused by defendants – application granted

Legislation: Australian Securities and Investments Commission 2001 (Cth) ss 12CB(1), 12GF Competition and Consumer Act 2010 (Cth) Sch 2 ss 21, 22, 236 Corporations Act 2001 (Cth) ss, 420A, 1335 Federal Court of Australia Act 1976 (Cth) s 56 Federal Court Rules 2011 (Cth) r 19.01