In the matter of IPM Developments Pty Ltd [2023] NSWSC 1443

Supreme Court New South Wales

Medium Neutral Citation: In the matter of IPM Developments Pty Ltd [2023] NSWSC 1443 Hearing dates: 21 November 2023 Decision date: 28 November 2023 Jurisdiction: Equity - Commercial List Before: Ball J Decision: (1) The plaintiffs provide security for the defendants' costs of this proceeding and proceeding 2022/00069738 in the amount of $375,000 with such security to be by way of payment into Court or in such other form as agreed between the parties; (2) The security be provided in the following tranches: (a) $125,000 to be paid within 21 days of the date of this judgment; (b) $125,000 to be paid within 21 days of the date on which the proceedings are set down for a final hearing; (c) $125,000 to be paid at least 28 days before the date fixed for the commencement of the final hearing; (3) This proceeding and proceeding 2022/00069738 be stayed if the security is not provided in accordance with order (2) until the security is provided; (4) The plaintiffs pay the defendants' costs of the notice of motion filed on 18 September 2023; (5) Matter listed for directions on 1 December 2023. Catchwords: COSTS — Security for costs — Whether security should be ordered against an Owners Corporation — Where plaintiffs plainly impecunious — Where request for undertakings refused Legislation Cited: Competition and Consumer Act 2010 (Cth), Sch 2 – Australian Consumer Law Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Strata Plan 94417 trading as The Owners Strata Plan 94417 v TC Build [2021] NSWSC 1284 Wollongong City Council v Legal Business Centre Pty Ltd [2012] NSWCA 245 Category: Procedural rulings Parties: Owners Strata Plan 16624 (First Plaintiff | First Respondent) Owners Strata Plan 90950 (Second Plaintiff | Second Respondent) IPM Developments Pty Ltd (In Liquidation) (First Defendant | First Applicant) IDA Potts Point Pty Ltd (In Liquidation) (Second Defendant | Second Applicant) Alan Hayes in his capacity as liquidator of IPM Developments Pty Ltd (In Liquidation) and IDA Potts Point Pty Ltd (In Liquidation) (Third Defendant | Third Applicant) Representation: Counsel: P Folino-Gallo (Plaintiffs | Respondents) D Robertson (Defendants | Applicants)