Incomlend Pte Ltd v Insurance Australia Ltd [2024] NSWSC 1482

Supreme Court New South Wales

Medium Neutral Citation: Incomlend Pte Ltd v Insurance Australia Ltd [2024] NSWSC 1482 Hearing dates: 8 November 2024, further written submissions received 11 November 2024 Date of orders: 21 November 2024 Decision date: 21 November 2024 Jurisdiction: Equity - Commercial List Before: Pike J Decision: (1) The parties confer and provide to the chambers of Pike J by no later than 5pm on 27 November 2024 agreed orders to give effect to these reasons, including as to costs. (2) If the parties are unable to agree orders, each party should provide to the chambers of Pike J by no later than 5pm on 27 November 2024 the orders for which they contend together with written submissions of no more than three pages, whereupon any remaining dispute will be determined on the papers. Catchwords: COSTS – security for costs – where proceedings are funded and plaintiffs are both resident outside of Australia – where dispute as to form and quantum of security – where plaintiff proposed deed of indemnity in favour of second and third defendants from overseas insurer – where second and third defendants seek security by payment into court – whether deed of indemnity is adequate – security for costs ordered in the form of proposed deed of indemnity – no question of principle Legislation Cited: Foreign Judgments (Reciprocal Enforcement) Act 1933 (UK) s 2 Legal Profession Uniform Law Application Act 2014 (NSW) s 83(1A) and Part 7 Cases Cited: Adeva Home Solutions Pty Ltd v Queensland Motorways Management Pty Ltd [2020] QSC 361 Adeva Home Solutions Pty Ltd v Queensland Motorways Management Pty Ltd [2021] QCA 198; (2021) 9 QR 141 APFC No 1 Corporation v Insurance Australia Ltd [2024] NSWSC 534 Blue Oil Energy Pty Ltd v Tan [2014] NSWCA 81 Dif III Global Co-Investment Fund, LP v BBLP LLC [2016] VSC 401 Tiaro Coal Limited (In Liq) [2018] NSWSC 746 Trailer Trash Franchise Systems Pty Ltd v GM Fascia & Gutter Pty Ltd [2017] VSCA 293 Vertical Australia Pty Ltd v Air Company Vertical-T LLC [2012] NSWSC 719 Wollongong Coal Ltd v Gujarat NRE Properties Pty Ltd [2019] NSWSC 187 Texts Cited: None Category: Procedural rulings Parties: Tokio Marine & Nichido Fire Insurance Co Ltd (First Applicant/Second Defendant) BCC Trade Credit Pty Ltd (Second Applicant/Third Defendant) Incomlend Pte Ltd (First Respondent/First Plaintiff) Amicorp Trustees (Singapore) Limited (Second Respondent/Second Plaintiff) Representation: Counsel: J Giles SC and B A O'Connor (Respondents/Plaintiffs) A Horvath SC and A Avery-Williams (Applicants/Second and Third Defendants)