AquireFX Limited v Monoova Global Payments Limited [2024] NSWSC 1542

Supreme Court New South Wales

Medium Neutral Citation: AquireFX Limited v Monoova Global Payments Limited [2024] NSWSC 1542 Hearing dates: 29 November 2024 Decision date: 04 December 2024 Jurisdiction: Equity - Commercial List Before: Ball J Decision: (1) The plaintiff is to provide security for the defendants' costs, in such form as agreed between the parties or failing agreement by payment into court, in the following amounts and at the following times: (a) An amount of $60,000 by 14 January 2025; (b) An amount of $60,000 within 28 days of the date on which the matter is fixed for final hearing; (c) An amount of $60,000 at least 42 days before the date on which the final hearing has been fixed to commence. (2) The proceedings be stayed if security is not provided in accordance with order (1); (3) The plaintiff is to pay the defendants' costs of the notice of motion filed on 22 October 2024. Catchwords: COSTS — Security for costs — Legal nature of the plaintiff — Plaintiff is a company — Where defendant's claim for costs meets the threshold requirement that plaintiff would be unable to pay the costs of the defendant if ordered to do so — Plaintiff had not advanced discretionary grounds for a refusal of security — Security for costs ordered COSTS — Security for costs — Quantum and form — Costs ordered to cover whole of the proceedings but payable across three tranches Legislation Cited: Australian Consumer Law Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: APFC No 1 Corporation v Insurance Australia Limited [2024] NSWSC 534 Brundza v Robbie & Co (No 2) (1952) 88 CLR 171; [1952] HCA 49 Incomlend Pte Ltd v Insurance Australia Ltd [2024] NSWSC 1482 Vertical Australia Pty Ltd v Air Company Vertical T-LLC [2012] NSWSC 719 Category: Procedural rulings Parties: AquireFX Limited (Plaintiff) Monoova Global Payments Limited (First Defendant) Monoova Payments Pty Ltd (Second Defendant) Representation: Counsel: B Cameron (Plaintiff) J Foley (Defendants)