The Owners - Strata Plan No 16624 v IPM Developments Pty Ltd (in liquidation) [2024] NSWSC 1548

Supreme Court New South Wales

Medium Neutral Citation: The Owners - Strata Plan No 16624 v IPM Developments Pty Ltd (in liquidation) [2024] NSWSC 1548 Hearing dates: On the papers; written submissions 22, 25, 27 November 2024 Date of orders: 3 December 2024 Decision date: 03 December 2024 Jurisdiction: Equity - Commercial List Before: Stevenson J Decision: Plaintiffs to provide security for second, fourth, and fifth defendants' costs in the sum of $300,000, payable in three tranches of $100,000; plaintiffs to pay the second, fourth, and fifth defendants' costs of their motions Catchwords: COSTS – security for costs – quantum and form – whether security should be ordered against plaintiff owners corporation – where plaintiffs accept that there is reason to believe they will be unable to meet a costs orders – where plaintiffs have failed to explain prejudice suffered by reason of delay in bringing application for security Cases Cited: In the matter of IPM Developments Pty Ltd [2023] NSWSC 1443 Category: Procedural rulings Parties: The Owners - Strata Plan No 16624 (First Plaintiff) The Owners - Strata Plan No 90950 (Second Plaintiff) IPM Developments Pty Ltd (in liquidation) (First Defendant) Aleksander Novakovic (Second Defendant) IDA Potts Point Pty Ltd (in liquidation) (Third Defendant) Steven Sroba (Fourth Defendant) John Cardamis (Fifth Defendant) Representation: Counsel: P Folino Gallo (Plaintiffs) A Jucha (Second Defendant) G Ng / R Harvey (Fourth Defendant) B Hord (Fifth Defendant)