Builtcom Properties 15 Pty Ltd v Maxida International Alexandria Property Australia Pty Ltd [2025] NSWSC 131

Supreme Court New South Wales

Medium Neutral Citation: Builtcom Properties 15 Pty Ltd v Maxida International Alexandria Property Australia Pty Ltd [2025] NSWSC 131 Hearing dates: 28 February 2025 Date of orders: 28 February 2025 Decision date: 28 February 2025 Jurisdiction: Equity Before: Elkaim AJ Decision: 1. Order that pursuant to Rule 42.21 of the Uniform Civil Procedure Rules 2005 (NSW) (UCPR), that the Plaintiff pay security for the Defendant's costs of and incidental to the proceedings in the amount of $300,000.00 (Security Amount) on or before Friday, 28 March 2025. 2. Order that the Security Amount be provided by cash either paid into Court or the Trust Account of Sparke Helmore no later than Friday, 28 March 2025. 3. Order that the proceedings are to be stayed pending payment of the Security Amount in accordance with Order 2. 4. Order that in the event the Security Amount is not provided in accordance with Order 2 by 11 April 2025, the proceedings are dismissed. 5. Order that liberty is reserved to the Defendant to apply for further security for costs should the security provided be otherwise insufficient. 6. Order that the Plaintiff pay the costs of the Defendant of and incidental to its Notice of Motion filed on 17 December 2024. 7. Order that the proceedings be listed for further direction on Thursday, 17 April 2025 before the Equity Registrar. Catchwords: COSTS — Security for costs — Where plaintiff company is impecunious — Where quantum of security sought might stultify proceedings — Plaintiff to provide security for costs but quantum reduced Legislation Cited: Corporations Act 2001 (Cth), s 1335(1) Uniform Civil Procedure Rules 2005 (NSW), r 42.21 Cases Cited: KP Cable investments Pty Ltd v Meltglow Pty Ltd & Ors (1995) 56 FCR 189 Category: Procedural rulings Parties: Builtcom Properties 15 Pty Ltd (Plaintiff) Maxida International Alexandria Property (Defendant) Representation: Counsel: Mr F Salama (Defendant) Ms C Angus (Defendant)