Global Medical Imaging Management Limited (in liquidation) v Australian Mezzanine Investments Pty Limited & Anor [2003] NSWSC 432

New South Wales Supreme Court

CITATION : Global Medical Imaging Management Limited (in liquidation) v Australian Mezzanine Investments Pty Limited & Anor [2003] NSWSC 432 HEARING DATE(S) : 16/04/03 JUDGMENT DATE : 16 April 2003

JURISDICTION: Equity Division Commercial List JUDGMENT OF : Einstein J DECISION : Additional security ordered.

CATCHWORDS : Practice - Costs - Security for costs - Requirement for timely application - Stepped orders - Unfairness involved in failing to press further applications for increased security until shortly before final hearing LEGISLATION CITED : Trade Practices Act 1974 CASES CITED : Idoport Pty Limited v NAB (2001) NSWSC 44 Global Medical Imaging Management Limited (in liquidation) (formerly called Minotaur Funds Limited) (Plaintiff) PARTIES : Australian Mezzanine Investments Pty Limited (First Defendant) Perpetual Trustee Company Limited (Second Defendant) FILE NUMBER(S) : SC 50157/01 Mr D Robertson (Plaintiff) COUNSEL : Mr NC Hutley SC, Mr Jones (First Defendant) Mr PM Wood (Second Defendant) Morgan Lewis Alter (Plaintiff) SOLICITORS : Baker & McKenzie (First Defendant) Blake Dawson Waldron (Second Defendant)

IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION COMMERCIAL LIST

Einstein J

Wednesday 16 April 2003 ex tempore Revised 21 May 2003

50157/01 Global Medical Imaging Management Limited (in liquidation) v Australian Mezzanine Investments Pty Limited JUDGMENT 1 There are before the court motions for the provisions of additional security pursued by the two defendants. 2 The proceedings commenced on 20 April 2000 against the first defendant. The second defendant was joined into the proceedings on about 10 August 2001. 3 The current Statement of Claim sought to be propounded was filed on 8 November 2001 and is an extensive document covering 87 paragraphs. The general nature of the dispute was outlined in a Statement in support of an application to enter the proceedings into the commercial list prepared by the second defendant and filed on 210 October 2001. It suffices for present purposes to give that very broad and general summary: