In the matter of Pioneer Energy Holdings Pty Limited [2013] NSWSC 1366

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Pioneer Energy Holdings Pty Limited [2013] NSWSC 1366 Hearing dates: 16 September 2013 Decision date: 19 September 2013 Jurisdiction: Equity Division - Corporations List Before: Black J Decision: Proposed orders outlined for provision of security for costs. Parties to submit an agreed form of orders to give effect to the judgment, or if no agreement is reached, their respective drafts of the orders. Catchwords: PROCEDURE - costs - security for costs - application for security for costs under s 1335 Corporations Act 2001 (Cth) and r 42.21(1)(d) Uniform Civil Procedure Rules 2005 (NSW) - whether there is reason to believe or credible testimony that third and fourth plaintiffs may be unable to pay the costs of the defendants if ordered to do so -whether any impecuniosity of the plaintiffs results from the conduct of the defendants - whether the application would stultify the third and fourth plaintiffs' claims - what quantum of security should be ordered and the form of that security. Legislation Cited: - Corporations Act 2001 (Cth) s 1335 - Civil Procedure Act 2005 (NSW) s 56 - Uniform Civil Procedure Rules 2005 (NSW) r 42.21(1)(d) Cases Cited: - ACN 105 921 962 Pty Ltd v Wiggett (2012) NSWSC 1526 - Beach Petroleum NL v Johnson (1992) 7 ACSR 203 - BPM Pty Ltd v HPM Pty Ltd (1996) 131 FLR 339 - Deangrove Pty Ltd v Buckby [2002] FCA 1544 - Dubow v Fitness First Australia Pty Ltd (No 2) [2012] NSWSC 961 - Idoport Pty Ltd v National Australia Bank Ltd [2001] NSWSC 744 - Ingot Capital Investments Pty Ltd v Macquarie Equity Capital Markets Ltd [2002] NSWSC 609 - KP Cable Investments Pty Ltd v Meltglow Pty Ltd [1995] FCA 76; (1995) 56 FCR 189 - Liberty Industrial Pty Ltd v Donald McCarthy Trading Australia Pty Ltd [2013] NSWSC 279 - Polstead Pty Ltd (in liq) v Shah [2009] NSWSC 560 - Power Infrastructure Pty Ltd v Downer EDI Engineering Power Pty Ltd [2010] FCA 1222 - Re Colorado Products Pty Ltd (in prov liq) [2013] NSWSC 611 - Szanto v Bainton [2011] NSWSC 985 - Tim Barr Pty Ltd v Narui Gold Coast Pty Ltd [2009] NSWSC 563 - Wollongong City Council v Legal Business Centre Pty Ltd [2012] NSWCA 245 Category: Interlocutory applications Parties: Charlie Di Francesco (First Plaintiff) Prakesh Seth (Second Plaintiff) Blue Oil Energy Pty Limited (Third Plaintiff) Blue Diamond Australia Pty Limited (Fourth Plaintiff) Pioneer Energy Holdings Pty Limited (First Defendant) Chark Hoe Tan (Second Defendant) Peter Ng (Third Defendant) Jeremy Tan (Fourth Defendant) Harry Ubhi (Fifth Defendant) Morgan Stanley Capital Group Inc (Sixth Defendant) Pioneer Energy Pty Limited (Seventh Defendant) Representation: Counsel: F.M. Douglas QC (Third and Fourth Plaintiffs/Respondents) D. Klineberg (Second to Sixth Defendants/Applicants) Solicitors: Spinks Eagle Lawyers (Plaintiffs) King & Wood Mallesons (Second to Fifth Defendants) File Number(s): 2013/102212