Di Francesco v Pioneer Energy Pty Limited (No 2) [2014] NSWSC 1923

Supreme Court New South Wales

Medium Neutral Citation: Di Francesco v Pioneer Energy Pty Limited (No 2) [2014] NSWSC 1923 Hearing dates: 12 August 2014 Date of orders: 12 August 2014 Decision date: 12 August 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Application for security for costs dismissed with costs Catchwords: PROCEDURE - costs - security for costs - whether corporate impecuniosity established – relevance of agreements to subordinate related debt to any costs order – plaintiff does not have to affirmatively prove solvency – discretionary considerations - delay – beneficial owner agrees to be liable for costs – presence of natural plaintiff within jurisdiction – proceedings with some features of oppression suit. Legislation Cited: (Cth) Corporations Act 2001, s 1335 (NSW) Uniform Civil Procedure Rules r 42.21 (QLD) Companies Code, s 533 Cases Cited: Beach Petroleum NL v Johnson (1992) 7 ACSR 203 Blue Oil Energy Pty Limited v Tan [2014] NSWCA 81 In the matter of Pioneer Energy Holdings Pty Limited [2013] NSWSC 1366 Harpur v Ariadne Australia Limited (No 2) (1984) 8 ACLR 835 In the matter of Pioneer Energy Holdings Pty Ltd [2013] NSWSC 1366 In the matter of Pioneer Energy Holdings Pty Ltd [2014] NSWSC 480 Polstead Pty Ltd (in liq) v Sandip Shah [2009] NSWSC 560 Street v Luna Park Sydney Pty Limited [2006] NSWSC 1317 Category: Procedural and other rulings Parties: Charlie Di Francesco (first plaintiff) Prakesh Seth (second plaintiff) Blue Oil Energy Pty Ltd (ABN 22 139 462 883) (third plaintiff) Blue Diamond Australia Pty Ltd (fourth plaintiff) Pioneer Energy Holdings Pty Ltd (ACN 147 522 647) (first defendant) Morgan Stanley Capital Group Inc (sixth defendant) Pioneer Energy Pty Ltd (seventh defendant) Representation: Counsel: V Culkoff (plaintiffs) D Klineberg (defendants)