CBX2 Pty Ltd v National Australia Bank Limited (No 3) [2015] NSWSC 1555

Supreme Court New South Wales

Medium Neutral Citation: CBX2 Pty Ltd v National Australia Bank Limited (No 3) [2015] NSWSC 1555 Hearing dates: 17 August 2015 Date of orders: 27 October 2015 Decision date: 27 October 2015 Jurisdiction: Common Law Before: Harrison AsJ Decision: (1) The defendant's notice of motion filed 8 May 2015 for security for costs is dismissed.

(2) The defendant is to pay the plaintiff's costs of this motion.

(3) The plaintiff's notice of motion filed 8 May 2015 to amend the statement of claim and the defendant's notice of motion filed 21 May 2015 to strike out the statement of claim are stood over for directions at 9.00 am on 3 November 2015 before the Registrar. Catchwords: SECURITY FOR COSTS - threshold issue – relevant considerations under UCPR 42.21(1A) – stultification – whether those standing behind the company are also without means to satisfy an adverse costs order – whether there has been full and frank disclosure of assets and liabilities – whether the plaintiff's impecuniosity was caused by the defendant's actions Legislation Cited: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Beach Petroleum NL v Johnson (1992) 7 ACSR 203 Bell Wholesale Co Ltd v Gates Export Corporation (1984) 52 ALR 176; (1984) 2 FCR 1 Equity Access Ltd v Westpac Banking Corporation [1989] ATPR 40-972 Fiduciary v Morningstar Research (2004) 208 ALR 564; [2004] NSWSC 664 Fitzpatrick v Waterstreet (1995) 18 ACSR 694 Idoport Pty Ltd v National Australia Bank Ltd [2001] NSWSC 744 KP Cable Investments Pty Ltd v Meltglow Pty Ltd (1995) 56 FCR 189 Narradine Pty Ltd v Mascot Steel and Tools Pty Ltd [2012] NSWSC 385 Odyssey Financial Management Pty Ltd v QBE Insurance (Australia) Limited [2012] NSWCA 113 Unified Pty Ltd v Cancer Council Western Australia Inc (No 3) [2011] WASC 161 Whyked Pty Limited v Yahoo Australia and New Zealand Pty Limited [2006] NSWSC 1236 Category: Procedural and other rulings Parties: CBX2 Pty Ltd (ABN 40 105 653 094) (Plaintiff) National Australia Bank Limited (ABN 12 004 044 937) (Defendant) Representation: Counsel: A McQuillen (Plaintiff) P Reynolds (Defendant)