In the matter of Eastmark Holdings Pty Limited (receivers and managers appointed) and 1 Denison Street Holdings Pty Ltd (receivers and managers appointed; In the matter of Eastmark Holdings Pty Limited (receivers and managers appointed) (subject to a deed of company arrangement) & ors [2015] NSWSC 2071

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Eastmark Holdings Pty Limited (receivers and managers appointed) and 1 Denison Street Holdings Pty Ltd (receivers and managers appointed; In the matter of Eastmark Holdings Pty Limited (receivers and managers appointed) (subject to a deed of company arrangement) & ors [2015] NSWSC 2071 Hearing dates: 25 June 2015 Date of orders: 25 June 2015 Decision date: 25 June 2015 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Order for security for costs made. Catchwords: PROCEDURE – costs – security for costs – where reasonably likely that plaintiff corporation will be unable to pay costs – where plaintiff would be under duty to strike further levy on each owner to contribute to administrative fund – ability of plaintiff to have recourse by way of indemnity to trust fund or similar no answer to application for security for costs – where defendant would not be able to enforce indemnity with cooperation of plaintiffs – held, order for security for costs made. Cases Cited: Beach Petroleum NL v Johnson (1992) 10 ACLC 525; (1992) 7 ACSR 203 Jadwan Pty Ltd v Rae & Partners [2015] TASSC 11 Laundry Coin-Wash Nominees Pty Ltd v Dunlop Olympic Ltd (1985) ATPR 40-584 Owners-Strata Plan No 50530 v Walter Construction Group Ltd [2001] NSWSC 820 Pitcairn Investments Pty Ltd and John Edward Local v Birwick March Pty Ltd and Anthony Stanley Marwick [1993] FCA 327 Category: Procedural and other rulings Parties: In proceedings 2015/22409: The Owners Corporation of Strata Plan 74602 (plaintiff) Eastmark Holdings Pty Limited (receivers and managers appointed) (ACN 003 921 953) (first defendant) 1 Denison Street Holdings Pty Limited (receivers and managers appointed) (ACN 156 399 727) (second defendant)