Central Queensland Development Corporation Pty Ltd (formerly Bluechip Development Corporation Gladstone) Pty Ltd v BMT & Assoc Pty Ltd [2017] NSWSC 992

Supreme Court New South Wales

Medium Neutral Citation: Central Queensland Development Corporation Pty Ltd (formerly Bluechip Development Corporation Gladstone) Pty Ltd v BMT & Assoc Pty Ltd [2017] NSWSC 992 Hearing dates: 26 July 2017 Date of orders: 27 July 2017 Decision date: 27 July 2017 Jurisdiction: Common Law Before: Harrison J Decision: (1) Order pursuant to UCPR 42.21 that the plaintiffs give security for the costs of the defendant by providing it with a bank guarantee in the sum of $120,000. (2) Order that the proceedings against the defendant be stayed until order (1) has been complied with. (3) Order the plaintiffs to pay the defendant's costs of the motion for security for costs. Catchwords: COSTS – security for costs – UCPR 42.21 or s1335(1) Corporations Act 2001 – where evidence from defendant suggests that neither plaintiff would be able to meet an adverse costs order – where plaintiffs have not themselves provided any evidence of their ability to pay the defendant's costs of proceedings – where the plaintiffs' financial position is not the result of the alleged conduct of the defendant – whether there has been any delay in the present application – whether the assessment of anticipated costs is reasonable Legislation Cited: Corporations Act 2001 (Cth) Cases Cited: Treloar Constructions Pty Ltd v McMillan [2016] NSWCA 302 Category: Procedural and other rulings Parties: Central Queensland Development Corporation Pty Ltd (formerly Bluechip Development Corporation Gladstone) Pty Ltd ACN 120 112 781 (First Plaintiff) Prime Property Investment Pty Ltd CAN 058 336 940 (Second Plaintiff) BMT & Assoc Pty Ltd ACN 079 247 751 (Defendant) Representation: Counsel: R O'Hair (Plaintiffs) J Catsanos (Defendant)