In the matter of Australia Wattle Fund Pty Ltd [2017] NSWSC 1664

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Australia Wattle Fund Pty Ltd [2017] NSWSC 1664 Hearing dates: 13 November 2017 and 14 November 2017 Decision date: 01 December 2017 Jurisdiction: Equity - Corporations List Before: Black J Decision: The Court orders that the Plaintiff provide security for costs of the Second and Third Defendants' defence of the proceedings, up to the point of the commencement of the hearing, in the amount of $75,000, reserving liberty for the Second and Third Defendants to apply for further security for costs, including security for costs of the hearing. Catchwords: COSTS — Security for costs — where Plaintiff resident outside jurisdiction – where litigation concerns parties' rights to Plaintiff's only assets in jurisdiction – where evidence of costs likely to be incurred inadequate – where evidence does not distinguish between costs of Defence and costs of Cross-Claim – whether order should be made for security for costs – quantum and form of order. Legislation Cited: - Civil Procedure Act 2005 (NSW), s 56 - Corporations Act 2001 (Cth), ss 176, 461, 1321, 1335 - Uniform Civil Procedure Rules 2005 (NSW), r 42.21 Cases Cited: - Ashington Capital Pty Ltd v Parissen Capital (Project X) Pty Ltd [2012] NSWSC 410 - Bank of New Zealand v Spedley Securities Ltd (in liq) (1992) 27 NSWLR 91 - Cornelius v Global Medical Solutions Australia Pty Ltd [2014] NSWCA 65; (2014) 98 ACSR 301 - David Clarke Air Conditioning Pty Ltd v Quann (No 2) [2016] WASC 176 - Di Francesco v Pioneer Energy Pty Ltd (No 2) [2014] NSWSC 1923 - Fiduciary Ltd v Morningstar Research Pty Ltd [2004] NSWSC 664; (2004) 208 ALR 564 - Jazabas Pty Ltd v Haddad [2007] NSWCA 291; (2007) 65 ACSR 276 - KDL Building Pty Ltd v Mount [2006] NSWSC 474 - KP Cable Investments Pty Ltd v Meltglow Pty Ltd [1995] FCA 76; (1995) 56 FCR 189 - Live Board Holdings Ltd v Cody Live Pty Ltd [2017] NSWCA 302 - Motakov Ltd v Commercial Hardware Suppliers Pty Ltd (1952) 70 WN (NSW) 64 - Pioneer Park Pty Ltd (in liq) v Australia and New Zealand Banking Group Ltd [2007] NSWCA 344; (2007) 65 ACSR 383 - Polstead Pty Ltd (in liq) v Shah [2009] NSWSC 560 - PS Chellaram & Co Ltd v China Ocean Shipping Company [1991] HCA 36; (1991) 102 ALR 321; 5 ACSR 633 - Re Catombal Investments Pty Ltd [2012] NSWSC 775 - Re Colorado Products Pty Ltd (in prov liq) [2013] NSWSC 611 - Sydmar Pty Ltd v Statewide Developments Pty Ltd (1987) 73 ALR 289 - Szanto v Bainton [2011] NSWSC 985 - Tim Barr Pty Ltd v Narui Gold Coast Pty Ltd [2009] NSWSC 563 - Treadtel International Pty Ltd v Cocco [2016] NSWCA 360; (2016) 117 ACSR 176 - Wollongong City Council v Legal Business Centre Pty Ltd [2012] NSWCA 245 Category: Procedural and other rulings Parties: LongRunn Int'l (Korea) Limited (Plaintiff/Respondent) Australian Wattle Fund Pty Ltd (First Defendant/First Applicant) Kevin Yung Lui (Second Defendant/Second Applicant) Christopher Yikloc Chiu (Third Defendant/Third Applicant) Representation: Counsel: D Sulan/P Strickland (Plaintiff/Respondent) T Alexis SC/P Afshar (Defendants/Applicants)