In the Matter of Metal Storm Limited (in liquidation) (Receivers and Managers Appointed) ACN 064 270 006 [2018] NSWSC 900

Supreme Court New South Wales

Medium Neutral Citation: In the Matter of Metal Storm Limited (in liquidation) (Receivers and Managers Appointed) ACN 064 270 006 [2018] NSWSC 900 Hearing dates: 14/06/2018 Date of orders: 14 June 2018 Decision date: 14 June 2018 Jurisdiction: Equity - Corporations List Before: McDougall J Decision: Order the cross-claimant to provide security for costs in the amount of $920,000. Ancillary orders made. Catchwords: CIVIL PROCEDURE – application by cross-defendant for security for costs – cross-claimant resident outside Australia – whether sufficient assets available in Australia to meet any costs order – failure of cross-claimant to provide meaningful information regarding its Australian net financial position – whether delay in bringing application operates as a discretionary bar to the granting of the application – where acceptable explanation for delay and no substantial prejudice to the cross-claimant – security for costs to be ordered – no serious dispute as to the quantum of security – application granted. Legislation Cited: Corporations Act 2001 (Cth) Uniform Civil Procedure Rules 2005 (NSW) Cases Cited: Narradine Pty Ltd v Mascot Steel and Tools Pty Ltd [2012] NSWSC 385 Category: Procedural and other rulings Parties: Adam Shepard (in his capacity as liquidator of Metal Storm Limited) (First Plaintiff) Metal Storm Limited (in liquidation) (Second Plaintiff) Equity Trustees Wealth Services Limited (First Defendant / Cross-Defendant) Australian Special Opportunity Fund, LP (Second Defendant / Cross-Claimant) Representation: Counsel: