Read the full judgment text of CACV 69/2020 on BabelCite. This Court of Appeal judgment was delivered on 19 March 2021 before Kwan VP, Chu JA.
Civil procedure – security for costs – appeal against winding-up order – insolvent company – indemnity basis – broad brush assessment – order for security of $605,000 – stay of appeal pending security – dismissal in default – costs to petitioner – The petitioner obtained a winding-up order against the respondent company. The company appealed. The petitioner applied for security for costs. The court held that security should be ordered as the company was insolvent and the appeal was pursued by non-parties. The amount was assessed on indemnity basis using a broad brush approach, reducing the claimed $806,140 to $605,000. Orders made for security to be provided within 28 days, stay of appeal pending compliance, dismissal in default, and costs of application to petitioner.
Legal issues: Security for costs in appeal against winding-up order
Outcome: Security for costs ordered in the amount of $605,000.
Cited by 2 cases · Cites 5 cases