ACN 117 641 004 Pty Ltd (in liq) v S&P Global, Inc (No 3)

The case of ACN 117 641 004 Pty Ltd (in liq) v S&P Global, Inc (No 3) involved a dispute over the granting of further security for costs by S&P Global, Inc against the applicants in two proceedings. S&P sought further security on the basis of substantial amendments to the pleadings which altered and expanded the scope of the proceedings, leading to increased costs. The applicants resisted the application, arguing that S&P was not entitled to additional costs and that there was a significant delay in seeking further security, which should disentitle S&P from obtaining it. The case raised legal issues concerning the entitlement to further security for costs and the impact of delay on such applications.

The court found that the substantial amendments to the pleadings justified the need for further security, as they had led to increased costs for S&P. However, the court also considered the issue of delay in S&P's application. The court held that while delay is a relevant factor in determining whether to grant further security, it is not necessarily disentitling. Instead, the court must assess the impact of the delay on a case-by-case basis, considering factors such as the reason for the delay and whether the delay caused actual prejudice to the applicants. In this case, the court found that the delay did not entirely disentitle S&P from obtaining further security, as the applicants had not demonstrated actual prejudice from the delay.

As a result, the court ordered further security to be paid by the applicants. The court ordered that the First Vale Applicant pay $987,808.45 and the Basis Applicants pay $1,334,625.37. The court also ordered that the parties confer to agree on the proposed orders to give effect to the court's reasons, including the timing of payment of the further security. If the parties could not reach agreement, the matter was to be relisted for further hearing.