MSPR Pty Ltd v Advanced Braking Technology Ltd (No 2)

In the matter of MSPR Pty Ltd v Advanced Braking Technology Ltd (No 2), the New South Wales Court of Appeal considered an application by the respondent for leave to continue appeal proceedings against the first appellant, which was in liquidation. The court also dealt with the respondent's entitlement to a specified gross sum for costs and the application of security lodged for those costs.

The primary legal issues before the Court of Appeal were whether the interests of justice favoured granting the respondent leave to continue the appeal proceedings against the first appellant, notwithstanding its liquidation, and how the costs orders made at first instance and on appeal, along with the security lodged for those costs, should be satisfied.

The Court granted leave pursuant to section 500(2) of the Corporations Act 2001 (Cth) to continue the appeal proceedings against the first appellant, finding that the interests of justice supported this course given the advanced stage of the appeal. The Court further ordered that the respondent was entitled to a specified gross sum of $260,848.87 in satisfaction of the costs orders. Finally, the Court declared that the amount of $130,950.00 held on account of security for costs was held on trust for the respondent and ordered its payment to the respondent to partially satisfy the outstanding costs.