Qube RE Services (No.2) Pty Ltd v Martinus Rail Pty Ltd (No 2)

This matter came before the Court of Appeal concerning an application by Qube RE Services (No.2) Pty Ltd for a stay of an order releasing bank guarantees held by Martinus Rail Pty Ltd. The dispute arose from earlier court proceedings where security had been provided in the form of these bank guarantees.

The primary legal issue before the Court of Appeal was whether to grant a limited stay of the order directing the release of the bank guarantees. This required the court to consider the principles governing the grant of stays pending further proceedings, particularly in light of the security already provided.

The Court applied the principles established in *Burgundy Royale Investments Pty Ltd v Westpac Banking Corporation*, considering the likelihood of success on appeal and the balance of convenience. While not granting a full stay, the Court ordered a limited stay of the release of the guarantees until 4pm on Tuesday, 8 April 2025. This stay was conditional upon Qube paying a specific amount into court and providing an undertaking as to damages. The court also made directions for the potential extension of this stay, including filing and service of notices of motion, evidence, and written submissions by both parties, with the court to address the matter on the papers thereafter.