Spargos Mining NL v Fuller

In the matter of Spargos Mining NL v Fuller and others, the Supreme Court of Western Australia dealt with two primary applications brought by the third defendant, Peter Geoffrey Jermyn. The first application sought security for costs under the Corporations Act, while the second application sought to countermand the entry for trial. The plaintiff, Spargos Mining NL, admitted it could not meet any costs order if the actions were unsuccessful. The third defendant's solicitors estimated the trial would last 68 days and sought security of $280,525, with a daily deposit of $8,606 during the trial. However, the plaintiff's solicitors estimated the trial would last 15 days. Given the uncertainty and complexity of the case, the court opted for the plaintiff's estimate, resulting in an order for security of $150,000.

The court found that while the third defendant's delay in seeking security for costs was a factor against ordering security, it was not decisive. The presence of a litigation funder behind the plaintiff, which stood to benefit from the litigation, was considered a significant factor in favour of ordering security. The court dismissed the application to countermand the entry for trial but ordered that the plaintiff provide the third defendant with an indication of the documents intended to be relied upon at trial. The court reserved further directions until the matter was allocated a hearing date.