Tyne v UBS AG (No 2)

In the case of Tyne v UBS AG (No 2), the plaintiff, a trustee of a unit trust, brought an action against UBS AG. The respondent sought security for costs, claiming that the plaintiff was impecunious and could not cover the costs of the proceedings. The matter was heard in the Federal Court of Australia. The primary issue before the Court was whether the respondent was entitled to an order for security for costs given the plaintiff's status as a trustee of a unit trust. Another issue was whether the Court could award costs to a self-represented litigant who had been admitted as a barrister of a state Supreme Court but had never held a practising certificate.

The Court dismissed the respondent's application for security for costs. The Court found that the plaintiff was not impecunious, as the unit trust was not insolvent and had sufficient assets to cover the costs of the proceedings. The Court also held that the fact that the plaintiff was the trustee of a unit trust did not make them impecunious per se. The Court found that the plaintiff was able to fund the costs of the proceedings from the trust's assets. Regarding the second issue, the Court held that it did not have the power to award costs to a self-represented litigant who had been admitted as a barrister but had never held a practising certificate. The Court found that the plaintiff's status as a barrister did not entitle them to costs, as they were not acting in a professional capacity in the proceedings.

There were no orders as to the costs of the application. The Court made orders dismissing the respondent's interlocutory application for security for costs and making no order as to the costs of the application.