Tyneside Property Management Pty Limited v Hammersmith Management Pty Ltd

In the matter of Tyneside Property Management Pty Limited v Hammersmith Management Pty Ltd, the appeal concerned an application for security for costs. The applicants sought security from the appellant corporations under section 1335(1) of the Corporations Act 2001 and from an individual appellant under rule 51.50 of the relevant court rules. The court was required to determine whether to grant these applications for security for costs.

The court reasoned that there was no issue of principle involved in the applications. Applying the relevant legislative provisions and rules, the court found it appropriate to grant the applications. The court ordered the appellants to furnish security for the respondents' costs of and incidental to the appeal in the amount of $80,000, to be provided by way of bank guarantee in the absence of agreement. Proceedings were stayed until this security was provided, and the appellants were ordered to pay the respondents' costs of the motion filed on 4 October 2013.