The threshold for a stay of execution pending appeal in Victoria is a 'real risk' that a successful appellant will not be restored substantially to their former position — not the more stringent test of 'no reasonable prospect of reimbursement'. The relevant inquiry is the risk of non-repayment after the appeal outcome is known, not whether the respondent is in financial difficulty at the time of the stay application. Once the applicant demonstrates special or exceptional circumstances, the respondent bears the practical burden of raising any specific injustice that would result from the stay.
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