Royal Guardian Management Pty Ltd v Nguyen

[2015] NSWCA 148

NSW Court of Appeal

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Interrogate

Catchwords

1. Practice and Procedure
2. › Stay of proceedings
3. › Stay pending appeal
4. › Judgment for payment of money
5. › Where appellant unable to satisfy judgment
6. › Whether enforcement would render appeal nugatory
7. › Whether appeal has reasonable prospects of success
8. › Appropriate extent of stay
1. Practice and Procedure
2. › Security for costs
3. › Corporate appellant
4. › Application under Corporations Act 2001 (Cth) s 1335
5. › No requirement of special circumstances
6. › Amount of security
7. › Form of security
8. › Whether guarantee by related entity provides sufficient security
9. › Whether bank guarantee or payment into court required
1. Practice and Procedure
2. › Costs
3. › Costs of interlocutory motions
4. › Where each party partly successful

Quick Take

Where an appellant cannot satisfy a judgment and enforcement would render the appeal nugatory, a stay may be granted provided the appeal has reasonable prospects of success, without requiring the appellant to provide security for the judgment where the judgment is already worthless. A guarantee from a related entity with unaudited accounts and no evidence of present financial position is insufficient security for costs; a bank guarantee or payment into court is required. An order for security for costs is not intended to be a full indemnity and the court should adopt a realistic but conservative approach.