Where a foreign plaintiff with no assets in the jurisdiction proposes security for costs in the form of a deed of indemnity from a creditworthy foreign insurer, the court's central inquiry is whether the proposed security is adequate to achieve its protective object — not whether it is inferior to conventional forms such as payment into court or bank guarantee. An unconditional, irrevocable deed of indemnity from a creditworthy regulated insurer, governed by local law and subject to local jurisdiction, supplemented by cash security for foreign registration costs, may constitute adequate security. The plaintiff bears a practical onus of establishing adequacy but is entitled to propose security in the form least disadvantageous to it.
The full text is available to signed-in members, including the 43 later cases that cite this judgment.
3 of the 43 citing cases carry a classified treatment. How each court treated it is available to signed-in members.