The Court dismissed a third application for security for costs, holding that AonAri failed to demonstrate any material change in circumstances since Faulkner J dismissed the second application. The registered arbitral award (stayed pending challenge) did not constitute a material change; a forensic decision not to make submissions on ability to pay in stay proceedings was not a concession of inability to pay; newly discovered information about a guarantor's asset position was not a material change where it could have been investigated on earlier applications; and the increased costs estimate was not demonstrated to reflect changed circumstances rather than different estimating approaches, particularly where the estimate failed to separate costs of defence from cross-claim prosecution. Even had the threshold been met, the six-month delay in bringing the application during which the plaintiffs incurred substantial costs preparing evidence weighed decisively against the exercise of discretion.
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