Security for Costs - Can’t Pay, Won’t Pay?
An application for security for costs can be a powerful tool in a litigator's arsenal if deployed correctly. It is important to understand the basic principles together with the latest judicial approaches to give applications the best chance of success.
This introductory level webinar will cover the basic principles behind security for costs applications and provide you with an update on the Court's current 'direction of travel' in relation to security orders.
What You Will Learn
This webinar will cover the following:
- What is security for costs and what are the fundamental principles behind such applications?
- Who can apply?
- What grounds are there to support an application?
- Why might an application be refused?
- How to maximise your prospects of making a successful application
- Common responses to security applications and how to counter them
- Understand the Court's approach to security applications
- Can't pay, won't pay: is a dispute over an interim costs order sufficient grounds to seek security on the basis that the other party may not be able to pay?
- When is security not security: what is the impact of ATE insurance on security for costs applications?
- What are the grounds for seeking additional security: what is a material change in circumstance?
- What risks do litigation funders face when funding security for costs?
- Recent key cases
- Excalibur Ventures LLC v Texas Keystone and The Law Debenture Trust Corporation plc v Ukraine - the risks to litigation funders in relation to security for costs applications
- Vald Nielson Holding A/S et al v Baldorino and the test for ordering additional security
- The RBS Rights Issue Litigation and the interplay between interim payments/payments into court and security for costs