Andrew O’Brien (with J Bell KC) appeared for the first respondent, instructed by Ashurst Australia.
The judgment concerned an appeal by both the first and second appellants seeking to set aside orders made requiring the payment of a sum of US$30,835,112.14 from the appellants to the first respondent.
The central issues considered were whether enforcing the payment order would risk rendering their appeal rights nugatory. The appellants and the first respondent both proposed orders to protect the judgment sum.
The Court held VICA’s insolvency was not supported by evidence and that the first respondent’s proposal adequately addressed the risk of funds being unrecoverable. The Court ultimately dismissed the appellants’ application and ordered that they pay they pay the First Respondent’s costs of the application on a full indemnity basis.
The judgment can be read by clicking here
