Ms Papasolomou successfully represented the Plaintiffs / Respondents to the Application in interim proceedings in which the Defendants sought an order for security for costs in the amount of €10.000.

 

The Applicants argued that the Respondents were a foreign banking institution operating outside Cyprus with no assets within the jurisdiction and that in the event the action was dismissed, the Applicants would be unable to recover their legal costs. The application was opposed on the basis, inter alia, that it was abusive, procedurally unfounded and unsupported by evidence capable of justifying the amount claimed as security.

 

The Court, after reviewing the parties’ written submissions and the applicable legal principles governing security for costs, held that the Applicants had failed to comply with established practice and case law by omitting to file a preliminary bill of costs in support of the amount sought, thereby rendering it impossible for the Court to properly assess whether the requested sum represented realistic and reasonable anticipated costs.

 

Accordingly, the Court dismissed the application and awarded costs in favour of the Respondents.

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🔗 Read the court's decision

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