15.06.2017Micula & Ors v Romania  EWHC 1430 (Comm)
Key areas: security for costs; High Court
This was an application for security for costs.
The Claimants sought security in the sum of £150m, on the basis that the Defendant was delaying the proceedings. Romania denied it had delayed the case, but the Court ordered that there be security.
However, the EC (an intervening party) submitted that any security could be repayable by the Claimant due to related on-going proceedings it had initiated, which would be an “absurd result”.
Romania submitted that it was therefore caught between two potentially-conflicting decisions.
The Court saw that this was the position, and decided against ordering security, not least because it had been informed that the EC’s own proceedings would be heard by the end of the year.
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