The applicant, a British Virgin Islands shell company, sought to recover assigned assets from the respondent.
Following a prior order by Justice Dunphy for the applicant to post $25,000 security for costs, the respondent moved to dismiss the application due to non-compliance.
The applicant cross-moved to vary the security amount to $8,000, claiming inability to post the original sum.
The court dismissed the applicant's motion to vary, finding insufficient evidence of inability to pay and a lack of due diligence in assessing financial capacity.
The court granted the respondent's motion, dismissing the application, emphasizing that the applicant's litigation risk outweighed the prejudice of dismissal, especially given the corporate nature of the parties and the token amount proposed.
No order as to costs was made.