The moving parties (Vendors) sought to lift an automatic stay of an order requiring the responding party (Purchaser) to pay €855,155 pending the hearing of an application regarding an earn-out payment dispute.
The Purchaser had appealed the order, triggering an automatic stay under Rule 63.01(1).
The Court of Appeal granted the motion to lift the stay under Rule 63.01(5), finding that the Purchaser's financial instability created a material risk of non-payment, which constituted financial hardship for the Vendors.
To balance the risk to the Purchaser, the stay was lifted on the condition that the Vendors pay an equivalent amount into court as security pending the appeal.
