Ruling of the Tribunal in relation to:
- the Claimant's application to vary the form of security as directed by the Tribunal in its ruling dated 10 January 2025 (the "Variation Application"); and
- the Defendant's application (i) to strike out the Claimant's claim as a result of its failure to pay the ordered security; (ii) to dismiss the Variation Application; (iii) for the Claimant to pay the costs of the strike out application and of the Variation Application; and (iv) for the Claimant to pay the Defendant's costs of the claim.
The Tribunal considered there was no material change of circumstances since the Tribunal's ruling dated 10 January 2025 to justify varying the form of security ordered.
The Tribunal further determined that, if there was a material change in circumstances, the form of security should not be varied as the Claimant had not provided full, frank, clear and unequivocal evidence in relation to the Claimant's financial position. In addition, the evidence in support of the Claimant’s contention that the refusal of a variation will cause it undue hardship and stifle the claim was not complete, was lacking in clarity and was not compelling.
The Tribunal ordered the Variation Application be dismissed and directed that unless the Claimant pay both (a) £575,000 into the Tribunal as security for costs ordered under the 10 January 2025 ruling, and (b) £38,000 to the Defendant as costs ordered under the 10 January 2025 ruling, the claim would be struck out without further order and judgment entered for the Defendant, with costs of the claim, to be assessed if not agreed.
The Tribunal also ordered the Claimant to pay the costs of the Variation Application and the application to strike out the claim, which were summarily assessed at £37,500 and £25,000 respectively.
