ORDERING SECURITY FOR COSTS, THIRD PARTY ACTIONS AND THE COSTS BUDGET

How important is an approved costs budget in determining the sum to be ordered by way of security for costs? This was an issue considered by Mr Justice Andrew Smith in Sarpd Oil International Ltd -v- Addax Energy [2015] EWHC 2426 (Comm). THE CASE The defendant was defending a claim in excess of $2 m...