Security for Costs Refused Where Claimant Shows Very High Probability of Success and Defendant’s Estimate Demonstrably Excessive
In Yuen v Li & Ors, Mr Justice Cotter determined a contested application for security for costs brought by the first defendant against a claimant resident in Thailand who alleged misappropriation of Bitcoin worth £160-£180 million. The first defendant invoked CPR 25.27(b)(i), but Cotter J, applying principles from Porzelack v Porzelack [1987] 1 WLR 420, held it was not just to order security. First, the claimant demonstrated a very high probability of success based on compelling evidence, including damning audio recordings and the first defendant’s bare denial. Second, the first defendant’s costs estimate of £678,715.80 was demonstrably excessive and unsustainable, containing unrealistic figures for disclosure and preparation that failed the “eyebrow test”. Third, alternative security existed within the jurisdiction via valuable watches seized by police and claimed by the claimant, with an estimated value exceeding £250,000. The court found no evidence of substantial enforcement obstacles in Thailand or Dubai, where the claimant held assets. Consequently, the application was dismissed in its entirety.