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Introduction In a costs ruling delivered on 12 March 2021, the Honourable Justice Ramsay-Hale provided welcome clarity on the circumstances in which the Grand Court will make a costs award on the indemnity basis.(1) A successful party can expect to recover a higher proportion of its costs when an award is made on the indemnity basis (rather than the standard basis) since only costs that are unreasonably incurred or of an unreasonable amount will be disallowed on taxation and any doubts as to reasonableness are resolved in favour of the successful party.(2) Facts Zhongzhi Capital (HK) Company Ltd (ZZHK) succeeded in its substantive application to rectify the register of members of Geopay Holding Limited (Geopay) so as to register ZZHK as the holder of certain shares in Geopay in place of Geoswift Holdings Limited. Geoswift pledged its shares in Geopay as security in return for a loan advanced to Geoswift by ZZHK. After defaulting on the loan, Geoswift resisted ZZHK s attempts to en

Cayman islandsJustice hendersonJustice ramsay haleGeoswift holdingsGeopay holding limitedZhongzhi capital hk company ltdCayman islands grand courtZhongzhi capital hk companyHonourable justice ramsay haleGrand courtCompany ltdWeavering macro fixed income fund ltdAttorney generalVictoria kingGrand caymanJean lauat ogier