The court found that the appellants failed to provide a competent explanation for their absence on the date the appeal was dismissed, as the affidavit relied upon was not sworn by a person with direct knowledge of the facts and did not meet the requirements of the Civil Procedure Rules. The court further held that there was no evidence that the statutory management order affecting Standard Assurance (K) Ltd was relevant to the present appeal. As a result, the appellants did not establish sufficient cause for non-attendance or grounds for the court to exercise its discretion to reinstate the appeal. Regarding the respondent's application, the court held that the funds deposited as security for the appeal should be released to the respondent, as the appeal had been disposed of and the stay of execution was no longer in effect. The status of the appellants under statutory management did not affect the respondent's entitlement to the funds, as they were specifically deposited for this appeal.