The Owners Strata Plan 57504 v Building Insurers' Guarantee Corporation [2008] NSWSC 1285

The Owners Strata Plan 57504 v Building Insurers' Guarantee Corporation [2008] NSWSC 1285

The general principle of awarding interest on damages applies unless the plaintiff has not suffered real or practical loss from being deprived of the money. In this case, interest is awarded on amounts actually paid by the Owners Corporation (approx. $60,000) from the date of payment, and as the judgment sum is quantified as at 4 March 2008, judgment is effective from that date. Interest on costs is awarded only on amounts actually paid by the plaintiff, calculated using the formula from Lahoud v Lahoud.

Jurisdiction
Australia
Judgment Date
21 November 2008
Procedural Posture
Civil / Post Referee Report, Judgment on Interest and Costs
Outcome
Judgment for the plaintiff with interest orders; parties to bring in agreed orders reflecting the court's reasons.
Legal Topics
['interest on Damages' 'interest on Costs' 'rectification Costs' 'compensatory Damages']
['civil Procedure' 'torts' 'contracts'] ['interest on Damages' 'interest on Costs' 'rectification Costs' 'compensatory Damages']

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Procedural Posture

Civil / Post Referee Report, Judgment on Interest and Costs

Legal Issues

  1. 1 ['Whether the plaintiff is entitled to pre-judgment interest on the entire quantified rectification costs or only on amounts actually paid' 'Whether the plaintiff is entitled to interest on costs, and in what form']

Ratio Decidendi

The general principle of awarding interest on damages applies unless the plaintiff has not suffered real or practical loss from being deprived of the money. In this case, interest is awarded on amounts actually paid by the Owners Corporation (approx. $60,000) from the date of payment, and as the judgment sum is quantified as at 4 March 2008, judgment is effective from that date. Interest on costs is awarded only on amounts actually paid by the plaintiff, calculated using the formula from Lahoud v Lahoud.

Court Disposition

Judgment for the plaintiff with interest orders; parties to bring in agreed orders reflecting the court's reasons.

Orders

  • ['Interest on amounts actually paid by Owners Corporation to be computed from date(s) of payment at UCPR Schedule 5 rate, up to 4 March 2008.' 'Judgment in favour of Owners Corporation effective as at 4 March 2008 for the quantified rectification amount.' 'Interest on costs allowed, calculated by the formula in...