Parr v Tiuta International Ltd [2016] EWHC 2 (QB) (12 January 2016)

Parr v Tiuta International Ltd [2016] EWHC 2 (QB) (12 January 2016)

Contractual interest continued to accrue until the sale of the secured property because TIL was exercising its rights under the charge, and the loan agreement and charge provided for payment of all liabilities including interest. The charging order should be varied to reflect the correct sum due, but not discharged.

Citation
[2016] EWHC 2
Parties
Appellant and Defendant: Richard Parr; Respondent and Claimant: Tiuta International Limited
Jurisdiction
England and Wales
Judgment Date
12 January 2016
Procedural Posture
Appeal / Judgment on Appeal Against Refusal to Discharge Charging Order
Outcome
Appeal dismissed in respect of discharge; appeal allowed in respect of variation of charging order.
Legal Topics
Charging Orders, Merger of Debt, Contractual Interest, Variation of Court Orders
Property Law Contract Law Civil Procedure Charging Orders Merger of Debt Contractual Interest Variation of Court Orders

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Parties

Richard Parr

Appellant and Defendant

Tiuta International Limited

Respondent and Claimant

Procedural Posture

Appeal / Judgment on Appeal Against Refusal to Discharge Charging Order

Legal Issues

  1. 1 Whether contractual interest continues after judgment when a charging order is made
  2. 2 Whether the charging order should be discharged or varied due to an error in the sum claimed

Ratio Decidendi

Contractual interest continued to accrue until the sale of the secured property because TIL was exercising its rights under the charge, and the loan agreement and charge provided for payment of all liabilities including interest. The charging order should be varied to reflect the correct sum due, but not discharged.

Court Disposition

Appeal dismissed in respect of discharge; appeal allowed in respect of variation of charging order.

Orders

  • Charging order to be varied to reflect the correct sum due (£57,774.72 plus statutory interest).