Bilta (UK) Ltd (In Liquidation) & Ors v Natwest Markets PLC & Anor [2020] EWHC 2598 (Ch) (02 October 2020)

Bilta (UK) Ltd (In Liquidation) & Ors v Natwest Markets PLC & Anor [2020] EWHC 2598 (Ch) (02 October 2020)

Defendants cannot withdraw formal admissions regarding Epicure Deal 34; principal sum includes VAT for that deal. Simple interest at 2.5% over base rate awarded, not compound. Costs to be assessed on standard basis, not indemnity. Permission to appeal granted to all parties except Claimants' GW Deals ground.

Citation
[2020] EWHC 2598 (Ch)
Parties
Claimant: Bilta (UK) Limited (in liquidation) and others; First Defendant: NatWest Markets PLC; Second Defendant: Mercuria Energy Europe Trading Limited
Jurisdiction
England and Wales
Judgment Date
02 October 2020
Procedural Posture
Commercial Fraud Claim (vat MTIC Fraud) / Post Judgment Consequential Matters, Costs, Interest, Permission to Appeal
Outcome
Defendants' application to withdraw admissions refused; principal sum includes Epicure Deal 34. Simple interest awarded. Costs on standard basis. Permission to appeal granted (except GW Deals). Interim payment on account of costs ordered.
Legal Topics
Dishonest Assistance, Fraudulent Trading, VAT Fraud, Admissions and Withdrawal, Interest Awards, Costs Assessment, Permission to Appeal
Commercial Law Fraud Insolvency Litigation Procedure Dishonest Assistance Fraudulent Trading VAT Fraud Admissions and Withdrawal +3 more

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Parties

Bilta (UK) Limited (in liquidation) and others

Claimant

NatWest Markets PLC

First Defendant

Mercuria Energy Europe Trading Limited

Second Defendant

Procedural Posture

Commercial Fraud Claim (vat MTIC Fraud) / Post Judgment Consequential Matters, Costs, Interest, Permission to Appeal

Legal Issues

  1. 1 Whether Defendants can withdraw formal admissions regarding Epicure Deal 34
  2. 2 Appropriate rate and form of interest on principal sum
  3. 3 Basis for assessment of costs (indemnity vs standard)

Ratio Decidendi

Defendants cannot withdraw formal admissions regarding Epicure Deal 34; principal sum includes VAT for that deal. Simple interest at 2.5% over base rate awarded, not compound. Costs to be assessed on standard basis, not indemnity. Permission to appeal granted to all parties except Claimants' GW Deals ground.

Court Disposition

Defendants' application to withdraw admissions refused; principal sum includes Epicure Deal 34. Simple interest awarded. Costs on standard basis. Permission to appeal granted (except GW Deals). Interim payment on account of costs ordered.

Orders

  • Defendants to pay principal sum of £45,049,882.60 to Claimants, including Epicure Deal 34 VAT.
  • Defendants to pay simple interest at 2.5% over base rate from 6 October 2015 to 2 October 2020 (£6,686,500.30).