Old Park Capital Maestro Fund Limited v Old Park Capital Limited (in liquidation)

Old Park Capital Maestro Fund Limited v Old Park Capital Limited (in liquidation)

The Fund's judgment was at least as advantageous as its Part 36 offer because both were in US dollars and for the same sum, so no currency conversion was required. The offer was a genuine attempt to settle, and there was no injustice in applying the usual CPR 36.17(4) consequences. The Fund is entitled to interest on damages and costs at base +6% from 25 April 2023, indemnity costs from that date, and an additional £75,000. For the period before 25 April 2023, costs are reduced by 15% and interest is at base +2%.

Parties
Claimant: Old Park Capital Maestro Fund Limited; First Defendant: Old Park Capital Limited; Second Defendant: Mr. Hugo Van Kuffeler; Third Defendant: Mr. Bruno Pannetier
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil (fraudulent Misrepresentation, Costs Consequentials) / Post Trial, Consequential Judgment on Costs and Interest
Outcome
Claimant's application for CPR 36.17(4) consequences granted; costs and interest orders made as specified.
Legal Topics
Part 36 Offers, Costs Orders, Interest on Damages, Fraudulent Misrepresentation, Currency Conversion in Judgments
Civil Procedure Commercial Law Fraud Part 36 Offers Costs Orders Interest on Damages Fraudulent Misrepresentation Currency Conversion in Judgments

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Parties

Old Park Capital Maestro Fund Limited

Claimant

Old Park Capital Limited

First Defendant

Mr. Hugo Van Kuffeler

Second Defendant

Mr. Bruno Pannetier

Third Defendant

Procedural Posture

Civil (fraudulent Misrepresentation, Costs Consequentials) / Post Trial, Consequential Judgment on Costs and Interest

Legal Issues

  1. 1 Whether the claimant beat its own Part 36 offer for the purposes of CPR 36.17
  2. 2 Whether it is unjust for the consequences in CPR 36.17(4) to apply
  3. 3 Appropriate rates and bases for interest and costs orders

Ratio Decidendi

The Fund's judgment was at least as advantageous as its Part 36 offer because both were in US dollars and for the same sum, so no currency conversion was required. The offer was a genuine attempt to settle, and there was no injustice in applying the usual CPR 36.17(4) consequences. The Fund is entitled to interest on damages and costs at base +6% from 25 April 2023, indemnity costs from that date, and an additional £75,000. For the period before 25 April 2023, costs are reduced by 15% and interest is at base +2%.

Court Disposition

Claimant's application for CPR 36.17(4) consequences granted; costs and interest orders made as specified.

Orders

  • Interest on USD 4,175,182.99 from 25 April 2023 at base +6% until payment
  • BP to pay the Fund's costs of the claims against BP on the indemnity basis from 25 April 2023