Old Park Capital Maestro Fund Ltd v Old Park Capital Ltd

Old Park Capital Maestro Fund Ltd v Old Park Capital Ltd

The court may join Mr Sherwin as a costs-only party before a costs liability is finally determined or unpaid, as there is no legal or procedural bar to such joinder and it is justified to avoid unfairness in later proceedings. Disclosure of funding arrangements is proportionate and necessary to identify all potential funders who may be liable for a third party costs order. The stay of detailed assessment is granted, and interest on unpaid costs during the stay will accrue at base rate only, not at the full judgment rate, as the stay is for HVK's benefit.

Parties
Claimant/respondent: Old Park Capital Maestro Fund Ltd; Defendant/applicant: Old Park Capital Ltd; Second Defendant/applicant: Hugo Van Kuffeler; Defendant/applicant: Bruno Pannetier; Costs Only Party: James Sherwin
Jurisdiction
England and Wales
Judgment Date
21 June 2024
Procedural Posture
Civil (costs/third Party Costs Order) / Post Trial Applications (joinder, Disclosure, Stay of Assessment)
Outcome
Applications for joinder and disclosure granted; stay of detailed assessment granted; interest on unpaid costs to accrue at base rate during stay.
Legal Topics
Third Party Costs Orders, Joinder of Parties, Disclosure, Stay of Proceedings, Interest on Costs
Civil Procedure Costs Third Party Costs Orders Joinder of Parties Disclosure Stay of Proceedings Interest on Costs

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Parties

Old Park Capital Maestro Fund Ltd

Claimant/respondent

Old Park Capital Ltd

Defendant/applicant

Hugo Van Kuffeler

Second Defendant/applicant

Bruno Pannetier

Defendant/applicant

James Sherwin

Costs Only Party

Procedural Posture

Civil (costs/third Party Costs Order) / Post Trial Applications (joinder, Disclosure, Stay of Assessment)

Legal Issues

  1. 1 Whether Mr Sherwin should be joined as a costs-only party for a potential third party costs order under section 51 of the Senior Courts Act 1981
  2. 2 Whether disclosure should be ordered regarding the Fund's funding arrangements and funders
  3. 3 Whether a stay and extension of time for detailed assessment of costs should be granted and on what terms interest should accrue

Ratio Decidendi

The court may join Mr Sherwin as a costs-only party before a costs liability is finally determined or unpaid, as there is no legal or procedural bar to such joinder and it is justified to avoid unfairness in later proceedings. Disclosure of funding arrangements is proportionate and necessary to identify all potential funders who may be liable for a third party costs order. The stay of detailed assessment is granted, and interest on unpaid costs during the stay will accrue at base rate only, not at the full judgment rate, as the stay is for HVK's benefit.

Court Disposition

Applications for joinder and disclosure granted; stay of detailed assessment granted; interest on unpaid costs to accrue at base rate during stay.

Orders

  • Mr Sherwin is joined as a costs-only party under CPR 19.2 and 19.4.
  • The Fund is ordered to disclose the identity, amount, terms, and involvement of all funders.