Old Park Capital Maestro Fund Ltd v Old Park Capital Ltd [2024] EWHC 1482 (Ch) (15 May 2024)

Old Park Capital Maestro Fund Ltd v Old Park Capital Ltd [2024] EWHC 1482 (Ch) (15 May 2024)

The court may join a potential funder as a costs-only party before costs are unpaid or finally determined if there is a plausible basis for a third party costs order and no abuse of process; disclosure of funding arrangements is proportionate and relevant to the potential liability of funders; during a stay of detailed assessment for the receiving party's benefit, interest on unpaid costs should accrue at base rate only, not the Judgments Act rate.

Citation
[2024] EWHC 1482 (Ch)
Parties
Claimant/respondent: Old Park Capital Maestro Fund Ltd; First Defendant/applicant: Old Park Capital Ltd; Second Defendant/applicant: Hugo Van Kuffeler; Third Defendant/applicant: Bruno Pannetier; Costs Only Party: James Sherwin
Jurisdiction
England and Wales
Judgment Date
15 May 2024
Procedural Posture
Chancery Division Civil Claim / Post Trial, Costs and Case Management Applications
Outcome
Applications granted in part
Legal Topics
Third Party Costs Orders, Joinder of Parties, Disclosure in Costs Proceedings, Stay of Detailed Assessment, Interest on Costs
Civil Procedure Insolvency Costs Third Party Costs Orders Joinder of Parties Disclosure in Costs Proceedings Stay of Detailed Assessment Interest on Costs

Case Brief

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Parties

Old Park Capital Maestro Fund Ltd

Claimant/respondent

Old Park Capital Ltd

First Defendant/applicant

Hugo Van Kuffeler

Second Defendant/applicant

Bruno Pannetier

Third Defendant/applicant

James Sherwin

Costs Only Party

Procedural Posture

Chancery Division Civil Claim / Post Trial, Costs and Case Management Applications

Legal Issues

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

Ratio Decidendi

The court may join a potential funder as a costs-only party before costs are unpaid or finally determined if there is a plausible basis for a third party costs order and no abuse of process; disclosure of funding arrangements is proportionate and relevant to the potential liability of funders; during a stay of detailed assessment for the receiving party's benefit, interest on unpaid costs should accrue at base rate only, not the Judgments Act rate.

Court Disposition

Applications granted in part

Orders

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