David Freud Ltd & Anor v Vickbar Ltd

David Freud Ltd & Anor v Vickbar Ltd

The expression 'outstanding accruals' in clause 4 of the schedule to the Tomlin order is not limited to its narrow accountancy meaning of uninvoiced liabilities, nor is it limited by the reference to 'the sum of approximately £10,000'. It refers to the amount due to VL for management fees as shown in the financial records, including VAT, and calculated as the judge did.

Parties
Appellant: David Freud Limited; Appellant: Freud Lemos Limited; Respondent: Vickbar Limited
Jurisdiction
England and Wales
Judgment Date
30 November 2006
Procedural Posture
Civil Appeal / Judgment on Appeal
Outcome
appeal dismissed
Legal Topics
Interpretation of Settlement Agreements, Construction of Tomlin Orders, Management Fees in Joint Ventures
Company Law Contract Law Interpretation of Settlement Agreements Construction of Tomlin Orders Management Fees in Joint Ventures

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Parties

David Freud Limited

Appellant

Freud Lemos Limited

Appellant

Vickbar Limited

Respondent

Procedural Posture

Civil Appeal / Judgment on Appeal

Legal Issues

  1. 1 Proper construction of 'outstanding accruals' in clause 4 of a Tomlin order schedule
  2. 2 Whether the reference to 'the sum of approximately £10,000' limits the amount payable
  3. 3 Whether VAT should be included in the calculation of the sum due

Ratio Decidendi

The expression 'outstanding accruals' in clause 4 of the schedule to the Tomlin order is not limited to its narrow accountancy meaning of uninvoiced liabilities, nor is it limited by the reference to 'the sum of approximately £10,000'. It refers to the amount due to VL for management fees as shown in the financial records, including VAT, and calculated as the judge did.

Court Disposition

appeal dismissed

Orders

  • Appellants to pay the respondent £21,945.71 under clause 4 of the schedule to the Tomlin order.