Xtellus Capital Partners Inc v DL Invest Group PM S.A.

Xtellus Capital Partners Inc v DL Invest Group PM S.A.

The success fee fell due when the relevant facility agreement was entered into; pre-judgment interest is awarded at 4.24% (weighted average Euribor plus 1 point); post-judgment interest is awarded at 3.05%; Defendant's conduct was out of the norm and justifies indemnity costs; budget variation is not determined as indemnity assessment allows departure from budget; interest on costs is awarded at Bank of England Base Rate plus 1 point; payment on account of costs is set at £700,000 plus £36,750 interest.

Parties
Claimant: Xtellus Capital Partners Inc; Defendant: DL Invest Group PM S. A.
Jurisdiction
England and Wales
Judgment Date
09 March 2025
Procedural Posture
Commercial / Post Judgment Consequential Matters
Outcome
Judgment for Claimant; consequential orders on interest and costs.
Legal Topics
Success Fee Interpretation, Interest Rates, Indemnity Costs, Budget Variation, Interest on Costs, Payment on Account
Contract Law Civil Procedure Costs Success Fee Interpretation Interest Rates Indemnity Costs Budget Variation Interest on Costs +1 more

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Parties

Xtellus Capital Partners Inc

Claimant

DL Invest Group PM S. A.

Defendant

Procedural Posture

Commercial / Post Judgment Consequential Matters

Legal Issues

  1. 1 When did the success fee fall due under the Mandate?
  2. 2 What is the appropriate pre-judgment and post-judgment interest rate?
  3. 3 Should indemnity costs be awarded?

Ratio Decidendi

The success fee fell due when the relevant facility agreement was entered into; pre-judgment interest is awarded at 4.24% (weighted average Euribor plus 1 point); post-judgment interest is awarded at 3.05%; Defendant's conduct was out of the norm and justifies indemnity costs; budget variation is not determined as indemnity assessment allows departure from budget; interest on costs is awarded at Bank of England Base Rate plus 1 point; payment on account of costs is set at £700,000 plus £36,750 interest.

Court Disposition

Judgment for Claimant; consequential orders on interest and costs.

Orders

  • Defendant to pay €1,792,247.93 to Claimant by 11 August 2025.
  • Pre-judgment interest at 4.24% per annum.