LIV Bridging Finance Ltd v AD Solicitors LLB

LIV Bridging Finance Ltd v AD Solicitors LLB

LIV is entitled to simple interest only, not compound, as its claim was not based on fraud nor did it seek an account of profits; LIV is the successful party for costs purposes but 17.5% of its costs are disallowed due to discrete failed issues and procedural inefficiencies.

Parties
Claimant: LIV Bridging Finance Limited; Defendant: EAD Solicitors LLP (in administration)
Jurisdiction
England and Wales
Judgment Date
17 July 2020
Procedural Posture
Civil Trusts and Probate / Post Judgment (interest and Consequential Matters)
Outcome
LIV awarded simple interest and 82.5% of its costs; EAD to make interim payment on account of costs.
Legal Topics
Interest on Trust Monies, Costs of Summary Judgment, Compound Vs Simple Interest, Assessment of Costs
Equity Trusts Civil Procedure Interest on Trust Monies Costs of Summary Judgment Compound Vs Simple Interest Assessment of Costs

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Parties

LIV Bridging Finance Limited

Claimant

EAD Solicitors LLP (in administration)

Defendant

Procedural Posture

Civil Trusts and Probate / Post Judgment (interest and Consequential Matters)

Legal Issues

  1. 1 Whether claimant is entitled to simple or compound interest on trust monies
  2. 2 Appropriate costs order following partial success on summary judgment

Ratio Decidendi

LIV is entitled to simple interest only, not compound, as its claim was not based on fraud nor did it seek an account of profits; LIV is the successful party for costs purposes but 17.5% of its costs are disallowed due to discrete failed issues and procedural inefficiencies.

Court Disposition

LIV awarded simple interest and 82.5% of its costs; EAD to make interim payment on account of costs.

Orders

  • EAD to pay LIV simple interest of £12,838.01 to 18 June 2020.
  • EAD to pay 82.5% of LIV’s costs of the application for summary judgment, to be assessed on the standard basis.