VITOL SA v GENSER ENERGY GHANA LIMITED

VITOL SA v GENSER ENERGY GHANA LIMITED

Genser is granted until 2 September 2022 to pay the judgment sum and costs due to demonstrated constraints related to lender consent, not inability to pay. Vitol is entitled to interest on costs from the date of the relevant invoice until 30 September 2022 at Bank of England base rate plus 1%, and thereafter at the judgment rate if unpaid.

Parties
Claimant: Vitol SA; Defendant: Genser Energy Ghana Limited
Jurisdiction
England and Wales
Judgment Date
25 July 2022
Procedural Posture
Commercial Claim / Post Judgment; Determination of Payment Timeline and Interest on Costs
Outcome
Application granted in part; extension of time for payment allowed; interest on costs awarded at specified rate and period.
Legal Topics
Judgment Enforcement, Interest on Costs, Extension of Time for Payment
Commercial Law Civil Procedure Judgment Enforcement Interest on Costs Extension of Time for Payment

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Parties

Vitol SA

Claimant

Genser Energy Ghana Limited

Defendant

Procedural Posture

Commercial Claim / Post Judgment; Determination of Payment Timeline and Interest on Costs

Legal Issues

  1. 1 Whether Genser should be granted an extension of time to pay the judgment sum and costs
  2. 2 Whether Genser should pay interest on Vitol's costs, and at what rate and for what period

Ratio Decidendi

Genser is granted until 2 September 2022 to pay the judgment sum and costs due to demonstrated constraints related to lender consent, not inability to pay. Vitol is entitled to interest on costs from the date of the relevant invoice until 30 September 2022 at Bank of England base rate plus 1%, and thereafter at the judgment rate if unpaid.

Court Disposition

Application granted in part; extension of time for payment allowed; interest on costs awarded at specified rate and period.

Orders

  • Genser to pay USD 3,295,019.26 (judgment sum), USD 2,631,064.70 (interest), and £580,000.00 (costs) by 2 September 2022.
  • Interest on costs payable from date of relevant invoice until 30 September 2022 at Bank of England base rate plus 1%, and thereafter at judgment rate if unpaid.