Gater Assets Ltd v NAK Naftogaz Ukrainiy

Gater Assets Ltd v NAK Naftogaz Ukrainiy

Interest under the Judgments Act 1838 as amended is payable on the judgment entered in terms of the arbitral award, at the statutory rate of 8% from the date of judgment, because once judgment is entered, it is subject to English procedural law, and there is no statutory or principled basis to exclude such interest in this context.

Parties
Claimant: Gater Assets Limited; Defendant: NAK Naftogaz Ukrainiy
Jurisdiction
England and Wales
Judgment Date
21 May 2008
Procedural Posture
Commercial Arbitration Enforcement / Post Judgment; Determination of Interest Payable
Outcome
Interest under the Judgments Act 1838 is payable at 8% from the date of judgment.
Legal Topics
Enforcement of Foreign Arbitral Awards, Judgment Interest, Interpretation of Arbitration Act 1996, Application of Judgments Act 1838
Arbitration Commercial Law Conflict of Laws Enforcement of Foreign Arbitral Awards Judgment Interest Interpretation of Arbitration Act 1996 Application of Judgments Act 1838

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Parties

Gater Assets Limited

Claimant

NAK Naftogaz Ukrainiy

Defendant

Procedural Posture

Commercial Arbitration Enforcement / Post Judgment; Determination of Interest Payable

Legal Issues

  1. 1 Whether interest under section 17 of the Judgments Act 1838 is payable on a judgment entered pursuant to section 101(3) of the Arbitration Act 1996 in respect of a New York Convention award where the award did not order post-award interest
  2. 2 Whether the court should exercise its discretion to disallow or vary the rate of interest under section 17 of the Judgments Act 1838

Ratio Decidendi

Interest under the Judgments Act 1838 as amended is payable on the judgment entered in terms of the arbitral award, at the statutory rate of 8% from the date of judgment, because once judgment is entered, it is subject to English procedural law, and there is no statutory or principled basis to exclude such interest in this context.

Court Disposition

Interest under the Judgments Act 1838 is payable at 8% from the date of judgment.

Orders

  • Interest at 8% per annum under the Judgments Act 1838 is payable on the judgment of Colman J dated 23 May 2006 from that date.