Claymore Services Ltd v Nautilus Properties Ltd [2007] EWHC 805 (TCC) (20 March 2007)

Claymore Services Ltd v Nautilus Properties Ltd [2007] EWHC 805 (TCC) (20 March 2007)

Interest on the settlement sum should accrue from the dates when the sums became ascertainable (£145,000 from 16 April 2003, £605,000 from 2 June 2004), at a commercial rate of 2% over base rate, with a 50% reduction during the period of unreasonable delay (21 December 2004 to 21 December 2005).

Citation
[2007] EWHC 805 (TCC)
Parties
Claimant: Claymore Services Limited; Defendant: Nautilus Properties Limited
Jurisdiction
England and Wales
Judgment Date
20 March 2007
Procedural Posture
Quantum Meruit Claim (technology and Construction Court) / Post Settlement, Determination of Interest
Outcome
Interest awarded to claimant at 2% over base rate, with 50% reduction for one year of unreasonable delay; permission to appeal refused.
Legal Topics
Quantum Meruit, Interest on Judgment, Delay in Litigation, Restitutionary Claims
Construction Law Commercial Law Restitution Quantum Meruit Interest on Judgment Delay in Litigation Restitutionary Claims

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 15 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Claymore Services Limited

Claimant

Nautilus Properties Limited

Defendant

Procedural Posture

Quantum Meruit Claim (technology and Construction Court) / Post Settlement, Determination of Interest

Legal Issues

  1. 1 From what date should interest accrue on the settlement sum?
  2. 2 What is the appropriate rate of interest for a quantum meruit claim between commercial parties?
  3. 3 Should interest be reduced due to unreasonable delay by the claimant in prosecuting the claim?

Ratio Decidendi

Interest on the settlement sum should accrue from the dates when the sums became ascertainable (£145,000 from 16 April 2003, £605,000 from 2 June 2004), at a commercial rate of 2% over base rate, with a 50% reduction during the period of unreasonable delay (21 December 2004 to 21 December 2005).

Court Disposition

Interest awarded to claimant at 2% over base rate, with 50% reduction for one year of unreasonable delay; permission to appeal refused.

Orders

  • Nautilus to pay interest at 2% over base rate on £145,000 from 16 April 2003 to 8 March 2007, with rate halved from 21 December 2004 to 21 December 2005.
  • Nautilus to pay interest at 2% over base rate on £605,000 from 2 June 2004 to 8 March 2007, with rate halved from 21 December 2004 to 21 December 2005.