Claymore Services Ltd v Nautilus Properties Ltd

Claymore Services Ltd v Nautilus Properties Ltd

Interest on the settlement sum should accrue from the date when the sum due was ascertainable, specifically from 16th April 2003 for £145,000 and from 2nd June 2004 for £605,000, at a commercial rate of 2% over base rate, with a 50% reduction during the period of unreasonable delay (21st December 2004 to 21st December 2005).

Parties
Claimant: Claymore Services Limited; Defendant: Nautilus Properties Limited
Jurisdiction
England and Wales
Judgment Date
20 March 2007
Procedural Posture
Civil / Post Settlement, Determination of Interest
Outcome
judgment for claimant on interest
Legal Topics
Quantum Meruit, Interest on Judgment, Unjust Enrichment, Delay in Prosecution, Rate of Interest
Construction Law Commercial Law Restitution Quantum Meruit Interest on Judgment Unjust Enrichment Delay in Prosecution Rate of Interest

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Parties

Claymore Services Limited

Claimant

Nautilus Properties Limited

Defendant

Procedural Posture

Civil / 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 the period?
  3. 3 Should interest be reduced due to delay in prosecution of the claim?

Ratio Decidendi

Interest on the settlement sum should accrue from the date when the sum due was ascertainable, specifically from 16th April 2003 for £145,000 and from 2nd June 2004 for £605,000, at a commercial rate of 2% over base rate, with a 50% reduction during the period of unreasonable delay (21st December 2004 to 21st December 2005).

Court Disposition

judgment for claimant on interest

Orders

  • Nautilus must pay interest at 2% over base rate on £145,000 from 16th April 2003 to 8th March 2007, and on £605,000 from 2nd June 2004 to 8th March 2007, with the rate halved during 21st December 2004 to 21st December 2005.
  • Solicitors and counsel to calculate the precise amount of interest and draw up the order accordingly.