Reinhard v Ondra [2015] EWHC 2943 (Ch) (29 July 2015)

Reinhard v Ondra [2015] EWHC 2943 (Ch) (29 July 2015)

The appropriate rate of statutory interest under s.35A Senior Courts Act 1981 in this case, where the claimant is a sophisticated investor and the case does not fit neatly into commercial or personal injury categories, is 3% above base rate. This balances fairness to both parties, given low prevailing interest rates and the absence of a presumption for 1% above base.

Citation
[2015] EWHC 2943 (Ch)
Parties
Claimant: Reinhard; Defendant: ONDRA
Jurisdiction
England and Wales
Judgment Date
29 July 2015
Procedural Posture
Interest on Sums Paid Pending Appeal (chancery Division) / Judgment on Rate of Statutory Interest Under S.35 a Senior Courts Act 1981
Outcome
Interest awarded at 3% above base rate on the sums paid into Mishcon de Reya's account pending appeal.
Legal Topics
Statutory Interest, Discretion in Awarding Interest, Restitutio in Integrum, Compensation for Being Kept Out of Money
Civil Procedure Remedies Statutory Interest Discretion in Awarding Interest Restitutio in Integrum Compensation for Being Kept Out of Money

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 3 Authorities cited 10 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Reinhard

Claimant

ONDRA

Defendant

Procedural Posture

Interest on Sums Paid Pending Appeal (chancery Division) / Judgment on Rate of Statutory Interest Under S.35 a Senior Courts Act 1981

Legal Issues

  1. 1 What is the appropriate rate of statutory interest to award under s.35A Senior Courts Act 1981 for sums paid into court pending appeal?
  2. 2 Should the rate reflect the cost of borrowing, the investment rate, or another proxy for compensation?

Ratio Decidendi

The appropriate rate of statutory interest under s.35A Senior Courts Act 1981 in this case, where the claimant is a sophisticated investor and the case does not fit neatly into commercial or personal injury categories, is 3% above base rate. This balances fairness to both parties, given low prevailing interest rates and the absence of a presumption for 1% above base.

Court Disposition

Interest awarded at 3% above base rate on the sums paid into Mishcon de Reya's account pending appeal.

Orders

  • Claimant awarded simple interest at 3% above base rate on the expenses and PILON payments.