Sabic UK Petrochemicals Ltd v Punj Lloyd Ltd [2013] EWHC 3202 (TCC) (10 October 2013)

Sabic UK Petrochemicals Ltd v Punj Lloyd Ltd [2013] EWHC 3202 (TCC) (10 October 2013)

SABIC is entitled to statutory interest at the normal commercial rate (2.5%) from April 2009 to date on the net deficit established by the main judgment, including employment costs, and at the Judgments Act rate thereafter; contra-charging for bond monies is rejected as illogical and outside statutory scope.

Citation
[2013] EWHC 3202 (TCC)
Parties
Claimant: SABIC UK Petrochemicals Limited (formerly Huntsman Petrochemicals (UK) Limited); Defendant: Punj Lloyd Limited; First Claimant (counterclaim): Punj Lloyd Limited; Second Claimant (counterclaim): Simon Carves Limited (In Administration); Defendant (counterclaim): SABIC UK Petrochemicals Limited (formerly Huntsman Petrochemicals (UK) Limited)
Jurisdiction
England and Wales
Judgment Date
10 October 2013
Procedural Posture
Commercial Construction Dispute / Post Main Judgment, Determination of Interest
Outcome
Interest awarded to SABIC on judgment sum.
Legal Topics
Statutory Interest, Calculation of Damages, Bond Monies, Employment Costs, Interest Rates
Commercial Law Construction Law Statutory Interest Calculation of Damages Bond Monies Employment Costs Interest Rates

Case Brief

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Parties

SABIC UK Petrochemicals Limited (formerly Huntsman Petrochemicals (UK) Limited)

Claimant

Punj Lloyd Limited

Defendant

Punj Lloyd Limited

First Claimant (counterclaim)

Simon Carves Limited (In Administration)

Second Claimant (counterclaim)

SABIC UK Petrochemicals Limited (formerly Huntsman Petrochemicals (UK) Limited)

Defendant (counterclaim)

Procedural Posture

Commercial Construction Dispute / Post Main Judgment, Determination of Interest

Legal Issues

  1. 1 Entitlement to statutory interest
  2. 2 Appropriate rate and period for interest
  3. 3 Interest on employment costs

Ratio Decidendi

SABIC is entitled to statutory interest at the normal commercial rate (2.5%) from April 2009 to date on the net deficit established by the main judgment, including employment costs, and at the Judgments Act rate thereafter; contra-charging for bond monies is rejected as illogical and outside statutory scope.

Court Disposition

Interest awarded to SABIC on judgment sum.

Orders

  • SABIC awarded interest from April 2009 to date in the sum of £1,271,640.
  • Interest on the judgment sum to run from today until payment at the Judgments Act 1838 rate.