ACLBDD Holdings Ltd & Ors v Staechelin & Ors (Costs) [2018] EWHC 428 (Ch) (06 March 2018)

ACLBDD Holdings Ltd & Ors v Staechelin & Ors (Costs) [2018] EWHC 428 (Ch) (06 March 2018)

The appropriate rate of interest on the judgment sum expressed in US dollars, under section 44A of the Administration of Justice Act 1970, is 3% above Bank of England base rate, as this fairly compensates the claimant for being kept out of its money and aligns with the compensatory principle applied under section 35A of the Senior Courts Act 1981.

Citation
[2018] EWHC 428 (Ch)
Parties
Claimant: ACLBDD Holdings Limited; Claimant: De Pury & De Pury LLP; Claimant: Simon de Pury; Claimant: Michaela de Pury; Defendant: Ruedi Staechelin; Defendant: Martin David Paisner; Defendant: Carlyn McCaffrey
Jurisdiction
England and Wales
Judgment Date
06 March 2018
Procedural Posture
Chancery Division Civil Claim / Post Judgment Consequential Matters
Outcome
Interest on the judgment sum to be paid at 3% above Bank of England base rate under section 44A of the 1970 Act; each party to bear its own costs on this issue.
Legal Topics
Interest on Judgment Debts, Foreign Currency Judgments, Compensatory Principle, Costs
Civil Procedure Commercial Law Interest on Judgment Debts Foreign Currency Judgments Compensatory Principle Costs

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Parties

ACLBDD Holdings Limited

Claimant

De Pury & De Pury LLP

Claimant

Simon de Pury

Claimant

Michaela de Pury

Claimant

Ruedi Staechelin

Defendant

Martin David Paisner

Defendant

Carlyn McCaffrey

Defendant

Procedural Posture

Chancery Division Civil Claim / Post Judgment Consequential Matters

Legal Issues

  1. 1 What is the appropriate rate of interest payable on a judgment sum expressed in US dollars under section 44A of the Administration of Justice Act 1970?
  2. 2 Should the rate differ from that awarded under section 35A of the Senior Courts Act 1981?

Ratio Decidendi

The appropriate rate of interest on the judgment sum expressed in US dollars, under section 44A of the Administration of Justice Act 1970, is 3% above Bank of England base rate, as this fairly compensates the claimant for being kept out of its money and aligns with the compensatory principle applied under section 35A of the Senior Courts Act 1981.

Court Disposition

Interest on the judgment sum to be paid at 3% above Bank of England base rate under section 44A of the 1970 Act; each party to bear its own costs on this issue.

Orders

  • Interest on the judgment sum payable at 3% above Bank of England base rate from time to time under section 44A of the Administration of Justice Act 1970.
  • Each party to bear its own costs in respect of the interest rate issue.