ACLBDD Holdings Ltd & Ors v Staechelin & Ors (Costs)

ACLBDD Holdings Ltd & Ors v Staechelin & Ors (Costs)

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 rate provides fair compensation and aligns with the compensatory principle applied under section 35A of the Senior Courts Act 1981.

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
Civil / Post Judgment Consequential Hearing on Interest and Costs
Outcome
Application for higher or lower interest rate refused; interest rate set at 3% above Bank of England base rate.
Legal Topics
Judgment Interest, Costs, Compensatory Principle
Civil Procedure Contract Law Judgment Interest Costs Compensatory Principle

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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

Civil / Post Judgment Consequential Hearing on Interest and Costs

Legal Issues

  1. 1 What is the appropriate rate of interest to award 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 rate provides fair compensation and aligns with the compensatory principle applied under section 35A of the Senior Courts Act 1981.

Court Disposition

Application for higher or lower interest rate refused; interest rate set at 3% above Bank of England base rate.

Orders

  • Interest on the judgment sum to be paid 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 relation to the interest rate issue.