Sycamore Bidco Ltd v Breslin & Anor

Sycamore Bidco Ltd v Breslin & Anor

Interest on damages for breach of warranty should run from the date the cause of action accrued (9 November 2007) to the date of the second judgment finalising damages (15 January 2013), at a rate reflecting the borrowing costs of companies of the claimant's class (3% above base rate until 5 February 2009, then 2.5% above base rate), as there is no sufficient reason to depart from the general rule or to abate interest for periods of alleged ignorance or lack of quantification.

Parties
Claimant: Sycamore Bidco Limited; Defendant: Sean Breslin; Defendant: Andrew Dawson
Jurisdiction
England and Wales
Judgment Date
14 February 2013
Procedural Posture
Civil Commercial (breach of Warranty) / Post Judgment Application for Interest on Damages
Outcome
Application for interest allowed in part; interest awarded as specified.
Legal Topics
Breach of Warranty, Damages, Interest on Judgment Debts
Commercial Law Contract Law Breach of Warranty Damages Interest on Judgment Debts

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Parties

Sycamore Bidco Limited

Claimant

Sean Breslin

Defendant

Andrew Dawson

Defendant

Procedural Posture

Civil Commercial (breach of Warranty) / Post Judgment Application for Interest on Damages

Legal Issues

  1. 1 What is the appropriate start date for the running of interest on damages for breach of warranty?
  2. 2 What is the appropriate end date for the running of such interest?
  3. 3 What is the appropriate rate of interest to be applied?

Ratio Decidendi

Interest on damages for breach of warranty should run from the date the cause of action accrued (9 November 2007) to the date of the second judgment finalising damages (15 January 2013), at a rate reflecting the borrowing costs of companies of the claimant's class (3% above base rate until 5 February 2009, then 2.5% above base rate), as there is no sufficient reason to depart from the general rule or to abate interest for periods of alleged ignorance or lack of quantification.

Court Disposition

Application for interest allowed in part; interest awarded as specified.

Orders

  • Interest on the judgment sum of £5.25 million to run from 9 November 2007 to 15 January 2013.
  • Interest to be calculated at 3% above base rate until 5 February 2009, and 2.5% above base rate thereafter until 15 January 2013.