Deutsche Bank AG v Sebastian Holdings Inc

Deutsche Bank AG v Sebastian Holdings Inc

Where costs are ordered to be assessed, interest becomes 'due' within the meaning of section 24(2) of the Limitation Act 1980 on the date of the original order and accrues from day to day thereafter. Recovery of interest is capped at six years prior to enforcement, regardless of when quantification occurs.

Parties
Claimant: Deutsche Bank AG; Defendant: Sebastian Holdings Inc; Defendant for Costs Purposes Only: Alexander Vik
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Civil Costs/enforcement / Judgment on Application Regarding Recovery of Interest Under Non Party Costs Order
Outcome
Application dismissed. Section 24(2) applies to cap recoverable interest.
Legal Topics
Limitation of Actions, Interest on Judgment Debts, Non Party Costs Orders, Enforcement of Judgments
Civil Procedure Costs Law Statutory Interpretation Limitation of Actions Interest on Judgment Debts Non Party Costs Orders Enforcement of Judgments

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Parties

Deutsche Bank AG

Claimant

Sebastian Holdings Inc

Defendant

Alexander Vik

Defendant for Costs Purposes Only

Procedural Posture

Civil Costs/enforcement / Judgment on Application Regarding Recovery of Interest Under Non Party Costs Order

Legal Issues

  1. 1 Whether section 24(2) of the Limitation Act 1980 limits recovery of interest on costs under a non-party costs order to six years from the date the interest became due, where assessment occurs more than six years after the original order.

Ratio Decidendi

Where costs are ordered to be assessed, interest becomes 'due' within the meaning of section 24(2) of the Limitation Act 1980 on the date of the original order and accrues from day to day thereafter. Recovery of interest is capped at six years prior to enforcement, regardless of when quantification occurs.

Court Disposition

Application dismissed. Section 24(2) applies to cap recoverable interest.

Orders

  • Interest on costs under the 8 November 2013 order is only recoverable for the six years preceding enforcement; earlier accrued interest is not recoverable.