BILTA (UK) LIMITED (in liquidation) AND OTHERS v SVS SECURITIES plc & Anor

BILTA (UK) LIMITED (in liquidation) AND OTHERS v SVS SECURITIES plc & Anor

No order as to costs for pre-settlement period due to inability to determine a clear winner from the settlement; Claimants entitled to 7.5% of pre-settlement costs from TFS for adjournments caused by TFS; post-settlement, each party to bear their own costs on issues they won; TFS to recover 50% of costs for the consequential hearing due to Claimants' late withdrawal of indemnity costs argument.

Parties
Claimant: Bilta (UK) Limited (in liquidation) and Others; Defendant: SVS Securities plc; Defendant: Kulvir Singh Virk; Defendant: Simon Fox; Defendant: Deutsche Bank AG; Defendant: Tradition Financial Services Limited (TFS)
Jurisdiction
England and Wales
Judgment Date
08 June 2022
Procedural Posture
Civil / Post Judgment Consequential Hearing on Costs and Permissions
Outcome
No order as to costs for pre-settlement period except 7.5% of Claimants' costs recoverable from TFS for adjournments; post-settlement, each party bears own costs on issues won; TFS to recover 50% of costs for the consequential hearing; permission to appeal granted on Section 213 Point and costs ruling.
Legal Topics
Costs Orders, Settlement, Limitation Defence, Section 213 Insolvency Act 1986, Section 1032 Companies Act 2006, Permission to Appeal
Civil Procedure Insolvency Commercial Law Costs Orders Settlement Limitation Defence Section 213 Insolvency Act 1986 Section 1032 Companies Act 2006 +1 more

Case Brief

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Parties

Bilta (UK) Limited (in liquidation) and Others

Claimant

SVS Securities plc

Defendant

Kulvir Singh Virk

Defendant

Simon Fox

Defendant

Deutsche Bank AG

Defendant

Tradition Financial Services Limited (TFS)

Defendant

Procedural Posture

Civil / Post Judgment Consequential Hearing on Costs and Permissions

Legal Issues

  1. 1 Appropriate costs order following partial settlement and trial on limited issues
  2. 2 Whether costs should follow the event or be issues-based
  3. 3 Entitlement to costs for adjournments caused by a party

Ratio Decidendi

No order as to costs for pre-settlement period due to inability to determine a clear winner from the settlement; Claimants entitled to 7.5% of pre-settlement costs from TFS for adjournments caused by TFS; post-settlement, each party to bear their own costs on issues they won; TFS to recover 50% of costs for the consequential hearing due to Claimants' late withdrawal of indemnity costs argument.

Court Disposition

No order as to costs for pre-settlement period except 7.5% of Claimants' costs recoverable from TFS for adjournments; post-settlement, each party bears own costs on issues won; TFS to recover 50% of costs for the consequential hearing; permission to appeal granted on Section 213 Point and costs ruling.

Orders

  • No order as to costs for pre-settlement period except Claimants recover 7.5% of assessed pre-settlement costs from TFS for adjournments.
  • Each party to bear own post-settlement costs on issues won.