Crema v Cenkos Securities Plc

Crema v Cenkos Securities Plc

Mr Crema is entitled to interest under the Late Payment of Commercial Debts (Interest) Act 1998 from 13 July 2008 at the statutory rate of 13% until judgment, with no reduction in rate. No interest is awarded under section 35A of the Senior Courts Act 1981 for the period 12 June to 13 July 2008. Mr Crema is awarded 75% of his costs in the Court of Appeal and below, including for the period after his Part 36 offer, but assessed on the indemnity basis for that period. An interim payment of £300,000 is ordered on account of costs.

Parties
Appellant: Thomas Crema; Respondent: Cenkos Securities Plc
Jurisdiction
England and Wales
Judgment Date
20 January 2011
Procedural Posture
Civil Appeal / Costs Determination Following Appeal Judgment
Outcome
Appeal allowed; costs and interest determined as specified
Legal Topics
Costs, Interest on Judgment Debts, Conditional Fee Agreements, Late Payment of Commercial Debts
Commercial Law Civil Procedure Costs Interest on Judgment Debts Conditional Fee Agreements Late Payment of Commercial Debts

Case Brief

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Parties

Thomas Crema

Appellant

Cenkos Securities Plc

Respondent

Procedural Posture

Civil Appeal / Costs Determination Following Appeal Judgment

Legal Issues

  1. 1 Whether interest is payable under the Late Payment of Commercial Debts (Interest) Act 1998 and from what date
  2. 2 Whether the rate of interest should be reduced under section 5 of the 1998 Act
  3. 3 Whether interest is payable under section 35A of the Senior Courts Act 1981 for a specific period

Ratio Decidendi

Mr Crema is entitled to interest under the Late Payment of Commercial Debts (Interest) Act 1998 from 13 July 2008 at the statutory rate of 13% until judgment, with no reduction in rate. No interest is awarded under section 35A of the Senior Courts Act 1981 for the period 12 June to 13 July 2008. Mr Crema is awarded 75% of his costs in the Court of Appeal and below, including for the period after his Part 36 offer, but assessed on the indemnity basis for that period. An interim payment of £300,000 is ordered on account of costs.

Court Disposition

Appeal allowed; costs and interest determined as specified

Orders

  • Cenkos to pay Mr Crema interest under the Late Payment of Commercial Debts (Interest) Act 1998 from 13 July 2008 at 13% until judgment
  • Cenkos to pay interest on any unpaid judgment debt at the Judgment Act 1838 rate thereafter