Norse International Ltd v Hay (Civil Cause 2177 of 1994) [1996] MWHCCiv 21 (28 November 1996)

...... - · ... C:l. TN·. . L . . . . . . J C··r·vTr c·'AlJ CT,' N() ,·r·1·1·r,• 11·1·c··.11 ('('''!~ 11 ('J j,' .... \._,JU\1 ... J.i DJY[·N·,-,1-f'J/. 1· JY i' 1· i · rrq ) ' ' \\ _ _ ,)iJ \l \_1 [ \ _ ~ - ) ,1,.1 .. 1 n1,· l uL, . L , . c.i.. _ ,_. J L J _ . _1 . l•,,1AJ /\W' I. J - . 1 I_ ,., r ir )(1 .· J J NOI<SE: IN'J'E:HNA'T'IONAL 1:rn . ............... . .. Pl ,/\JNITF'f VE:IDNICA HAY (l1R~l) . . ..... ....... .. ...... .. DF:fENDANI' AND C:DI~At1; w w COIO, DJ~PUI'Y nna~n,~AI~ Mhcn:lcra o[ Counsc~1 I or Uic ~ pl a in L 1. I f HULING 0010, Df':PlrTY REtjJSTHAr< On 1<::;t Auqust 1996, Mr,~;, Mc,Cl 1''::,1, pla _1nL1ff n1 tbe sum DL KlJCJ,hc'Jf) ·1) ;ci'; <,Pl'c:·1al ri,rnuql''~ interest Lhereon trom Nuvcmbc~r, 1cJ~YJ awarded costs of the oc:t1cm. i,.nth 'The) pLJLnLJtf w;1 s al.so JUdCJITH 1nL fur tht:, ,J. pnt.( , n:xl rrbe p] a1 nt If£' s ; ic L1on dCJ<l:i n:·, t, UK 1 r Ir, ; r:>nrL in L Wet•=; f_c;r 1<1][1 . G48. 36 drrl u1Ler1:::SL then?on unL Ll Lb:: dL'JJL ut p. Jyllll :nL. 'This sum of money cla1mFd u_;p:rt:.i:;cnl,r::YJ n!fX-LU'. LI Hrqc·:~, , ind GJn hire from tht? cJc£c:'.nckrnL' '.:, w1}JuJ anci or ne~Jligent expen3e'~ aLi:3in~:-J" dri v1ng ot a mCJtor veh] cle 1·:c,TE; t, t::r1 L1on nurnlJcr UD 6L3f:l cm 22 August., 1.994 when ~:;he cau<:.~E:crl Ll,r) into V]c1 ·1ent coll1s1on with Lhr~ p1aint:LfJ',:; t'l(Jt'.__, Lrat1on vci1il. Lc", 'I'hc! u ,1x~LLr 1_:h;:i rcw·-~ Lu UH fYl '1 J were numbers BH f3411 and ElJ JC. Ci? . lnre K33,7'79.74. •~ wr,n, :mciF'PJCJU(J n,ri,nr'.3 ec.:1mE! charcJE5 when Lbrise mutur vel11r~lr 1 tuL.::11 u£. K'1]UJ/lf3 JCi 1vh1c:h Lht) pL:11-ntJ.££ Lo KB4,646. 36 g~LVHl~f a t bose to BJ f<1:-~,(J'J6 . '1:-:-:. ]C1Ci'7 wen:, ':'ht~ c; 1r irnJ\.ur r:omc ,-,.-irnc- LCl claimed. c1gai.nst the detendant. .- 'The JS':..,U(:? br:?f\.:ne IDE? rc1i,c· oi uiLc re:..:: L and bav1ng done so I shm1Ld af:~CJ . dt!LCt'. llJJ flP LhP r:CJt(Jllary 1'3':~ue tbat is whether tb.e ra tC?. Should lx~ compound. 'i~; tu d t, tc.:lnTJJJJc l. J1c i ' T'be JUdgemE)nt of lir'::, .l'lSCl':..xl. J. lfflKE'S 1L c:lear l.lJ<Jt, _Lnl,cn·sL ::;;ball run tnto r:?t f t"Ct from NcJVf::mber 1 .. 994 un t.1J pd yrnc·n L. T ,~wr ~onJJn~nY will nut. dc:lvc0 u1to Lhf~ gnt?':~tHm ;J.bouL when c;ucli iJJU:! rt!':;L should run. lJ, aJ::,u m:1h,i'.::; 1L r:::lE. Tlr that Lhe The JLJc19r-::~menL uf lits H~;usa plau1t1f£ had paid the ref-BJX and h1re char~F=''=-; tut;1ll1ng Lo the sum c1a :i med u1 LJ1E-:) wr:L t. The cha rqc0s shou lc1 bave llccn paj_cl by the defendant to the garcl~1e . I-Iav1ric:1 bc?en pd. id by the pla 1ntiff, the sum pa1d became a debt aqaHl':3L Lhc dc.::f endunL . 'The p1aJ.nt1ff j_5 a Comp;:_:iny. 1n :1t,s nwn CJPE'°-ration<::; or 1t. conlcl Tbc? s1.ibscl1ar H:-is . Kl30,G48. 36 1s therefore a corumerc:1al one. transJct:i cm ~J JVLnJ r J .':of:; It cuu1d bavE) U'~E.-'d thE: Kl] ll,618. 36 IL 1·,c) hf'.:i lp 1 ts l1ctvf~ u';c=-rl Lu Lhe c.l c1Lt of reJc1rding the . rc1.tr2 cif 'TI1e prrnc1plE:--: 1 nLen?s t u1 rDmmercjal tran:::_-:;ac:t1urr:3 1s <:3ettlFD. Court:=::; ddopL tbc mu1unum lend1ng rate 'This _ 1~; because as Bucl<:J.ey L. ,] . pu L 1 L : n WalJ~rc:;teinE~r plus 1%. v .tlu Lr (No 2) T 1.975] 1 All E. R. £363 at }HCJL' f3~::"J6 . J _ ::> com111r:?rc1.al thE? ccin l.r a ry the tran5c7.ct:jun w'cl. S hcwevE:r; c:1r::iar1.y unci uf a 11 Tbe cba.racter, and u1 the a~)senc:e of ev:i.dencr.:1 Lu Court <:,bould a~;sume tbat: :i.t bas been profi t;1b1c te1 h1 m." 11ikaITl(Y> v Georqc-:~ Yrank CT'exttJcs) (No?.) 1197'7"1 0.13. 109. Brl. c· tow J for p1aintJ_fls j_n 9enera1 and bas dune ~3u ... by apply1nc] :1ts Ju.::lj_c1;:iJ l<nciw1cr:1ge of what j_s from tlrnr? Lo L1111c? U1F' b -:rnk rat. F' or m1n1mum 1enchng raLe, and its JucLLc:iaL knowLl:dtJL) uf Lhc' [ac: L Lbat 1n practJrE-~, by anJ la.rye, it co:-:.:;L'::; dbouL 'J pl?t: u~nL mor e Lban tha L to borrow the money. ,, ,,rr~--.,n C'c-·J1 1.r: t-_ r· --, X cy:·, 'l 1·-·1 t r··_, ,-·1 '.)p 7 -, c·.--,l-, "Le In. 2'1-Jamho v Ka<:,tmqu F'l uc Curn:1 c---1··1· o.::i p t.b-:> t· 49r..) l_ > In ..l . L ......(_1.. L)_ ... C . _ _ I _ . __ .::X:. _ 1... J.. _ l, l. J. C '" _l ,, > . C Cl. ,, __ . , , l J ..... .. . ,.,, riblBcco AuthuriLy 12 t1LILJ:l:l U12 CuurL ',(•l. Llc!l l.h-11, interest should, be a compound ·one . ,' ' . .. t.l1 (! trlL(-' r1L I accord1nq}y ' urdr~r that tb.£-~ rate:-~ cir 1nLc:'t.r:''-;l. Ji1:i d o)rnpu:mrl une at bank 1f~r1dirn'.r rate p}ns 1 per r.r:nL unL-:.l l.h(-~ rh-::llL I', }:Old. - ' l1ADE IN CIJAMEIE:ris 'THI;) "DAY OF 2nn1 NOVF:MUf'.:t~, 1 CJ<J() J\'[' ITI ,/\N'l'YHE: . ' ·,.·' .. ,• . . · ;._J> .,. ., ' ' ' ' l