FM CUSTODIANS LIMITED V CENTURY CITY DEVELOPMENTS LIMITED AND ANOR HC CHCH CIV-2010-409-001593
Because the defendants failed to make the payment required by the Tomlin Order by 31 October 2010 and produced no evidence of payment, the court entered judgment for the plaintiff against the defendants jointly and severally for the principal sum specified, contractual interest to 31 October 2010, contractual...
Source-derived case information.
- Citation
- openlaw-6e902dbf_681e_4a52_aada_5a6da09b874d.pdf
- Parties
- Plaintiff: FM CUSTODIANS LIMITED; First Defendant: CENTURY CITY DEVELOPMENTS LIMITED; Second Defendant: ELEFTARIOUS SEREPISOS
- Court
- High Court
- Jurisdiction
- New Zealand
- Judgment Date
- 14 December 2010
- Procedural Posture
- Civil Debt Recovery (tomlin Order Enforcement) / Application for Judgment Pursuant to Tomlin Order
- Outcome
- Judgment entered for plaintiff against defendants jointly and severally as specified in the Tomlin Order
- Legal Topics
- Tomlin Order, Consent Judgment, Interest, Costs, Joint and Several Liability
Source-derived case record
Summary, issues, holding and outcome
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Parties
FM CUSTODIANS LIMITED
Plaintiff
CENTURY CITY DEVELOPMENTS LIMITED
First Defendant
ELEFTARIOUS SEREPISOS
Second Defendant
Procedural Posture
Civil Debt Recovery (tomlin Order Enforcement) / Application for Judgment Pursuant to Tomlin Order
Legal Issues
- 1 Whether judgment should be entered pursuant to the Tomlin Order due to non-payment by the defendants
- 2 Calculation and application of contractual interest to the judgment sums
- 3 Whether defendants are jointly and severally liable for the sums specified
Ratio Decidendi
Because the defendants failed to make the payment required by the Tomlin Order by 31 October 2010 and produced no evidence of payment, the court entered judgment for the plaintiff against the defendants jointly and severally for the principal sum specified, contractual interest to 31 October 2010, contractual interest at 17.25% per annum on the judgment sum from 31 October 2010 until payment, and costs of $8,484.
Court Disposition
Judgment entered for plaintiff against defendants jointly and severally as specified in the Tomlin Order
Orders
- Judgment for principal sum of NZD 3,375,000.00 in favour of plaintiff against the defendants jointly and severally
- Interest on the principal at the contractual rate to 31 October 2010 in the sum of NZD 237,098.48
Full Case Text
Judgment text and source record
1 paragraphs
FM CUSTODIANS LIMITED V CENTURY CITY DEVELOPMENTS LIMITED AND ANOR HC CHCH CIV-2010-409-001593 14 December 2010IN THE HIGH COURT OF NEW ZEALAND CHRISTCHURCH REGISTRY CIV-2010-409-001593BETWEEN FM CUSTODIANS LIMITED Plaintiff AND CENTURY CITY DEVELOPMENTS LIMITED First Defendant AND ELEFTARIOUS SEREPISOS Second Defendant Hearing: 13 December 2010 Appearances: S Caradus for Plaintiff No appearance for Defendants Judgment: 14 December 2010JUDGMENT OF ASSOCIATE JUDGE OSBORNE pursuant to Tomlin Orders[1] The plaintiff applies for judgment. [2] On 6 October 2010 the Court made a Tomlin Order by consent. [3] The defendants jointly and severally agreed to judgment on defined terms if the defendants did not pay the plaintiff $3,620,582.48 on or before 31 October 2010. [4] The evidence of Graeme Douglas Reid establishes that the defendants made no payments in reduction of the debt.[5] There will be judgment for the plaintiff against the defendants jointly and severally in the following sums: a) Judgment for the principal sum of $3,375,000.00. b) Interest on the principal at the contractual rate to 31 October 2010 in the sum of $237,098.48. c) Interest at the contractual rate of 17.25 per cent per annum on the judgment sum from 31 October 2010 down to the date of actual payment. d) Costs and disbursements in a total sum of $8484. ____________________________ ASSOCIATE JUDGE OSBORNENOTICE REQUIREMENTThe solicitors on the record for the parties are promptly to provide a copy of this Minute to their clients (r 5.43).