DORCHESTER FINANCE LIMITED AND ANOR V MCCORMICK HC AK CIV 2008-404-1383

DORCHESTER FINANCE LIMITED AND ANOR V MCCORMICK HC AK CIV 2008-404-1383

Because liability had been previously determined and the plaintiffs proved loss resulting from the defendant's failure to settle, the court fixed the quantum at $3,707,736.42, allowed interest from the date the loss was incurred (effectively from 1 July 2008), and awarded costs on a 2B basis with disbursements fixed by the Registrar; the defendant's unserved, unopposed application to set aside did not prevent fixing quantum.

Citation
openlaw-a0b07922_4ada_4c12_b29c_23637c1fcb9c.pdf
Parties
First Plaintiff: Dorchester Finance Limited; Second Plaintiff: Mountain Lake Holdings Limited; Defendant: Patrick Joseph McCormick
Court
High Court
Jurisdiction
New Zealand
Judgment Date
11 July 2008
Procedural Posture
Civil Debt/contract / Assessment of Quantum After Liability Judgment
Outcome
Judgment for the plaintiffs in the sum of $3,707,736.42 with interest allowed under the Judicature Act from 1 July 2008 and costs awarded on a 2B basis with disbursements to be fixed by the Registrar.
Legal Topics
Judgment for Debt, Interest on Judgment, Costs Assessment, Application to Set Aside Judgment
Contract Civil Procedure Judgment Enforcement Remedies Judgment for Debt Interest on Judgment Costs Assessment Application to Set Aside Judgment

Case Brief

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Parties

Dorchester Finance Limited

First Plaintiff

Mountain Lake Holdings Limited

Second Plaintiff

Patrick Joseph McCormick

Defendant

Procedural Posture

Civil Debt/contract / Assessment of Quantum After Liability Judgment

Legal Issues

  1. 1 Whether the quantum of the plaintiffs' loss should be fixed
  2. 2 Whether interest under the Judicature Act is payable from 1 July 2008 (date after failed settlement)
  3. 3 Whether costs should be awarded on a 2B basis with disbursements fixed by the Registrar

Ratio Decidendi

Because liability had been previously determined and the plaintiffs proved loss resulting from the defendant's failure to settle, the court fixed the quantum at $3,707,736.42, allowed interest from the date the loss was incurred (effectively from 1 July 2008), and awarded costs on a 2B basis with disbursements fixed by the Registrar; the defendant's unserved, unopposed application to set aside did not prevent fixing quantum.

Court Disposition

Judgment for the plaintiffs in the sum of $3,707,736.42 with interest allowed under the Judicature Act from 1 July 2008 and costs awarded on a 2B basis with disbursements to be fixed by the Registrar.

Orders

  • Judgment for plaintiffs in the sum of $3,707,736.42.
  • Interest allowed at Judicature Act rate from 1 July 2008 to date of judgment.