Dyce v Fairgrieve & Anor [2013] ScotCS CSOH_155 (17 September 2013)

Dyce v Fairgrieve & Anor [2013] ScotCS CSOH_155 (17 September 2013)

The pursuer is only entitled to simple interest at the statutory rate of five per cent per annum under section 42(1) of the Partnership Act 1890, as the statutory regime is comprehensive and there is no basis for a higher or compound rate in the absence of breach of fiduciary duty or special circumstances.

Citation
[2013] ScotCS CSOH_155
Parties
Pursuer: Ewen Dyce; Defender: Brian Fairgrieve; Defender: Morisons Solicitors
Jurisdiction
Scotland
Judgment Date
17 September 2013
Procedural Posture
Count, Reckoning and Payment Action / Judgment After Debate on Entitlement to Interest
Outcome
Pursuer entitled to simple interest at five per cent per annum from 23 May 2003 until payment.
Legal Topics
Outgoing Partner's Entitlement, Interest on Partnership Share, Application of Partnership Act 1890, Simple Vs Compound Interest
Partnership Law Civil Procedure Outgoing Partner's Entitlement Interest on Partnership Share Application of Partnership Act 1890 Simple Vs Compound Interest

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Parties

Ewen Dyce

Pursuer

Brian Fairgrieve

Defender

Morisons Solicitors

Defender

Procedural Posture

Count, Reckoning and Payment Action / Judgment After Debate on Entitlement to Interest

Legal Issues

  1. 1 Whether the pursuer is entitled to interest under section 42(1) of the Partnership Act 1890 or at a higher rate under common law or section 43
  2. 2 Whether the interest should be simple or compound

Ratio Decidendi

The pursuer is only entitled to simple interest at the statutory rate of five per cent per annum under section 42(1) of the Partnership Act 1890, as the statutory regime is comprehensive and there is no basis for a higher or compound rate in the absence of breach of fiduciary duty or special circumstances.

Court Disposition

Pursuer entitled to simple interest at five per cent per annum from 23 May 2003 until payment.

Orders

  • Pursuer entitled to payment of principal sum (£276,611.35) with simple interest at five per cent per annum from 23 May 2003 until payment.