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You are here: BAILII >> Databases >> England and Wales High Court (Chancery Division) Decisions >> Rawbank SA v Travelex Banknotes Ltd [2020] EWHC 1619 (Ch) (23 June 2020) URL: https://www.bailii.org/ew/cases/EWHC/Ch/2020/1619.html Cite as: [2020] EWHC 1619 (Ch), [2020] Costs LR 781 |
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BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
FINANCIAL LIST (ChD)
Fetter Lane, London EC4 1NL |
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B e f o r e :
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Claimant |
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Defendant |
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Tom Smith QC (instructed by Sidley Austin LLP) for the Defendant
Hearing dates: 19 June 2020
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VERSION
OF JUDGMENT APPROVED
Crown Copyright ©
Covid-19 Protocol: This judgment was handed down by the judge remotely by circulation to the parties' representatives by email and release to BAILII. The date and time for hand-down is deemed to be 23 June 2020 at 2.00 pm.
Mr Justice Zacaroli:
i) First, Rawbank
seeks an order that pre-judgment interest be paid at the rate of 4.67163%. TBL submits that it should be paid at 2% above Barclays Bank's base rate.
ii) Second, Rawbank
seeks an order giving effect to the consequences set out in CPR 36.17(4) on the basis that it has achieved an outcome that was at least as advantageous as the proposals contained in its Part 36 offer.
iii) Third, Rawbank
seeks an order requiring the judgment sum to be paid immediately. TBL submits that the amount should be payable within 14 days.
Interest
Part 36 Offer
"the court must, unless it considers it unjust to do so, order that the claimant is entitled to (a) interest on the whole or part of any sum of money (excluding interest) awarded, at a rate not exceeding 10% above base rate for some or all of the period starting with the date on which the relevant period expired; (b) costs (including any recoverable pre-action costs) on the indemnity basis from the date on which the relevant period expired; (c) interest on those costs at a rate not exceeding 10% above base rate; and (d) provided that the case has been decided and there has not been a previous order under this sub-paragraph, an additional amount, which shall not exceed £75,000, calculated by applying the prescribed percentage set out below to an amount which is (i) the sum awarded to the claimant by the court…" (The prescribed percentage is 10% of the first £500,000 and 5% of any amount over that figure.)
"…if it was self-evident that the offer made was merely a tactical step designed to secure the benefit of the incentives provided by the rule (e.g. an offer to settle for 99.9% of the fullvalue
of the claim) I would agree with Jonathan Parker LJ that the judge would have a discretion to refuse indemnity costs. But that cannot be said of the offer made in this case."
The date of payment
Conclusion
i) TBL shall pay the judgment sum within 14 days of the date of the order giving effect to this judgment;
ii) Interest is payable on the principal sum claimed at the rate of 2% per annum above Barclays Bank's base rate until 25 May 2020;
iii) Interest is payable on the principle sum claimed at the rate of 8% per annum from 25 May 2020;
iv) TBL shall pay Rawbank's costs of the action (including the application for summary judgment) to be assessed on the standard basis until 25 May 2020 and on the indemnity basis from 25 May 2020.