Kerry Underwood

INTEREST WHEN CLAIMANT MATCHES OWN PART 36 OFFER

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The matters dealt with in this piece are examined in great detail in my three volume, 1,300 page book Personal Injury Small Claims, Portals and Fixed Costs – price £50 and available from Underwoods Solicitors here.

Kerry Underwood offers consultancy services in relation to this and other matters and details are here.

In

AssetCo Plc v Grant Thornton UK LLP [2019] EWHC 592 (Comm) (22 February 2019)

the Business and Property Court of England and Wales Commercial Court, part of the Queen’s Bench Division of the High Court, considered the consequences in relation to interest when a claimant matches or beats its own Part 36 offer at trial.

Here the claimant at trial obtained judgment for over £22 million, having made two Part 36 offers, one for £10 million and one for £17.5 million, both of which were clearly beaten.

The judgment reviews the authorities and the Commercial Court Guide.

On the facts here the court awarded an interest rate of 5% above LIBOR (The London Inter-bank Offered Rate), with 2% above LIBOR being the compensatory rate, and the additional 3% being enhanced interest pursuant to CPR 36.17(4)(a).

The court held that it was not appropriate here to award enhanced interest on costs, which were already on the indemnity basis.

Written by kerryunderwood

May 3, 2019 at 11:58 am

Posted in Uncategorized

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