Thomas Crema –v- Cenkos Securities Plc [2011] EWCA Civ 10

Posted on Thursday, January 20th, 2011

C claimed £882,000 plus interest in unpaid brokerage fees from D. Having failed at first instance, C succeeded on appeal. D argued that C had taken some spurious points on appeal which had failed should recover only 70% of his assessed costs. Both sides took bad points but C took more and should recover only 75% of his assessed costs. C was also entitled to interest on the Judgment debt which meant he had beaten his Part 36 offer of £882,000 inclusive of interest. He was therefore entitled to 75% of his costs assessed on the indemnity basis from the last date on which the offer could have been accepted to the conclusion of the first instance proceedings. Furthermore, he was entitled to interest on those costs under CPR 36.14(3)(c). The appropriate rate of interest was 5% above base because that was probably the rate at which C would have borrowed money at the time although, having the benefit of a CFA, the Court acknowledged that C had probably not had to pay any money at all to finance his claim.

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