Category: interest

Simcoe v Jacuzzi UK Group plc – WLR Daily

Posted February 20th, 2012 in civil procedure rules, costs, county courts, interest, law reports by sally

Simcoe v Jacuzzi UK Group plc [2012] EWCA Civ 137; [2012] WLR (D) 35

“The date from which interest ran on an award of costs in the county court in favour of a successful litigant was, by reason of article 2 of the County Court (Interest on Judgment Debts) Order 1991, the date the order for costs was made, not the date on which costs were assessed or agreed. The discretion granted in making an award of costs by CPR r 40.8 did not apply and was ineffective in that court.”

WLR Daily, 16th February 2012

Source: www.iclr.co.uk

Payday loan companies face tougher regulation over high interest rates – The Guardian

Posted December 8th, 2011 in debts, financial regulation, interest, loans, news by tracey

“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”

Full story

The Guardian, 7th December 2011

Source: www.guardian.co.uk

Withers LLP v Langbar International Ltd – WLR Daily

Posted December 7th, 2011 in client accounts, costs, debts, interest, law reports, news, solicitors by sally

Withers LLP v Langbar International Ltd [2011] EWCA Civ 1419; [2011] WLR (D) 351

“In asking whether money placed in the client account of a solicitor’s client were subject to a lien in favour of the solicitor the key question was whether the money had been placed in the account for general purposes or for a particular purpose which was incompatible with a lien arising.”

WLR Daily, 5th December 2011

Source: www.iclr.co.uk

Parties forced to take out loans at high interest to pay their legal costs can recover that interest, judge says – OUT-LAW.com

Posted November 3rd, 2011 in costs, interest, loans, news by sally

“Parties in complex court cases who are forced to take out loans at a high rate of interest to pay their legal costs can recover the full amount of that interest from the other party in certain circumstances, a court has said.”

Full story

OUT-LAW.com, 3rd November 2011

Source: www.out-law.com

Aurubis Balgaria AD v Nachalnik na Mitnitsa Stolichna – WLR Daily

Posted April 7th, 2011 in customs and excise, EC law, interest, law reports by sally

Aurubis Balgaria AD v Nachalnik na Mitnitsa Stolichna (Case C-546/09); [2011] WLR (D) 123

“Interest on arrears in relation to customs duties still to be recovered could only be charged pursuant to article 232(1)(b) of Regulation 2913/92, as amended, in respect of the period falling after the deadline by which those duties were to be paid.”

WLR Daily, 31st March 2011

Source: www.iclr.co.uk

Please note that once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Ministers consider rates cap on legal loan sharking – The Guardian

Posted August 2nd, 2010 in debts, interest, loans, news by sally

“Ministers are to consider capping interest rates as a campaign launches demanding action to stamp out legal loan sharking.”

Full story

The Guardian, 2nd August 2010

Source: www.guardian.co.uk

Southern Pacific Securities 05-2 plc (in substitution for Southern Pacific Personal Loans Ltd) v Walker and another – WLR Daily

Posted July 9th, 2010 in consumer credit, interest, law reports, Supreme Court by sally

Southern Pacific Securities 05-2 plc (in substitution for Southern Pacific Personal Loans Ltd) v Walker and another [2010] UKSC 32; [2010] WLR (D) 175

“A credit broker administration fee and the interest payable on it were properly included in the charge for credit within the meaning of the Credit Consumer Act 1974 and the Consumer Credit (Total Charge for Credit) Regulations 1980, and accordingly, since those items did not form part of the amount of credit as set out in a loan agreement made between parties in 2005, that amount was correctly stated and the agreement was enforceable.”

WLR Daily, 8th July 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Contractual interest on damages does contribute to capped sum, rules High Court – OUT-LAW.com

Posted March 4th, 2010 in contracts, damages, insurance, interest, news by sally

“A contract’s liability cap applies to interest on payments that is part of that contractual agreement but does not apply to statutory interest applied by a court, the High Court has said.”

Full story

OUT-LAW.com, 4th March 2010

Source: www.out-law.com

Interest rate of 15% was not a punishment, rules Court of Appeal – OUT-LAW.com

Posted July 31st, 2009 in company law, contracts, interest, news, penalties by sally

“An interest rate of 15% agreed in a contract between two companies was not a penalty and was justified, the Court of Appeal has said. The interest, which had been ruled unlawful, can be charged, said the Court.”

Full story

OUT-Law.com, 30th July 2009

Source: www.out-law.com

Ruttle Plant Hire Ltd v Secretary of State for Environment Food and Rural Affairs (No 3) – Times Law Reports

Posted March 4th, 2009 in damages, delay, interest, law reports by sally

Ruttle Plant Hire Ltd v Secretary of State for Environment Food and Rural Affairs (No 3)

Court of Appeal

“Mistakes in a supplier’s invoice did not enable the paying party to avoid late payment interest penalties.”

The Times, 4th March 2009

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 from the date of publication.

Ruttle Plant Hire Ltd v Secretary of State for Environment Food & Rural Affairs (No 3) – WLR Daily

Posted March 3rd, 2009 in damages, delay, interest, law reports by sally

Ruttle Plant Hire Ltd v Secretary of State for Environment Food & Rural Affairs (No 3) [2009] EWCA Civ 97; [2009] WLR (D) 75

“A ‘notice of an amount of the debt’ within the meaning of s4(5) of the Late Payment of Commercial Debt (Interest) Act 1998 did not have to be correct before the court could award interest for late payment of an invoice.”

WLR Daily, 2nd March 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Companies must pay up undisputed amounts to avoid punitive interest, says Court of Appeal – OUT-LAW.com

Posted March 3rd, 2009 in debts, interest, news by sally

“Companies that withhold all payment for goods or services in order to strengthen their hand in negotiations over disputed amounts will have to pay punitive interest on that money, the Court of Appeal has said.”

Full story

OUT-LAW.com, 2nd March 2009

Source: www.out-law.com

Credit card firms agree fairer terms – The Guardian

Posted December 12th, 2008 in consumer credit, interest, news by sally

“Credit card companies will no longer be able to raise interest rates overnight, and will only be able to implement an increase twice a year, under a new government agreement.”

Full story

The Guardian, 12th December 2008

Source: www.guardian.co.uk

Pre-judgment interest on debts and damages – Ministry of Justice

Posted September 17th, 2008 in damages, debts, interest, news by sally

“The government’s response to the Law Commission report on the amount of interest courts should award on debts and damages in court proceedings. ‘Pre-judgment interest’ refers to the interest awarded from the day when payment fell due until judgment is entered or payment made (whichever is earlier).”

Full story

Ministry of Justice, 16th September 2008

Source: www.justice.gov.uk

Sempra Metals Ltd. (formerly Metallgesellschaft Ltd.) v. Inland Revenue Commissioners and Another – The Times

Posted July 25th, 2007 in corporation tax, debts, interest, law reports by sally

Compound interest is payable in restitution

Sempra Metals Ltd (formerly Metallgesellschaft Ltd) v Inland Revenue Commissioners and Another

“The court had power to make an award of compound interest in a claim for restitution where such an award was necessary to achieve full justice for the claimant.”

The Times, 25th July 2007

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Analysis: Sempra has rewritten law on debt repayment – The Times

Posted July 19th, 2007 in corporation tax, debts, interest, special report by sally

“The House of Lords’ ruling in the Sempra Metals case, while ostensibly about a complicated tax issue, could challenge the foundations of English law on the repayment of debt.”

Full story

The Times, 19th July 2007

Source: www.timesonline.co.uk

Lords defeat could cost Revenue ‘billions’ – The Times

Posted July 18th, 2007 in corporation tax, interest, news by sally

“Revenue & Customs could be forced to repay “billions” of pounds in tax to UK businesses after suffering a devastating defeat in the House of Lords today.”

Full story

The Times, 18th July 2007

Source: www.timesonline.co.uk