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You are here: BAILII >> Databases >> England and Wales Court of Appeal (Civil Division) Decisions >> Michael Gerson (Leasing) Ltd v Loach & Ors [2002] EWCA Civ 1031 (10 July 2002) URL: http://www.bailii.org/ew/cases/EWCA/Civ/2002/1031.html Cite as: [2002] EWCA Civ 1031 |
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IN THE COURT OF APPEAL (CIVIL DIVISION)
ON APPEAL FROM THE CHANCERY DIVISION
LEEDS DISTRICT REGISTRY
(His Honour Judge Langan QC)
Strand London WC2 Wednesday, 10th July 2002 |
||
B e f o r e :
LORD JUSTICE ROBERT WALKER
SIR MARTIN NOURSE
____________________
MICHAEL GERSON (LEASING) LTD | ||
Claimant/Respondent | ||
- v - | ||
(1) JACK LOACH | ||
(2) SIDNEY LOACH | ||
(3) SYLVIA HAYLEY | ||
Defendants/Appellants |
____________________
Smith Bernal Reporting Limited, 190 Fleet Street,
London EC4A 2AG
Tel: 0171 421 4040
Official Shorthand Writers to the Court)
MR DAVID EATON TURNER (Instructed by Michael Wydra & Co, London, W1X 1DD) appeared on behalf of the Respondent.
____________________
Crown Copyright ©
Wednesday, 10th July 2002
"Interest at the rate provided for in the Leasing Agreement (2% per month compounded monthly) for the period 25th August 1998 to the date of issue of proceedings."
"The Lessee shall pay to the Owner in respect of the lease of the Equipment the rentals and all other payments due under this Agreement. The rental payments shall be due and payable on the dates specified in Clause 4. If the Lessee fails to make any payment on its due date any unpaid amount together with any Value Added tax properly payable thereon shall bear interest at the rate of 2 per cent per month compounded monthly after as well as before judgment until payment in full is received by the Owner."
"(A) If the Lessee commits a repudiatory breach hereof or of any Lease Agreement, the Owner may accept such a breach as a repudiation of this Agreement and, at the option of the Owner any or all other Lease Agreements.
(B) Without prejudice to the generality of paragraph 9(A) above the Owner and the Lessee hereby agree that any of the following events shall constitute a repudiatory breach by the Lessee of this Agreement and each other Lease Agreement:
(i) if the Lessee fails to make any payment payable by it under this Agreement or any other Lease Agreement in full when due or within 7 days of its due date for payment; or
...
(C) Upon acceptance by the Owner of any repudiatory breach by the Lessee as terminating this Agreement and all or any other Lease Agreements the Lessee shall pay to the Owner the following amount ("the Termination Sum"):
(i) all arrears of rental (and any Supplemental Rental as defined in paragraph 11 below) and all other amounts accrued due under the terms of this Agreement;
(ii) all rentals which would have been payable but for such termination during the unexpired term of the Primary Period (including such Supplemental Rental as defined in paragraph 11 below as would have been payable during such unexpired term if the amount of the said Supplemental Rental payable in respect of the Primary Period in which termination occurs remained constant throughout such unexpired term) but discounted to present day value at the Discount Rate specified in Clause 10 of this Agreement to reflect accelerated receipt;
(iii) all costs and expenses incurred by the Owner including repairs and insurance in repossessing or recovering the Equipment or collecting any payments due under this Agreement; and
(iv) an amount equal to interest on all arrears after as well as before judgement at the rate of 2 per cent per month compounded monthly from the date of which any such payment became due until the date of payment thereof BUT less a credit for the open market value of the Equipment at the date of termination compared with its estimated value at the end of the Primary Period as notified by the Owner to the Lessee."