JERSEY Law and Practice Contributed by: Marcus Pallot, Eleanor Davies and Christopher Tan, Carey Olsen
• vice de consentment undermining a party’s consent to the contract (eg, error, fraud, mis- representation or undue influence). 9. Damages and Judgment 9.1 Awards Available to the Successful Litigant The three main remedies available at the full trial stage are damages, final injunctions and decla- rations. 9.2 Rules Regarding Damages Damages are compensatory in nature rather than punitive, and are considered by reference to the loss shown to be suffered. As a matter of law, aggravated or exemplary damages are available in very limited cases but they are very rarely awarded. There are no general rules limit- ing the maximum amount of damages payable. 9.3 Pre-judgment and Post-judgment Interest Pre-judgment Interest Pre-judgment interest derives from the terms of the contract and/or statute and should be pleaded. It can be awarded from the date that the cause of action arises up to the date of the judgment. The court may award statutory inter- est on a simple basis where it thinks fit, and at a rate that it thinks fit. The court may not award statutory interest where interest already runs on the debt. There are no statutory limits on the award of pre- judgment interest per se; however, the court has a customary law power to regulate interest which it considers excessive. Whether the amount of interest set out in the contract is payable in full will depend upon the enforceability of the rel-
evant terms of the contract (eg, punitive interest rates may not be enforceable). In certain matters, such as breach of trust claims and accessory liability in respect of breach of trust, the court exceptionally may award com- pound interest. Post-judgment Interest Post-judgment interest is payable at the applica- ble court rate provided for by statute. Currently this is 8% above the Bank of England (BOE) base rate. Where the judgment was in respect of a debt that was already accruing (eg, an action for repayment of a loan that already provides for the payment of interest), the judgment will typically provide that interest is to continue to accrue at the rate set out in the contract and not the court rate. Interest on a Foreign Judgment There are slightly different rules for foreign judg- ments. Where a foreign judgment is registered for enforcement in Jersey, the pre-judgment interest will be that awarded by the foreign court. The post-judgment interest is determined by the court and can be up to 4%. This will accrue from the date of registration of the judgment. Where a fresh action is brought in Jersey for the enforcement of a foreign judgment, the pre-judg- ment interest awarded by the foreign court will typically be ordered unless punitive. The post- judgment interest will be at the court rate (ie, 8% above the BOE base rate).
734 CHAMBERS.COM
Powered by FlippingBook