Macquarie Bank Limited v Juno Holdings S.a.r.l

Macquarie Bank Limited brought an action against Juno Holdings S.a.r.l seeking enforcement of a foreign judgment obtained in the Netherlands Antilles. The dispute centred around the calculation of judgment interest, with Juno contending that it should be calculated on a compound basis rather than simple. The matter was heard in the Supreme Court of New South Wales.

The court was required to decide whether it was permissible to delve into the factual matrix underlying the primary judgment to determine the intended basis of interest calculation. The common law principle that a primary judgment must be for a sum certain in money was a significant consideration. The court needed to balance this principle against the need to ascertain the true intention of the primary judgment in calculating interest.

The court held that it was not appropriate to go behind the primary judgment to determine the basis of interest calculation. The primary judgment itself did not specify whether interest was to be calculated on a simple or compound basis. The court concluded that allowing such an inquiry would undermine the final and conclusive nature of the primary judgment, which is fundamental to the common law enforcement of foreign judgments. Consequently, the court determined that only simple interest was to be awarded. The court's reasoning was grounded in the need to respect the finality of the primary judgment and the absence of any indication in the judgment itself regarding the calculation of compound interest.

The court ordered that judgment interest be calculated on a simple basis, in accordance with the terms of the primary judgment. This decision underscored the importance of adhering to the terms of the primary judgment and the limitations on revisiting its factual underpinnings when enforcing a foreign judgment at common law.