FM Custodians Limited v Century City Developments Limited HC Christchurch CIV 2010-409-1593

[2010] NZHC 2247

IN THE HIGH COURT OF NEW ZEALAND CHRISTCHURCH REGISTRY

CIV-2010-409-001593

BETWEEN  FM CUSTODIANS LIMITED Plaintiff

ANDCENTURY CITY DEVELOPMENTS LIMITED

First Defendant

ANDELEFTARIOUS SEREPISOS Second Defendant

Hearing:         13 December 2010

Appearances: S Caradus for Plaintiff

No appearance for Defendants

Judgment:      14 December 2010

JUDGMENT OF ASSOCIATE JUDGE OSBORNE

pursuant to Tomlin Orders

[1]      The plaintiff applies for judgment.

[2]      On 6 October 2010 the Court made a Tomlin Order by consent.

[3]      The defendants jointly and severally agreed to judgment on defined terms if the defendants did not pay the plaintiff $3,620,582.48 on or before 31 October 2010.

[4]      The evidence of Graeme Douglas Reid establishes that the defendants made no payments in reduction of the debt.

FM CUSTODIANS LIMITED V CENTURY CITY DEVELOPMENTS LIMITED AND ANOR HC CHCH CIV-2010-409-001593  14 December 2010

[5]      There will be judgment for the plaintiff against the defendants jointly and severally in the following sums:

a)        Judgment for the principal sum of $3,375,000.00.

b)Interest on the principal at the contractual rate to 31 October 2010 in the sum of $237,098.48.

c)       Interest at the contractual rate of 17.25 per cent per annum on the judgment sum from 31 October 2010 down to the date of actual payment.

d)       Costs and disbursements in a total sum of $8484.

ASSOCIATE JUDGE OSBORNE

NOTICE REQUIREMENT

The solicitors on the record for the parties are promptly to provide a copy of this

Minute to their clients (r 5.43).