The English Commercial Court in Gater Assets Limited v. NAK Naftogaz Ukrainiy [2008] EWHC 1108 (Comm) recently considered the award of interest on an order of the English court entering judgment in terms of a New York Convention arbitration award. The arbitrators had not awarded post-award interest but the claimant applied to enforce the court order, claiming interest on the award at 8%pa from the date of the court order. The defendant disputed the claimant’s entitlement to interest.
The Court found in the claimant’s favour. It noted that the court order was a judgment of the court and therefore had the same effect as any other court judgment with respect to interest notwithstanding that it was made “in terms” of a New York Convention award which had not granted interest post-award. In addition, the court order was a judgment of the English Court and therefore was subject to English law and the procedural rules applicable to the payment of interest.
