Jonathan Arr explores the complex world of set-off, currency conversion & exchange rates
“How much will I get if I win?” A question clients always ask. And a question—second only to “Do you think I’m going to win?”—lawyers always dread. The answer is always difficult because there are so many variables and the law is so complex: so the completeness of the evidence, the extent of mitigation, and even the judge’s gut instinct on the day, can all make a substantial difference to the outcome. The position is even more complicated when dealing in currencies other than sterling (as the English Court is increasingly willing to do): and when all of these issues are being dealt with in the context of equitable set-off, the problems are difficult enough to make even the most experienced lawyer weep with frustration.
Just such a confluence of the issues of damages and equitable set-off occurred in Fearns t/a Autopaint International v Anglo-Dutch Paint & Chemical
