Towry plea for more time to pay costs is refused

Towry’s request for additional time to pay the first half of Raymond James’ £1.2m court costs has been refused after it was already allowed a seven-day extension by the defendants.

Towry was ordered to pay Raymond James’ full legal costs of £936,936 plus VAT. Normally it would have 14 days to pay the first 50 per cent but because of the size of the fees, Raymond James agreed to extend this to 21 days.

Following the verdict in the High Court in London on Tuesday, Towry QC Adam Tolley said “a sum of over £500,000 is a very significant amount” and asked for it to be extended from 21 days to 28 days.

Defence QC Chris Quinn replied: “I would have thought that a company the size of Towry would find no difficulty in finding £500,000 within 21 days.”

Towry argued it should only have to pay an appropriate percentage of the defendant costs which it claimed were “manifestly excessive”. The judge dismissed this argument, with Towry ordered to pay full costs to be assessed on an indemnity basis. Raymond James pointed out that each defendant could have sought their own legal team rather than using one joint counsel.

Towry refused to disclose its costs for the case.