‘Asking for too much – default interest rate found to be unlawful penalty’

“In a case a rare example of a clause falling foul of the penalty rule, the High Court rejected a claim for default interest at the rate of 12% compounded monthly on the basis that it was an unlawful penalty …” (more)

[Justin Tan, Allen and Overy – Compact Contract, 6 October]

First posted 2021-10-07 12:00:04

Leave a Reply