MICRO PLAN FINANCIAL SERVICES (PVT) LTD v CHESETS TRADING (PVT) LTD & ORS 2015 (1) ZLR 821 (H)
Citation | 2015 (1) ZLR 821 (H) |
Case No | Judgment No. HH-513-15 |
Court | High Court, Harare |
Judge | Bhunu J |
Heard | 8 May 2015; CAV |
Judgment | 10 June 2015 |
Counsel | No Details supplied |
Case Type | Chamber application for default judgment |
Annotations | No case annotations to date |
Flynote
Contract – penalty clause – penalty out of proportion to prejudice suffered by creditor – court entitled to reduce penalty payable – maximum amount of interest may not exceed the unpaid capital, irrespective of what contract says
Interest – in duplum rule – interest ceases when double has been reached – penalty clause providing for interest in excess of the double – not enforceable
Practice and procedure – default judgment – liquidated demand – demand arising out of unpaid loan – interest and other charges bringing total demanded to more than double the unpaid loan – court entitled to reduce penalty payable accordingly
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