Mahtani & Anor v Billington

Mahtani & Anor v Billington

The loans were made personally by the first claimant to the defendant, not by the company; compound interest was agreed and payable; the second agreement for 265,000 dollars was valid and not time-barred due to part payments; limitation defence rejected.

Parties
Claimant: Parshotam Mahtani; Claimant: Sterling Bureau de Change Ltd; Defendant: Keith Billington
Jurisdiction
England and Wales
Judgment Date
18 December 2003
Procedural Posture
Civil / Judgment
Outcome
judgment for the first claimant
Legal Topics
Loan Agreements, Interest Calculation, Limitation, Illegality Under Foreign Law
Contract Commercial Loan Agreements Interest Calculation Limitation Illegality Under Foreign Law

Case Brief

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Parties

Parshotam Mahtani

Claimant

Sterling Bureau de Change Ltd

Claimant

Keith Billington

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Was the agreement of 16 January 1995 made with the first or second claimant?
  2. 2 If with the second claimant, was it unenforceable by reason of Zambian law?
  3. 3 Did the agreement give rise to simple or compound interest?

Ratio Decidendi

The loans were made personally by the first claimant to the defendant, not by the company; compound interest was agreed and payable; the second agreement for 265,000 dollars was valid and not time-barred due to part payments; limitation defence rejected.

Court Disposition

judgment for the first claimant

Orders

  • Principal sums due to first claimant with compound interest
  • Total sum to be agreed or liberty to apply