NATIONAL RESOURCES FINANCE LTD v. CHUNG CHUNG KUEN AND ANOTHER

NATIONAL RESOURCES FINANCE LTD v. CHUNG CHUNG KUEN AND ANOTHER

The court exercised its discretion to give effect to the contractual provision and allowed interest on the judgment sum to run at 30% per annum from the date of judgment until full payment because the clause was valid, agreed by both parties, and there was no basis to displace it.

Source-derived case information.

Citation
NATIONAL RESOURCES FINANCE LTD v. CHUNG CHUNG KUEN AND ANOTHER
Parties
Plaintiff: National Resources Finance Limited; 1st Defendant: Chung Chung Kuen; 2nd Defendant: Mo Yun Hung
Court
District Court
Jurisdiction
Hong Kong
Judgment Date
18 May 2010
Case Number
DCCJ955/2010
Procedural Posture
Civil Action Money Lending Debt Recovery / Appeal Against Master's Order in District Court (hearing 18 May 2010)
Outcome
Appeal allowed; order varied to permit contractual interest at 30% per annum from the date of judgment until full payment; no costs ordered today.
Legal Topics
Judgment Interest, Contractual Interest Clause, Discretionary Interest Awards, Enforcement of Loan Agreements
Source Language
en
Contract Civil Procedure Commercial Law Money Lending Regulation Judgment Interest Contractual Interest Clause Discretionary Interest Awards Enforcement of Loan Agreements

Source-derived case record

Summary, issues, holding and outcome

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Parties

National Resources Finance Limited

Plaintiff

Chung Chung Kuen

1st Defendant

Mo Yun Hung

2nd Defendant

Procedural Posture

Civil Action Money Lending Debt Recovery / Appeal Against Master's Order in District Court (hearing 18 May 2010)

Legal Issues

  1. 1 Whether the contractual rate of 30% per annum applies to interest from the date of judgment until full payment
  2. 2 Whether the Master properly exercised discretion in fixing post-judgment interest at the judgment rate
  3. 3 Whether the contractual clause providing for interest from date of judgment is enforceable

Ratio Decidendi

The court exercised its discretion to give effect to the contractual provision and allowed interest on the judgment sum to run at 30% per annum from the date of judgment until full payment because the clause was valid, agreed by both parties, and there was no basis to displace it.

Court Disposition

Appeal allowed; order varied to permit contractual interest at 30% per annum from the date of judgment until full payment; no costs ordered today.

Orders

  • Appeal allowed
  • Interest on the judgment sum to run at 30% per annum from the date of judgment until full payment