20 Jul 1999
SUPREME DESIGN FASHION LTD. AND ANOTHER v. MICHAEL HOPE INTERNATIONAL LTD
- Citation
- SUPREME DESIGN FASHION LTD. AND ANOTHER v. MICHAEL HOPE INTERNATIONAL LTD
- Court
- Court of First Instance
- Case number
- HCA1198/1996
The agency agreement was in substance a loan but the Defendant did not carry on the business of money lending (single, non‑systematic transaction) so the licensing and illegality provisions (ss.18,22,23) did not apply; the Deed of Settlement superseded and governed the parties' relationship and was not extortionate (effective annual rate ~11.17%, well below the 48% presumption), therefore the court refused to reopen the transaction and allowed the Defendant's counterclaim.