11 Jan 2016
MORALES ELISA GALLETO v. CORRIENTE NENETE MANEJERO
- Citation
- MORALES ELISA GALLETO v. CORRIENTE NENETE MANEJERO
- Court
- Court of First Instance
- Case number
- HCSA38/2015
Because the interest charged on the indebtedness produced an effective rate well above the statutory ceiling of 60% per annum under s24 of the Money Lenders Ordinance, the principal sum of HK$12,130 and the interest of HK$14,400 were irrecoverable; the adjudicator erred in attempting to recalculate interest at 60% and in awarding a sum on that basis; the only lawful claim (HK$2,750) had been repaid and could not be appropriated to the illegal debt, so the claimant's claim was dismissed and the adjudicator's award set aside.