15 Jan 2008
MARINER INTERNATIONAL HOTELS LTD v. ATLAS LTD AND ANOTHER
- Citation
- MARINER INTERNATIONAL HOTELS LTD v. ATLAS LTD AND ANOTHER
- Court
- Court of First Instance
- Case number
- HCA10714/1998
The court rejected adoption of HIBOR as the standard base rate due to volatility, variability of commercial loan terms and the need for consistency; having reviewed credit histories and comparative evidence the court concluded prime remains the appropriate base but reduced the margin to prime minus 0.5% as the fair compensation for the large deposit held over many years; statutory interest runs from the date of notice of termination, 30 June 1998, pursuant to s.48 HCO.