10 Sept 2021
GEORGES v AL-HADDAD [2021] NZHC 2365
- Citation
- [2021] NZHC 2365
- Court
- High Court
The deed dated 10 May 2018 was held valid and binding; the plaintiff failed to prove personal liability for amounts advanced to the defendant's company; credible evidence (bank withdrawals, corroborating spouse evidence and contemporaneous email) established that the defendant made substantial cash repayments which reduced the principal; the 9% default interest clause was not an unenforceable penalty because it protected the lender's legitimate interest and was applied only to unpaid interest in practice; on that basis judgment was entered for the plaintiff for $386,690.89.