8 Nov 2007
JUNGWON LIMITED V SPLITROCK LIMITED AND ORS HC WN CIV-2007-485-1515
- Citation
- openlaw-a76e4384_fa66_45b5_8d31_18c78fe9cf20.pdf
- Court
- High Court
Defendants had no real defence: the Loan Agreement and Guarantee were validly executed and supported by consideration at settlement, drafting errors in definitions did not invalidate the Guarantee, the Credit Contracts Act did not apply because the debtor was a company and the loan was commercial, alleged breaches of the separate Sale and Purchase Agreement do not constitute an equitable set-off against the separate loan obligation; accordingly summary judgment was appropriate for the loan principal, interest and enforcement costs.