New Zealand Case Law: Decisions & Judgments

Topic

Calculation of interest

Legal area

Court

1 Nov 2021

DEMPSEY WOOD CIVIL LTD v GAPES [2021] NZHC 2933

Citation

[2021] NZHC 2933
Court

High Court

The Court ordered the Companies Act s301 award of $100,000 be paid by the defendant to Panama Road Developments Limited because the plaintiff pleaded for payment to PRDL and the liquidator indicated the award ought to be paid to PRDL; the Court held there was no impermissible double punishment because the Companies Act breaches (ss135/136) and the FTA breach respond to different wrongs, but directed that any amount received by Dempsey Wood as a result of the Companies Act award paid to PRDL must be offset against the FTA award; interest on the FTA award to the date of the substantive judgment…
26 Jul 2010

WILTSHIRE INVESTMENTS LTD V R M SYMONS AND ANOR HC AK CIV-2010-404-001011

Citation

openlaw-91b10517_74d7_408e_9564_3a6e99dc40cc.pdf
Court

High Court

Wiltshire Investments, as valid assignee of ASB Bank’s rights, is entitled to enforce the guarantees; the defendants produced no admissible or sufficient evidence of a defence based on assurances, estoppel, lack of consideration or improper settlement; lack of proved demand on the trustees for the Fibroin debt precludes summary judgment on that point; accordingly summary judgment was granted in part for the plaintiff for specified sums and refused in part as to the Fibroin claim against the trustees.
6 Oct 2008

BEAZLEY V LUXOR DEVELOPMENTS LIMITED AND ANOR HC TAU CIV 2008-470-710

Citation

openlaw-e710613f_84c3_4b0c_b79b_4032037d94d2.pdf
Court

High Court

The court was satisfied the plaintiff proved the loan, default, compliance with statutory notice requirements, the mortgagee sale proceeds and resulting deficiency and that the defendants had no defence, therefore summary judgment was entered for the amount claimed.
8 May 2006

MARUHA CORP AND ANOR V AMALTAL CORP LTD HC AK CIV 2002-404-1773

Citation

openlaw-838a37a9_81c5_4193_a070_625d20657d67.pdf
Court

High Court

The Court refused to make an equitable interest award and instead exercised its discretion under s87 to compensate for loss of use of money. The judge awarded interest on the overpayment component of $5,388,404 at 7.75% to 31 July 2002 and at 6% from 1 August 2002 to 6 December 2004; and awarded interest on the notional profit component of $732,042 at 3% from 1 October 1991 to 6 December 2002. Tax benefits to the plaintiff and the 17 months' delay were rejected as bases for reducing the interest award. Interest calculated from actual payment dates (or six weeks after invoice if payment date u…
19 Sept 2005

ROBINSON V ACCIDENT COMPENSATION CORPORATION HC AK CIV 2005-485-0127

Citation

openlaw-01759ea2_0c7a_4513_a49c_b53bed4ddf97.pdf
Court

High Court

Section 72’s reference to the rate in s87 adopts only the rate; it does not import s87’s prohibition on interest on interest. On purposive construction "the amount payable by the Corporation" includes interest accrued after the one-month due period, so interest under s72 is calculated on the outstanding amount including previously accrued interest (resulting effectively in compounding) to fully compensate claimants and incentivise timely payment by the Corporation.

New Zealand Case Law

DEMPSEY WOOD CIVIL LTD v GAPES [2021] NZHC 2933

WILTSHIRE INVESTMENTS LTD V R M SYMONS AND ANOR HC AK CIV-2010-404-001011

BEAZLEY V LUXOR DEVELOPMENTS LIMITED AND ANOR HC TAU CIV 2008-470-710

MARUHA CORP AND ANOR V AMALTAL CORP LTD HC AK CIV 2002-404-1773

ROBINSON V ACCIDENT COMPENSATION CORPORATION HC AK CIV 2005-485-0127