2 May 2017
WILACI PTY LIMITED v TORCHLIGHT FUND NO 1 LP (IN RECEIVERSHIP) [2017] NZCA 152 _x000b_
- Citation
- [2017] 3 NZLR 293
- Court
- Court of Appeal
The late payment fee was a secondary obligation triggered by default but, applying Cavendish and Paciocco, it was not out of proportion to Wilaci's legitimate commercial interests measured in the commercial context and on the parties' own assessment of the value of the facility, and therefore was not an unenforceable penalty.