21 Dec 2021
MERCHANT FINANCE LTD v XU [2021] NZHC 3589
- Citation
- [2021] NZHC 3589
- Court
- High Court
Court found Merchant Finance breached CCCFA initial and continuing disclosure obligations, charged interest in advance and levied an unreasonable establishment fee; those disclosure breaches engaged s99(1A) so borrowers are not liable for costs of borrowing during the period of default arising from non-disclosure; despite disclosure breaches, the loan was not oppressive and was not reopened; Mr Ge was not agent of Merchant Finance and did not breach FAA ss 33/34 or the FTA in a way that caused compensable loss; establishment fee reduced to zero, default interest accepted at 20% (not 30.95%),…