african trading coltd vs planting equipment coltd 2004 tzhccomd 22 23 june 2004

african trading coltd vs planting equipment coltd 2004 tzhccomd 22 23 june 2004

Interest on the principal sum of arrears of rent is a provable debt in bankruptcy and is awarded at the court rate of 7% per annum for the period 1999-2003, as the Plaintiff failed to prove the contractual bank rate. Claims for mesne profits and damages are disallowed as too remote and lacking legal basis.

Citation
african trading coltd vs planting equipment coltd 2004 tzhccomd 22 23 june 2004
Parties
Plaintiff: African Trading Co. Limited; 1st Defendant: Plant & Equipment Co. Ltd; 2nd Defendant: Presidential Sector Reform Commission
Court
TZHCCOMD
Jurisdiction
Tanzania
Judgment Date
23 June 2004
Procedural Posture
Civil / Judgment
Outcome
Partly allowed
Legal Topics
Arrears of Rent, Interest on Arrears, Mesne Profits, Damages, Provable Debts in Bankruptcy
Source Language
English
Commercial Law Bankruptcy Law Contract Law Arrears of Rent Interest on Arrears Mesne Profits Damages Provable Debts in Bankruptcy

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Parties

African Trading Co. Limited

Plaintiff

Plant & Equipment Co. Ltd

1st Defendant

Presidential Sector Reform Commission

2nd Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the Plaintiff is entitled to interest and mesne profit on the outstanding rent of US $75,437
  2. 2 To what reliefs are parties entitled

Ratio Decidendi

Interest on the principal sum of arrears of rent is a provable debt in bankruptcy and is awarded at the court rate of 7% per annum for the period 1999-2003, as the Plaintiff failed to prove the contractual bank rate. Claims for mesne profits and damages are disallowed as too remote and lacking legal basis.

Court Disposition

Partly allowed

Orders

  • Plaintiff awarded interest at 7% per annum on the principal sum for 1999-2003
  • Claims for mesne profits and damages dismissed