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The counterclaim for statutory interest under the Senior Courts Act 1981
The counterclaim for statutory interest under the Senior Courts Act 1981
The counterclaim was advanced as an alternative to the application of the Default Rate. In light of my conclusion that the Default Rate provision is not a penalty and so is enforceable, this point falls away.
- Heading
- Richard Farnhill (sitting as a Deputy High Court Judge of the Chancery Division)
- Factual Background to the Dispute
- The witnesses
- Factual developments since my First Judgment
- The Counterclaim
- Interpretation of the express terms
- Implication of terms
- Equity
- The offers
- Is the Default Rate a penalty?
- The law on penalties
- The question remitted by the Court of Appeal
- Objective approach
- Primary or secondary obligation?
- What were the legitimate interests?
- Was the Default Rate extortionate by reference to the primary obligations that triggered it?
- The counterclaim for statutory interest under the Senior Courts Act 1981
- Conclusions