Wilaci Pty Ltd v Torchlight Fund No 1 LP (in receivership) - [2017] 3 NZLR 293

Commercial law — Financing arrangement — Agreement to borrow funds for 60 days — Whether late payment fee an enforcable penalty — Late payment fees accumulated — Whether late payment fee punitive — Whether fee out of all proportion to interest of lender — Whether fee exorbitant or unconscionable — Whether fee unenforceable penalty.

Contract — Enforcement of contract — Whether late payment fee an unenforceable penalty — Agreement to borrow funds for 60 days — Late payment fees accumulated — Whether doctrine against penalties engaged — Whether late payment fee punitive — Whether fee out of all proportion to interest of lender — Whether fee exorbitant or unconscionable — Whether fee unenforceable penalty.