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Commercial Registry - 2022 August

3 judgments
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3 judgments
August 2022
Premium Finance Limited v Rosemary Mubanga Mulenga and Anor (2022/HKC/14) [2022] ZMHC 23 (26 August 2022)
Whether the applicant may enforce 25% monthly compound interest and foreclose a mortgage under the Money Lenders Act.
  • Money Lenders Act — statutory cap on interest — unenforceability of extortionate 25% per month rate; Enforceability of registered legal mortgage granted by administratrix; Capacity of administrator to pledge estate assets; Recovery of principal and foreclosure; Assessment of interest by Deputy Registrar.
26 August 2022
Premium Finance Limited v Valentine Mutale and Anor (2022/HKC/13) [2022] ZMHC 24 (9 August 2022)
Whether a loan clause imposing 25% monthly (compound) interest is enforceable and effect of surrendering vehicle white book as equitable mortgage.
  • Money Lenders Act — prohibition of compound interest — clause charging interest on interest illegal; equitable mortgage by surrender of vehicle white book; assessment of outstanding debt by Deputy Registrar; permitted simple interest and statutory caps.
9 August 2022
Anthony Glazebrook and Anor v Bellingtone Taylor Kamona (2021/HKC/017) [2022] ZMHC 21 (4 August 2022)
Settlement agreement enforced; privity and duress defences rejected; plaintiff awarded ZMW 528,070 with interest; no costs.
  • Contract law — enforceability of settlement agreements; privity of contract; duress/undue influence; arbitration clause — stay and referral; burden of proof; interest; mediation non-attendance costs.
4 August 2022