Recovery of damages for late payment of debts
Authors
Citation
Building journal Hong Kong China, Apr, 1990, pp. 66-68
Abstract
In these times of soaring interest rates and fluctuating exchange rates, late payment of a debt owed can result in significant losses to a creditior. In the absence of agreement between the parties, the creditor's only remedy has been statutory interest, awarded at the discretion of the court at the time fo judgment. As well, until recently, losses incurred as a result of currency fluctuations after a debt in foreign currency became due were not recoverable.
This article, prepared by Margaret Coates, an associate with the firm of Baker & McKenzie, Solicitors, examines recent trends in the law which have arisen in response to these problems.
(1) When can interest be recovered?
(2) Interest as "Special Damages"
(3) Interest as "General Damages"
(4) Exchange losses resulting from late payment of debts
(5) Conclusion
Description
Subject
Type
Article
Format
Date
1990
Language
en