CONTRACTS – penalties – contract for commercial loan facility – whether default interest payable when monthly payments were not made within time constituted a penalty – where question should be considered on a forward-looking basis at the date each contract was made – whether default interest is presumed to be a penalty – whether default interest was wholly extravagant or unconscionable compared to the greatest amount of loss that could possibly be foreseen to flow from a breach – whether purpose of default interest was to punish non-compliance
Mr Castle appeared for the appellant.