/Tag:Credit
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Court finds it can reopen credit contracts on own initiative

In Real Finance Ltd v Stefano [2016] NZHC 2293,  the High Court found that it had jurisdiction to reopen a credit contract if it considered the contract oppressive, even where neither party to the proceeding had raised the issue. The general jurisdiction to reopen credit contracts arises under section 120 of the Credit Contracts and [...]

February 22nd, 2017|Categories: Legal Developments|Tags: , |

CSG Finance (NZ) Limited v Sharma [2016] NZHC 2269

This recent High Court decision focussed on whether the guarantor for a credit contract could escape liability under sections 118 and 120 of the Credit Contracts and Consumer Finance Act 2003 (CCCFA). Section 118 relates to “oppression” in the credit context, and section 120 allows a court to reopen “oppressive” credit contracts. Mr Sharma had [...]

February 22nd, 2017|Categories: Legal Developments|Tags: , |

Howe & Ors v Westpac New Zealand Limited [2016] NZHC 2050

In Howe & Ors v Westpac New Zealand Limited [2016] NZHC 2050, the Howes defaulted on a “consumer credit contract” in terms of the Credit Contracts and Consumer Finance Act 2003 (CCCFA). Westpac and the Howes then entered into a deed governing repayment of the debt. When the Howes defaulted on the deed, Westpac applied [...]

October 13th, 2016|Categories: Legal Developments|Tags: |