Wilaci argues A$33.6mn in late payment fees weren't a penalty in Court of Appeal

Tue, 04 Oct 2016

By Sophie Boot Oct. 4 (BusinessDesk) - Lawyers for Australian businessman John Grill's Wilaci investment unit have argued that A$33.6 million in late payment fees it wants from Pyne Gould Corp subsidiary Torchlight Fund No 1 LP weren't penalty fees in the Court of Appeal this morning. Last October, Justice Matthew Muir in the High Court ruled the Torchlight unit didn't have to pay the fee on a A$37 million loan from Wilaci, which "so significantly exceeds the loss likely to be caused by the breach that it qualifies as extravagant and ther...

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