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Harare High Court
Global Horizon (Private) Limited and Godfrey Chindomu and Nomusa Chindomu v FMC Finance (Private) Limited and Sheriff of High Court N.O and Registrar of Deeds N.O
HH 76-22
Case Details
Court
Harare High Court
Date
3 February 2022
Citation
HH 76-22
Neutral Citation
[2022] ZWHH 76
Outcome
unknown
Case Type
Urgent Application
Bench
Presiding
Deme J
Full Bench
Deme J
Areas of Law
Commercial LawBanking & FinanceCivil Procedure
Keywords
stay of executiondefault judgmentrescission of judgmentusurious interesturgencyprovisional sentence
Tags
stay of executiondefault judgmentusurious interestloan agreement
legislation
Statutes Cited
- Money Lending and Rates of Interest Act
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the application is urgent","issue_type":"procedural","dispositive":"no","related_facts":"Applicants served with summons 12 November 2021 but only acted after seizure notice"}
- {"issue_text":"Whether applicants made material non-disclosure","issue_type":"procedural","dispositive":"no","related_facts":"Deed of settlement signed by applicants"}
- {"issue_text":"Whether stay of execution should be granted pending rescission","issue_type":"mixed","dispositive":"yes","related_facts":"Debt doubled in 33 days, 43% monthly interest, pending rescission"}
- {"issue_text":"Whether 43% monthly interest is usurious","issue_type":"law","dispositive":"no","related_facts":"18% ordinary + 25% penalty interest per month"}
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background
Facts of the Case
Background
The applicants sought a stay of execution of a default judgment obtained by the first respondent under case HC 6333-21, pending the outcome of their rescission application under case HC 7268-21. The judgment debt had ballooned from US$142,392.54 to US$284,785.08 within 33 days due to compound interest of 43% per month.
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