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Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.3/46462
- Commercial reality v doctrine: restitution and compound interest for void swaps
- Ciro, Tony
- The recent swaps litigation in the United Kingdom has focused attention on the restitutionary consequences from a finding of legal nullity. The House of Lords in Westdeutsche Landesbank Girozentale v Islington LBC denied the claimant an award for compound interest for payments withheld under a void swaps agreement. This article attempts to reconcile the approach taken by the House of Lords with the decision from the Australian High Court in Hungerfords v Walker where the court allowed an award of compound interest in a tortious claim. The article argues that the High Court's decision is more in tune with commercial reality and should be used as a precursor for legislative reform to the law governing an award of statutory interest.
- Publication type
- Journal article
- Australian Business Law Review, Vol. 30, no. 3 (Jun 2002), pp. 216-226
- Publication year
- Appeals; Australia; Banking; Commercial law; Constitutional law; Courts; Debt; Great Britain; High Court; Hungerfords v WalkerInterest rates; Law; Law reform; Legislation; Liability; Litigation; Restitution; Westdeutsche Landesbank Girozentrale v Islington LBC
- Lawbook Co.
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- Peer reviewed