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Case Update: Little & Anor v Olympian Homes Ltd (2024)

England and Wales
06/08/2024
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Following on from our recent alert (Court of Appeal puts default interest rate clause to the test in Houssein v London Credit Limited (2024) (cms-lawnow.com)), the recent case of Little & Anor v Olympian Homes Ltd [2024] EWHC 1766 (Ch) (08 July 2024) also concerned payment of default interest and whether the lender had waived its rights to require payment.

Little & Anor v Olympian Homes Limited (2024) concerns two applications to set aside statutory demands based on personal guarantees given in respect of a loan. The loan was not repaid in full by the due date and the lender claimed default interest on the outstanding amount, which the applicants disputed on the grounds that the lender had waived payment of the interest, firstly either by way of contractual waiver (in email correspondence), or, alternatively, due to waiver by estoppel (arising as a result of the lender’s conduct). 

In this short update, we discuss the court's decision on both arguments, and remind lenders of practical advice when considering borrower requests for waiver or consent.

Click here to read the briefing.

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