[2018] 1 LNS 547
This case concerns an application by the Plaintiff bank for summary judgment against the Defendants. In this case, both the Facility Agreement and the Guarantee contained clauses to the effect that a statement of account signed by an officer of the Plaintiff showing the indebtedness of the 1st Defendant shall be conclusive and binding on the Defendants as to any amount due to the Plaintiff. The Plaintiff has exhibited the signed statement of account showing the indebtedness of the 1st Defendant. Since the Defendants’ allegation as to the Plaintiff’s right to impose penalty interest or late payment interest and to compound interest is without basis, the Defendants have not succeeded in showing any error in respect of the statement of account. Application was allowed.