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ARTICLE · 05 OCTOBER 2022

Can An Illegal Loan Be Enforced?

Norton Rose Fulbright
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In SR Projects Ltd v Rampersad Re Hindu Credit Union Co-Operative Society (Trinidad and Tobago) [2022] UKPC 24, a majority of the Privy Council overturned the decision of the Court of Appeal of Trinidad...

United KingdomCriminal Law
James Lockwood
James Lockwood
Emma Cridland
Emma Cridland

In SR Projects Ltd v Rampersad Re Hindu Credit Union Co-Operative Society (Trinidad and Tobago) [2022] UKPC 24, a majority of the Privy Council overturned the decision of the Court of Appeal of Trinidad and Tobago that a loan taken out contrary to statute was void and so unenforceable, either as ultra vires (outside) the powers of the borrower, or for illegality.

The majority of the Privy Council found that the loan was only illegal, but that this did not make it automatically void. Instead, enforceability had to be tested against more "flexible" factors. Applying these, the majority concluded that the loan and its security were enforceable against the borrower, despite their illegality.

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