The Repercussion of the Recent Federal Court Ruling on LAD: Implications & Remedies | 28 October 2021 via Zoom Webinar
October 28 @ 11:00 am - 5:00 pm UTC+8
The Repercussion of the Recent Federal Court Ruling:
(PJD Regency Sdn Bhd v Tribunal Tuntutan Pembeli Rumah & Anor, Jan 2021)
ON LIQUIDATED AGREED DAMAGES (LAD) FOR PROPERTY DEVELOPERS
The Federal Court (PJD Regency Sdn Bhd v Tribunal Tuntutan Pembeli Rumah & Anor, Jan 2021) recently delivered a landmark decision concerning the delay of delivery of vacant possession under the Housing Development (Control and Licensing) Regulations.
By the ruling, it is now firmly established that the liquidated ascertained damages (LAD) for the late delivery of vacant possession of a housing unit is to be calculated from the date of payment of a booking fee until the date of the issuance of the Certificate of Completion and Compliance (CCC).
It would follow that any awards of the Homebuyer Tribunal that predated the Federal Court’s decision in PJD Regency that computed the LAD payable to begin from the date of the Sale and Purchase Agreement or to end at the date of the CPC may well be liable to be struck down as being contrary to the PJD Regency principle.
A somewhat similar issue on the retrospective application of a landmark ruling in housing law arose recently in the wake of the seminal Federal Court decision of Ang Ming Lee vs Menteri Kesejahteraan Bandar, Perumahan Dan Kerajaan Tempatan.
Our speakers would explore from a practical perspective what can developers do moving forward? From a commercial perspective, what are options are available to developers to mitigate any potential impact of floodgates of litigation from these decisions (if any).
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Ms. Annisa | 03-7803 6006
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Mr. Khairil | 016-925 8257
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