Regulation 26 Interest on claims in sequestration

F1(1)

The prescribed rate of interest for the purposes of section 129(10)(a) of the Act (interest on preferred debts and ordinary debts between the date of sequestration and the date of payment of the debt) is F2an annual rate of 2 percentage points above the Bank of England base rate that applies on the date of sequestration.

F3(2)

In paragraph (1), “Bank of England base rate” means—

(a)

except where sub-paragraph (b) applies, the percentage rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short-term liquidity in the money markets, or

(b)

where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent percentage rate determined by the Treasury under that section.

Annotations

Textual amendments

F1: Reg. 26 renumbered as reg. 26(1) (6.4.2024) by The Bankruptcy (Scotland) Amendment Regulations 2024 (S.S.I. 2024/48), regs. 1, 2(2)
F2: Words in reg. 26(1) substituted (6.4.2024) by The Bankruptcy (Scotland) Amendment Regulations 2024 (S.S.I. 2024/48), regs. 1, 2(3)
F3: Reg. 26(2) inserted (6.4.2024) by The Bankruptcy (Scotland) Amendment Regulations 2024 (S.S.I. 2024/48), regs. 1, 2(4)