OpenLegislation

Regulation 23 Objective 1: interest on relevant funds claims

Original text. Later amendments are not shown.

(1)

This regulation applies where—

(a)

a debt arises from a liability of the institution to return relevant funds,

(b)

the user or holder has not submitted a relevant funds claim or has submitted a relevant funds claim after a hard bar date, and

(c)

the user or holder makes a claim for payment of the debt.

(2)

The user or holder is not entitled to interest on the debt for the period commencing on the date on which the institution entered special administration, except interest on such part of the debt which remains after deduction of the total amount which the user or holder would have received on a relevant funds claim.