{
  "url": "https://openlegislation.uk/insolvency-northern-ireland-order-1989/article-160",
  "json_url": "https://openlegislation.uk/insolvency-northern-ireland-order-1989/article-160.json",
  "legislation": "nisi/1989/2405",
  "legislation_title": "The Insolvency (Northern Ireland) Order 1989",
  "legislation_url": "https://openlegislation.uk/insolvency-northern-ireland-order-1989",
  "path": "article/160",
  "kind": "article",
  "number": "160",
  "heading": "Interest on debts",
  "text": "(1) In a winding up interest is payable in accordance with this Article on any debt proved in the winding up, including so much of any such debt as represents interest on the remainder.\n(2) Any surplus remaining after the payment of the debts proved in a winding up shall, before being applied for any other purpose, be applied in paying interest on those debts in respect of the periods during which they have been outstanding since the company went into liquidation.\n(3) All interest under this Article ranks equally, whether or not the debts on which it is payable rank equally.\n(4) The rate of interest payble under this Article in respect of any debt ( “the official rate”) is whichever is the greater of—\n(a) the rate applicable to a money judgment of the High Court on the day on which the company went into liquidation, and\n(b) the rate applicable to that debt apart from the winding up.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "Pts. 1-5 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 3 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisi/1989/2405/article/160",
    "retrieved_at": "2026-10-29T04:47:04.938020+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}