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Rule 6.113 InterestI1

England and Wales

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

  • rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)
(1)

In the following circumstances the creditor's claim may include interest on the debt for periods before the bankruptcy order, although not previously reserved or agreed.

(2)

If the debt is due by virtue of a written instrument and payable at a certain time, interest may be claimed for the period from that time to the date of the bankruptcy order.

(3)

If the debt is due otherwise, interest may only be claimed if, before the presentation of the bankruptcy petition, a demand for payment was made in writing by or on behalf of the creditor, and notice given that interest would be payable from the date of the demand to the date of payment F1and for all the purposes of the Act and the Rules shall be chargeable at a rate not exceeding that mentioned in paragraph (5).

F2(4)

Interest under paragraph (3) may only be claimed for the period from the date of the demand to that of the bankruptcy order.

(5)

The rate of interest to be claimed under paragraphs (2) and (3) is the rate specified in section 17 of the Judgments Act 1838 on the date of the bankruptcy order.

Annotations

Textual amendments

F1

Words in rule 6.113(3) added (11.1.1988 with application in accordance with rule 3(1)(2)) by The Insolvency (Amendment) Rules 1987 (S.I. 1987/1919), rule 1, Sch. para. 112(1)

F2

Rule 6.113(4)(5) substituted for rule 6.113(4) and words in rule 6.113(3) (11.1.1988 with application in accordance with rule 3(1)(2)) by The Insolvency (Amendment) Rules 1987 (S.I. 1987/1919), rule 1, Sch. para. 112(2)

Commencement

I1

Rule 6.113 in force at 29.12.1986, see rule 0.1