{
  "url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-122",
  "json_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-122.json",
  "legislation": "uksi/2022/1239",
  "legislation_title": "The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022",
  "legislation_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022",
  "path": "rule/122",
  "kind": "rule",
  "number": "122",
  "heading": "Amount which may be claimed generally",
  "text": "(1) Subject to the provisions of this rule and rules 123 and 124 a creditor is entitled to claim the accumulated sum of principal and any interest which is due on the debt as at the date on which the institution entered special administration.\n(2) If a debt does not depend on a contingency but would not be payable but for the special administration until after the date on which the institution entered special administration, the amount of the claim is to be calculated as if the debt were payable on the date on which the institution entered special administration but subject to the deduction of interest at the rate specified in paragraph (4) from that date until the date for payment of the debt.\n(3) In calculating the amount of a creditor’s claim, the creditor must deduct any discount (other than any discount for immediate or early settlement) which is allowable by contract or course of dealing between the creditor and the institution or by the usage of trade.\n(4) The rate of interest referred to in paragraph (2) is to be whichever is the greater of—\n(a) the official rate at the date the institution entered special administration, or\n(b) the rate applicable to that debt apart from the special administration.",
  "extent": "S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Rule 122 in force at 19.12.2022, see rule 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1239/rule/122",
    "retrieved_at": "2026-10-28T21:53:01.073399+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."
}