UNIFORM CIVIL PROCEDURE RULES 2005 - REG 46.17 Interest on debts

UNIFORM CIVIL PROCEDURE RULES 2005 - REG 46.17

46.17 Interest on debts

(cf SCR Part 49, rule 8)

(1) This rule applies to the taking of an account of the debts of a deceased person pursuant to a direction in a judgment.

(2) If any of the debts carries interest at any rate, interest is to be allowed on that debt at that rate.

(3) In the case of a debt to which subrule (2) does not apply, interest is to be allowed on the debt at the relevant rate of interest prescribed by rule 36.7(1) for the purposes of section 101 of the Civil Procedure Act 2005 , or such lesser rate as the court may determine, from the date when the judgment takes effect on so much of the debt as is from time to time unpaid.

(4) Subrules (2) and (3) do not apply if the estate is insolvent or if the Supreme Court otherwise orders.

(5) If a creditor establishes his or her debt and the debt does not carry interest, interest is to be allowed on such amount as is, for the time being, outstanding under the debt at the relevant rate of interest prescribed by rule 36.7(1) for the purposes of section 101 of the Civil Procedure Act 2005 , or such lesser rate as the court may determine, out of any assets which may remain after satisfying--

(a) the costs of the proceedings, and

(b) the debts which have been established, and

(c) the interest on such of those debts as by law carry interest.