Victorian Consolidated Legislation

Penalty Interest Rates Act 1983 - SECT 15

Re-opening of cases

15. Re-opening of cases

Any judgment creditor who is aggrieved at the refusal or failure of any Court
to make an order for the payment of interest under the provisions of any of
the enactments referred to in the foregoing provisions of this Act because of
the cessation by the Australian Loan Council of the approval of a maximum rate
of interest for long-term borrowing for new public securities issued by
semi-government authorities may without any further or other authority than
the provisions of this section at any time apply to the Court for the making
of such an order and the Court on any such application may in accordance with
the provisions of that enactment make an order for the payment of interest at
a rate not exceeding the rate of 15×8 per centum per annum.