The Insolvency (Amendment) Rules (Northern Ireland) 2006

Substitution of Rule 4.099

29.  For Rule 4.099 there shall be substituted—

“Interest

4.099.— (1) Where a debt proved in the liquidation bears interest, that interest is provable as part of the debt except in so far as it is payable in respect of any period after the company went into liquidation or, if the liquidation was immediately preceded by an administration, any period after the date that the company entered administration.

(2) In the circumstances described in paragraphs (3) and (4) of this Rule, and subject to paragraph (5) of this Rule, the creditor’s claim may include interest on the debt for periods before the company went into liquidation, although not previously reserved or agreed.

(3) 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 when the company went into liquidation.

(4) If the debt is due otherwise, interest may only be claimed if, before that date, a demand for payment of the debt 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.

(5) Interest under paragraph (4) may only be claimed for the period from the date of the demand to that of the company’s going into liquidation and for all the purposes of the Order and the Rules shall be chargeable at a rate not exceeding that mentioned in paragraph (6).

(6) The rate of interest to be claimed under paragraphs (3) and (4) is the rate applicable to a money judgment of the High Court on the date when the company went into liquidation.

• [E.R. 4.93]”