5 Remission of statutory interest.U.K.
(1)This section applies where, by reason of any conduct of the supplier, the interests of justice require that statutory interest should be remitted in whole or part in respect of a period for which it would otherwise run in relation to a qualifying debt.
(2)If the interests of justice require that the supplier should receive no statutory interest for a period, statutory interest shall not run for that period.
(3)If the interests of justice require that the supplier should receive statutory interest at a reduced rate for a period, statutory interest shall run at such rate as meets the justice of the case for that period.
(4)Remission of statutory interest under this section may be required—
(a)by reason of conduct at any time (whether before or after the time at which the debt is created); and
(b)for the whole period for which statutory interest would otherwise run or for one or more parts of that period.
(5)In this section “conduct” includes any act or omission.
Commencement Information
I1S. 5 fully in force; S. 5 not in force at Royal Assent see s. 17(2); s. 5 in force for specified purposes: at 1.11.1998 by S.I. 1998/2479, art. 3; at 1.7.1999 by S.I. 1999/1816, art. 3; at 1.9.2000 by S.I. 2000/2225, art. 3(1), Sch.; at 1.11.2000 by S.I. 2000/2740, art. 3(1); S. 5 in force (E. W. NI.) in so far as not already in force at 7.8.2002 by S.I. 2002/1673, art. 2; S. 5 in force (S.) in so far as not already in force at 7.8.2002 by S.S.I. 2002/337, art. 2