Statutory Instruments
JUDGMENTS
Made
9th March 1993
Laid before Parliament
10th March 1993
Coming into force
1st April 1993
The Lord Chancellor, in exercise of the powers conferred on him by section 44 of the Administration of Justice Act 1970(1) and with the concurrence of the Treasury, hereby makes the following Order:
1. This Order may be cited as the Judgments Debts (Rate of Interest) Order 1993 and shall come into force on 1st April 1993.
2. In relation to any judgment entered up after the coming into force of this Order, section 17 of the Judgments Act 1838(2) shall be amended so as to substitute for the rate specified in that section, as the rate at which judgment debts shall carry interest, the rate of 8 per cent. per annum.
Mackay of Clashfern ,C.
Dated 8th March 1993
We concur,
Tim Wood
Tim Kirkhope
Two of the Lords Commissioners of Her Majesty’s Treasury.
Dated 9th March 1993
(This note is not part of the Order)
This Order reduces from 15 per cent. to 8 per cent. per annum the rate of interest on judgment debts under section 17 of the Judgments Act 1838.
1838 c. 110; power to amend the rate of interest specified in section 17 was conferred by the Administration of Justice Act 1970 (c. 31), section 44 and the relevant amending instruments are S.I. 1971/491, 1977/141, 1979/1382, 1980/672, 1982/696 and 1427 and 1985/437.