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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Creditor claims interest on overdue debts in winding up, with 6% cap and interest limited to order date.</h1> Permits a creditor, in a winding up, to prove interest on an overdue debt or certain sum where no interest was reserved or agreed. The interest is capped at six per cent per annum unless the Tribunal determines a different rate, and is provable only up to the date of the winding up order or the relevant resolution. Where the debt is payable under a written instrument at a specified time, interest runs from the date the amount became payable; where payable otherwise, interest runs from the date a written demand is made that gives notice interest will be claimed from that demand date until payment, with the effect of defining when interest becomes provable and limiting the rate and period recoverable in the winding up.
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