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The Merchant Shipping (Liability of Shipowners and Others) (New Rate of Interest) Order 2003
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Rate of interest
2. The rate of interest for the purposes of article 11(1) of the Convention on Limitation of Liability for Maritime Claims 1976 (1)shall be the prescribed rate—
(a)where the occurrence takes place before 31st December 2003, but the fund is constituted on or after that date; and
(b)where the occurrence takes place on or after 31st December 2003.
(1)
Set out in Part I of Schedule 7 to the Merchant Shipping Act 1995 as amended by S.I.1998/1258.
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