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The Insolvency (Northern Ireland) Order 1989
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The Insolvency (Northern Ireland) Order 1989, Section 160 is up to date with all changes known to be in force on or before 28 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Interest on debtsN.I.
160.—(1) In a winding up interest is payable in accordance with this Article on any debt proved in the winding up, including so much of any such debt as represents interest on the remainder.
(2) Any surplus remaining after the payment of the debts proved in a winding up shall, before being applied for any other purpose, be applied in paying interest on those debts in respect of the periods during which they have been outstanding since the company went into liquidation.
(3) All interest under this Article ranks equally, whether or not the debts on which it is payable rank equally.
(4) The rate of interest payble under this Article in respect of any debt ( “the official rate”) is whichever is the greater of—
(a)the rate applicable to a money judgment of the High Court on the day on which the company went into liquidation, and
(b)the rate applicable to that debt apart from the winding up.
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