Part I Statutory Interest on Qualifying Debts
I15 Remission of statutory interest.
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.