The Insolvency (Amendment) Regulations 2004

Amendment to Regulation 9

2.—(1) In Regulation 9 for paragraph (6) there is substituted—

“(6) Subject to paragraphs (6A) and (6B), at any time after 1st April 2004 whenever there are any monies standing to the credit of the company in the Insolvency Services Account the company shall be entitled to interest on those monies at the rate of 4.25 per cent per annum.

(6A) Interest shall cease to accrue pursuant to paragraph (6) from the date of receipt by the Secretary of State of a notice in writing from the liquidator that in the opinion of the liquidator it is necessary or expedient in order to facilitate the conclusion of the winding up that interest should cease to accrue but interest shall start to accrue again pursuant to paragraph (6) where the liquidator gives a further notice in writing to the Secretary of State requesting that interest should start to accrue again.

(6B) The Secretary of State may by notice published in the London Gazette vary the rate of interest prescribed by paragraph (6) and such variation shall have effect from the day after the date of publication of the notice in the London Gazette or such later date as may be specified in the notice.”.

(2) Where a notice that interest should cease is given pursuant to paragraph (6)(a) of regulation 9 as it stood immediately before the coming into force of these Regulations, that notice shall be treated as having been given for the purposes of paragraph (6A) as inserted by paragraph (1) above.