Interest-probable debts, Financial Accounting

Interest

Interest may be claimed-up to the date of the receiving order - if it is payable:

  • By agreement;
  • By statute;
  • If the debt was created in writing and due at a certain time at 6% p.a. from due date; or
  • Otherwise, after written demand for payment giving notice that interest is claimed, at 6% p.a. from date of demand.

 

Interest over 6% p.a. is a deferred debt, although except in the case of a moneylender, the trustee can admit proof for the full amount.

Statutory interest is payable in all debts at 6% p.a. from the date of the receiving order, if there is a surplus after payment of all debts in full. Sums paid to the creditor before the receiving order must be apportioned between principal and interest.

Posted Date: 12/13/2012 1:05:03 AM | Location : United States







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