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.