Statutory Rules 1986 No. 86
Explanatory Statement
These amendments provide for an increase in the rate of interest carried by a debt under a judgment of the Court. As from 1 May 1986 the rate will be 15% per annum on outstanding judgment debts. The existing rates of interest will continue to apply to outstanding judgment debts for any period prior to 1 May 1986.
The rate of interest has not been increased since 1977 and accordingly it was considered that it should be increased to bring it more into line with the prevailing rates of interest.