Judgment Debts (Rates of Interest) Rules

JUDGMENT DEBTS (RATES OF INTEREST) RULES

PUBLISHING DETAILS

Revised under the authority of the Law Revision Act (2020 Revision).

The Judgment Debts (Rates of Interest) Rules, 1995 made by the Rules Committee of the Grand Court 1st May, 1995 as amended by Law 56 of 2020.

Consolidated with — Judgment Debts (Rates of Interest) Rules, 1996 made by the Rules Committee of the Grand Court on 5th January, 1996 Judgment Debts (Rates of Interest) Rules, 1998 made by the Rules Committee of the Grand Court on 14th January, 1998 Judgment Debts (Rates of Interest) Rules, 1999 made by the Rules Committee of the Grand Court on 17th December, 1998 Judgment Debts (Rates of Interest) Rules, 2000 made by the Rules Committee of the Grand Court on 3rd March, 2000 Judgment Debts (Rates of Interest) Rules, 2001 made by the Rules Committee of the Grand Court on 10th May, 2001 Judgment Debts (Rates of Interest) (No. 2) Rules, 2001 made by the Rules Committee of the Grand Court on 5th November, 2001 Judgment Debts (Rates of Interest) Rules, 2003 made by the Rules Committee of the Grand Court on 1st August, 2003 Judgment Debts (Rates of Interest) Rules, 2006 made by the Rules Committee of the Grand Court on _ June, 2006 Judgment Debts (Rates of Interest) Rules, 2008 made by the Rules Committee of the Grand Court on 31st October, 2008 Judgment Debts (Rates of Interest) Rules, 2010 made by the Rules Committee of the Grand Court on 14th October, 2010 Judgment Debts (Rates of Interest) Rules, 2012 made by the Rules Committee of the Grand Court on 17th December, 2012.

Originally enacted —

Law 56 of 2020-7th December, 2020.

Consolidated and revised this 31st day of December, 2020.

JUDGMENT DEBTS (RATES OF INTEREST) RULES

Effective date: 1st June, 1995 SECOND SCHEDULE Effective date: 1st February, 1996 THIRD SCHEDULE Effective date: 1st February, 1998 FOURTH SCHEDULE Effective date: 1st January, 1999

Revised as at31st December, 2020

FIFTH SCHEDULE Effective date: 1st April, 2000 SIXTH SCHEDULE Effective date: 1st June, 2001 SEVENTH SCHEDULE Effective date: 1st December,2001 EIGHTH SCHEDULE Effective date: 1st September, 2003 NINTH SCHEDULE Effective date: 1st July, 2006 TENTH SCHEDULE Effective date: 1st December, 2008 ELEVENTH SCHEDULE Effective date: 1st November, 2010 TWELFTH SCHEDULE Effective date: 1st February, 2013

Rule 1

(2021Revision) JUDGMENT DEBTS (RATES OF INTEREST) RULES

Citation These Rules may be cited as the Judgment Debts (Rates of Interest) Rules (2021 Revision). Interpretation In these rules — (a) "the Law" means the Judicature Act (2021 Revision); (b) any expressions used in these rules and in the Grand Court Rules 1995 (Revised) shall have the same meanings in these rules as they have in the Grand Court Rules 1995 (Revised). Commencement and application (a) The Judgment Debts (Rates of Interest) Rules, 1995 shall come into operation on the 1st day of June, 1995, referred to in these rules as the "Commencement Date".

(b) These rules shall apply to —

Rule 4

(i) every proceeding other than one governed by the Matrimonial Causes Rules (2021 Revision) commenced in the Court on or after the Commencement Date; and (ii) every money judgment made by the Court after the Commencement Date in any proceeding, other than one governed by the Matrimonial Causes Rules (2021 Revision), pending on that date. Pre-judgment Interest (a) In the exercise of its discretion under section 34(1) of the Law, the Court may order the payment of simple interest upon any debt or damages at a rate not exceeding the rate applicable to the relevant currency prescribed in the Schedule hereto. (b) Where a plaintiff becomes entitled to enter a default judgment pursuant to GCR Order 13, rule 1, or GCR Order 19, rule 2, that plaintiff shall be entitled to enter judgment for interest calculated at the applicable prescribed rate, provided that that plaintiff’s claim for statutory interest has been indorsed on the writ in compliance with GCR Order 6, rule 2. Where any debt or damages are claimed in a currency other than one specified in the Schedule hereto, the Plaintiff may apply by summons for an award of interest at a rate no higher than 125% of that which would be paid by a bank on a three month fixed deposit in that currency. (d) An application under paragraph (c) of this rule must be supported by an affidavit giving particulars of the rate or rates of interest which a depositor could reasonably expect to obtain from a recognised bank on a fixed deposit in the relevant currency. Post-judgment interest (a) Interest shall be payable at the rate prescribed in the Schedule hereto upon the principal amount of all judgment debts with effect from the date of service of the judgment or order. (b) Interest shall be payable at the rate prescribed for Cayman Islands Dollars upon all orders for costs with effect from — (i) in the case of fixed costs payable under GCR Order 62, rule 1, the date of service of the judgment or order; (ii) in the case of costs assessed pursuant to GCR Order 62, rule 3, the date of service of the judgment or order; or (iii) in the case of taxed costs, the date of service of the certificate of taxation. Where judgment is given for any debt or damages in a currency other than one specified in the Schedule hereto, interest shall be payable upon the principal amount of such judgment with effect from the date of service of

Rule 5

the judgment or order, at such rate as may have been determined by the Court in accordance with the provisions of rule 4(c) and (d).

Effective date: 1st June, 1995

SECOND SCHEDULE1

Effective date: 1st February, 1996

THIRD SCHEDULE2

Effective date: 1st February, 1998

FOURTH SCHEDULE3

Effective date: 1st January, 1999

Euro

FIFTH SCHEDULE4

Effective date: 1st April, 2000

Euro

SIXTH SCHEDULE5

Effective date: 1st June, 2001

Euro

SEVENTH SCHEDULE6

Effective date: 1st December,2001

Euro

EIGHTH SCHEDULE7

Effective date: 1st September, 2003

Euro

NINTH SCHEDULE8

Effective date: 1st July, 2006

Euro

TENTH SCHEDULE9

Effective date: 1st December, 2008

Euro

ELEVENTH SCHEDULE10

Effective date: 1st November, 2010

Euro

TWELFTH SCHEDULE11

Effective date: 1st February, 2013

Euro Indian Rupee Australian Dollars Brazilian Real Chinese RMB Indonesian Rupiah Russian Ruble South African Rand Saudi Arabian Riyal South Korean Won Turkish Lira

Publication in consolidated and revised form authorised by the Cabinet this 5th day of January, 2021. Kim Bullings Clerk of Cabinet

Table of Legislation history:

SL # Law # Legislation Commencement Gazette

56/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89/2020/s1 3/2013 1-Feb-2013 G1/2013/s1 37/2010 1-Nov-2010 G23/2010/s3 25/2008 1-Dec-2008 G25/2008/s1 5/2006 1-Jul-2006 G15/2006/s14 8/2003 1-Sep-2003 G17/2003/s6 5/2001 Judgment Debts (Rates of Interest) (No. 2) Rules, 2001 1-Dec-2001 G24/2001/s1 4/2001 1-Jun-2001 G11/2001/s1 4/2000 13-Mar-2000 G6/2000/s5 6/1999 1-Jan-1999 G1/1999/s2 5/1998 1-Feb-1998 G3/1998/s10 4/1996 1-Feb-1996 G2/1996/s10 6/1995 1-Jun-1995 GR9/1995/s6

Table of Endnote references: 1 2nd Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 1996 [SL 4 of 1996] 2 3rd Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 1998 [SL 5 of 1998] 3 4th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 1999 [SL 6 of 1999] 4 5th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 2000 [SL 4 of 2000] 5 6th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 2001 [SL 4 of 2001] 6 7th Sch

Inserted by Judgment Debts (Rates of Interest) (No. 2) Rules, 2001 [SL 5 of 2001] 7 8th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 2003 [SL 8 of 2003] 8 9th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 2006 [SL 5 of 2006] 9 10th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 2008 [SL 25 of 2008] 10 11th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 2010 [SL 37 of 2010] 11 12th Sch

Inserted by Judgment Debts (Rates of Interest) Rules, 2012 [SL 3 of 2013]

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