Judicature (Prescribed Rate of Interest) Order 2008

  • revoked
  • Judicature (Prescribed Rate of Interest) Order 2008: revoked, on 1 July 2011, by clause 5 of the Judicature (Prescribed Rate of Interest) Order 2011 (SR 2011/177).

Reprint
as at 1 July 2011

Coat of Arms of New Zealand

Judicature (Prescribed Rate of Interest) Order 2008

(SR 2008/145)

Anand Satyanand, Governor-General

Order in Council

At Wellington this 26th day of May 2008 

Present:
His Excellency the Governor-General in Council

  • Judicature (Prescribed Rate of Interest) Order 2008: revoked, on 1 July 2011, by clause 5 of the Judicature (Prescribed Rate of Interest) Order 2011 (SR 2011/177).


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This order is administered by the Ministry of Justice.


Pursuant to section 87(3) of the Judicature Act 1908, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.

Order

1 Title
  • This order is the Judicature (Prescribed Rate of Interest) Order 2008.

2 Commencement
  • This order comes into force on 1 July 2008.

3 Application
  • This order applies to every judgment given on or after 1 July 2008 in proceedings of a kind described in section 87(1) or (2) of the Judicature Act 1908 (whether the proceedings were commenced before, on, or after that day).

4 Rate of interest of 8.4% prescribed
  • This clause prescribes for the purposes of section 87 of the Judicature Act 1908 the rate of 8.4% per year.

Martin Bell,
for Clerk of the Executive Council.


Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on 1 July 2008, increases from 7.5% to 8.4% the maximum rate of interest that High Court, Court of Appeal, or Supreme Court can, under section 87(1) or (2) of the Judicature Act 1908, include in the sum for which judgment is given in proceedings for the recovery of a debt or damages.

The rate of interest prescribed for the purposes of section 87 is also payable—

  • in determining the present value of a debt for the purposes of section 309(1) of the Companies Act 1993:

  • in determining the interest payable under section 311 of the Companies Act 1993 on claims admitted by a liquidator:

  • in determining the maximum rate of interest that the High Court can, under section 77(2) of the District Courts Act 1947, order one party to pay to another where—

    • the other has paid an amount under a judgment or order of a District Court; and

    • on appeal from that judgment or order, the High Court decides that some or all of the amount did not need to be paid:

  • in determining the interest payable under section 114 of the Injury prevention, Rehabilitation, and Compensation Act 2001 on any payment of weekly compensation not made within a month after the Accident Compensation Corporation has received all information necessary to enable it to calculate and make the payment:

  • in calculating the present value of a debt for the purposes of section 253 of the Insolvency Act 2006:

  • in calculating post-adjudication interest payable on admitted creditors' claims under sections 265 and 266 of the Insolvency Act 2006:

  • in calculating the interest payable under section 235(3)(a) of the Land Transfer Act 1952 on unpaid fees:

  • in calculating the interest payable under section 41A of the Life Insurance Act 1908 on money payable under a life insurance policy that has not been paid out within 90 days after the death of the person insured:

  • in calculating the maximum amount payable under section 67B(1)(a) of the Life Insurance Act 1908 on the death of a person under 10:

  • in calculating the interest payable under section 23(1) of the Maori Reserved Land Amendment Act 1997 on compensation under section 13,15, or 16 of that Act or section 4 of the Maori Reserved Land Amendment Act 1998 that is not paid to the person entitled within 3 months after the person became where the delay is attributable to the Crown:

  • in calculating the interest payable under certain clauses implied in leases under Schedule 1 of the Maori Reserved Land Amendment Act 1997:

  • in calculating the interest that a Court may order to be paid on the amount of a call on members under section 19(1) of the Mutual Insurance Act 1955 remaining unpaid after 30 days :

  • in determining the maximum rate of interest that a disputes panel may order an operator to pay a resident under section 70(1) of the Retirement Villages Act 2003:

  • in determining the interest payable under certain High Court Rules, and under certain regulations.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 29 May 2008.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Judicature (Prescribed Rate of Interest) Order 2008. The reprint incorporates all the amendments to the order as at 1 July 2011, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)
  • Judicature (Prescribed Rate of Interest) Order 2011 (SR 2011/177): clause 5