District Courts (Prescribed Rate of Interest) Order 2011

2011/176

Coat of Arms of New Zealand

District Courts (Prescribed Rate of Interest) Order 2011

Anand Satyanand, Governor-General

Order in Council

At Wellington this 23rd day of May 2011

Present:
His Excellency the Governor-General in Council

Pursuant to section 62B(4) of the District Courts Act 1947, 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 District Courts (Prescribed Rate of Interest) Order 2011.

2  Commencement
  • This order comes into force on 1 July 2011.

3  Application
  • This order applies to every judgment given on or after 1 July 2011 in proceedings of a kind described in section 62B(1) or (3) of the District Courts Act 1947 (whether the proceedings were commenced before, on, or after that day).

4  Rate of interest of 5.0% prescribed
  • This clause prescribes for the purposes of section 62B of the District Courts Act 1947 the rate of 5.0% per year.

5  Revocation

Michael Webster,
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 2011, decreases from 8.4% to 5.0% the maximum rate of interest that a District Court can, under section 62B(1) or (3) of the District Courts Act 1947, include in the sum for which judgment is given in proceedings for the recovery of a debt or damages.

This rate will also apply under section 65A of that Act (which relates to interest on judgment debts).


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

Date of notification in Gazette: 26 May 2011.

This order is administered by the Ministry of Justice.