Hong Kong Regulations

COMPANIES (WINDING-UP) RULES - RULE 88

Interest

(Past version on 30/06/1997).

Adaptation amendments retroactively made - see 25 of 1998 s. 2

(1) On any debt or sum certain, payable at a certain time or otherwise,
whereon interest is not reserved or agreed for, and which is overdue at the
appropriate date, the creditor may prove for interest at a rate not exceeding
the rate specified in section 49 of the High Court  Ordinance ( Cap 4) to that
date from the time when the debt or sum was payable, if the debt or sum is
payable by virtue of a written instrument at a certain time, and if payable
otherwise, then from the time when a demand in writing has been made, giving
notice that interest will be claimed from the date of the demand until the
time of payment. (L.N. 286 of 1997; 25 of 1998 s. 2)

(2) The appropriate date referred to in paragraph (1) is-

   (a)  in the case of a voluntary winding up, the date of the commencement of
        the winding up;

   (b)  in the case of a winding up by the court-

        (i)    where the company has by special resolution resolved that the
               company be wound up by the court, the date of the resolution;
               and

        (ii)   in any other case, the date of the winding-up order. (L.N. 286
               of 1997) [cf. R. 98]