Judicature Act (2021 Revision)

CAYMAN ISLANDS Judicature Act (2021 Revision) JUDGMENT DEBTS (RATES OF INTEREST) RULES (2021 Revision) Supplement No. 8 published with Legislation Gazette No. 12 dated 5th February, 2021. 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 Originally enacted — Law 56 of 2020-7th December, 2020.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. Page 2 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) Arrangement of Rules CAYMAN ISLANDS Judicature Act (2021 Revision) JUDGMENT DEBTS (RATES OF INTEREST) RULES (2021 Revision) Arrangement of Rules Section Page 1. Citation ......................................................................................................................................5 2. Interpretation .............................................................................................................................5 3. Commencement and application ................................................................................................5 4. Pre-judgment Interest ................................................................................................................6 5. Post-judgment interest ...............................................................................................................6 FIRST SCHEDULE 9 Effective date: 1st June, 1995 9 SECOND SCHEDULE 10 Effective date: 1st February, 1996 10 THIRD SCHEDULE 11 Effective date: 1st February, 1998 11 FOURTH SCHEDULE 12 Effective date: 1st January, 1999 12 c Revised as at 31st December, 2020 Page 3 Arrangement of Rules Judgment Debts (Rates of Interest) Rules FIFTH SCHEDULE 13 Effective date: 1st April, 2000 13 SIXTH SCHEDULE 14 Effective date: 1st June, 2001 14 SEVENTH SCHEDULE 15 Effective date: 1st December,2001 15 EIGHTH SCHEDULE 16 Effective date: 1st September, 2003 16 NINTH SCHEDULE 17 Effective date: 1st July, 2006 17 TENTH SCHEDULE 18 Effective date: 1st December, 2008 18 ELEVENTH SCHEDULE 19 Effective date: 1st November, 2010 19 TWELFTH SCHEDULE 20 Effective date: 1st February, 2013 20 ENDNOTES 23 Table of Legislation history: ............................................................................................................... 23 Table of Endnote references: ............................................................................................................ 23 Page 4 Revised as at31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) Rule 1 CAYMAN ISLANDS Judicature Act (2021Revision) JUDGMENT DEBTS (RATES OF INTEREST) RULES (2021 Revision) 1. Citation 1. These Rules may be cited as the Judgment Debts (Rates of Interest) Rules (2021 Revision). 2. Interpretation 2. 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). 3. Commencement and application 3. (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 — c Revised as at 31st December, 2020 Page 5 Rule 4 Judgment Debts (Rates of Interest) Rules (2021 Revision) (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. 4. Pre-judgment Interest 4. (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. (c) 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. 5. Post-judgment interest 5. (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. (c) 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 Page 6 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) 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). c Revised as at 31st December, 2020 Page 7 Judgment Debts (Rates of Interest) Rules (2021 Revision) FIRST SCHEDULE FIRST SCHEDULE Effective date: 1st June, 1995 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 8⅜ % United States Dollars 8⅜ % British Pound Sterling 9 % Canadian Dollars 10⅛ % Swiss Francs 5⅞ % Japanese Yen 4 % German Marks 7 % Asian Singapore Dollars 4¾ % Italian Lira 13¾ % Hong Kong Dollars 8⅜ % ECU linked rate 9 % c Revised as at 31st December, 2020 Page 9 SECOND SCHEDULE1 Judgment Debts (Rates of Interest) Rules (2021 Revision) SECOND SCHEDULE1 Effective date: 1st February, 1996 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 7⅜ % United States Dollars 7⅜ % British Pound Sterling 8⅜ % Canadian Dollars 7½ % Swiss Francs 3¾ % Japanese Yen 2¼ % German Marks 5⅝ % Asian Singapore Dollars 4½ % Italian Lira 12¼ % Hong Kong Dollars 7⅜ % ECU linked rate 7⅛ % Page 10 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) THIRD SCHEDULE2 THIRD SCHEDULE2 Effective date: 1st February, 1998 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 7⅞ % United States Dollars 7⅞ % British Pound Sterling 9⅝ % Canadian Dollars 7 % Swiss Francs 3¾ % Japanese Yen 2¼ % German Marks 5⅝ % Asian Singapore Dollars 4½ % Italian Lira 12¼ % Hong Kong Dollars 9½ % ECU linked rate 7⅛ % c Revised as at 31st December, 2020 Page 11 FOURTH SCHEDULE3 Judgment Debts (Rates of Interest) Rules (2021 Revision) FOURTH SCHEDULE3 Effective date: 1st January, 1999 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 7 % United States Dollars 7 % British Pound Sterling 8 % Canadian Dollars 6¾ % Swiss Francs 3¼ % Japanese Yen 2¼ % Asian Singapore Dollars 4½ % Hong Kong Dollars 9½ % Euro 5¼ % Page 12 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) FIFTH SCHEDULE4 FIFTH SCHEDULE4 Effective date: 1st April, 2000 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 8 % United States Dollars 8 % British Pound Sterling 8 % Canadian Dollars 7¼ % Swiss Francs 4¼ % Japanese Yen 2¼ % Asian Singapore Dollars 5¼ % Hong Kong Dollars 8 % Euro 5½ % c Revised as at 31st December, 2020 Page 13 SIXTH SCHEDULE5 Judgment Debts (Rates of Interest) Rules (2021 Revision) SIXTH SCHEDULE5 Effective date: 1st June, 2001 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 6¼ % United States Dollars 6¼ % British Pound Sterling 7⅛ % Canadian Dollars 6½ % Swiss Francs 5⅛ % Japanese Yen 2¼ % Asian Singapore Dollars 4¼ % Hong Kong Dollars 6 % Euro 5⅞ % Page 14 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) SEVENTH SCHEDULE6 SEVENTH SCHEDULE6 Effective date: 1st December,2001 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 4½ % United States Dollars 4½ % British Pound Sterling 6½ % Canadian Dollars 5⅛ % Swiss Francs 4¼ % Japanese Yen 2⅛ % Asian Singapore Dollars 3¼ % Hong Kong Dollars 4¼ % Euro 5¾ % c Revised as at 31st December, 2020 Page 15 EIGHTH SCHEDULE7 Judgment Debts (Rates of Interest) Rules (2021 Revision) EIGHTH SCHEDULE7 Effective date: 1st September, 2003 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 3 % United States Dollars 3 % British Pound Sterling 5½ % Canadian Dollars 4 % Swiss Francs 2¼ % Japanese Yen 2 % Singapore Dollars 2½ % Hong Kong Dollars 4 % Euro 4 % Page 16 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) NINTH SCHEDULE8 NINTH SCHEDULE8 Effective date: 1st July, 2006 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 7¼ % United States Dollars 7¼ % British Pound Sterling 6¾ % Canadian Dollars 6¾ % Swiss Francs 3½ % Japanese Yen 2½ % Singapore Dollars 5¾ % Hong Kong Dollars 6¾ % Euro 5 % c Revised as at 31st December, 2020 Page 17 TENTH SCHEDULE9 Judgment Debts (Rates of Interest) Rules (2021 Revision) TENTH SCHEDULE9 Effective date: 1st December, 2008 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 5 % United States Dollars 5 % British Pound Sterling 7¾ % Canadian Dollars 5 % Swiss Francs 4¾ % Japanese Yen 3 % Singapore Dollars 3 % Hong Kong Dollars 4¾ % Euro 6¾ % Page 18 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) ELEVENTH SCHEDULE10 ELEVENTH SCHEDULE10 Effective date: 1st November, 2010 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 2⅜ % United States Dollars 2⅜ % British Pound Sterling 2¾ % Canadian Dollars 3 % Swiss Francs 2⅛ % Japanese Yen 2¼ % Singapore Dollars 2½ % Hong Kong Dollars 2⅜ % Euro 2⅞ % c Revised as at 31st December, 2020 Page 19 TWELFTH SCHEDULE11 Judgment Debts (Rates of Interest) Rules (2021 Revision) TWELFTH SCHEDULE11 Effective date: 1st February, 2013 CURRENCY IN WHICH JUDGMENT IS GIVEN RATE OF INTEREST Cayman Islands Dollars 2⅜ % United States Dollars 2⅜ % British Pound Sterling 2⅝ % Canadian Dollars 3¼ % Swiss Francs 2 % Japanese Yen 2¼ % Singapore Dollars 2⅜ % Hong Kong Dollars 2⅜ % Euro 2¼ % Indian Rupee 2 % Australian Dollars 6 % Brazilian Real 9⅜ % Chinese RMB 6¼ % Indonesian Rupiah 6⅞ % Russian Ruble 9¼ % South African Rand 7⅛ % Saudi Arabian Riyal 3 % South Korean Won 4⅛ % Turkish Lira 9¼ % Page 20 Revised as at 31st December, 2020 c Judgment Debts (Rates of Interest) Rules (2021 Revision) Publication in consolidated and revised form authorised by the Cabinet this 5th day of January, 2021. Kim Bullings Clerk of Cabinet c Revised as at 31st December, 2020 Page 21 Judgment Debts (Rates of Interest) Rules (2021 Revision) ENDNOTES ENDNOTES 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 Judgment Debts (Rates of Interest) Rules, 2012 1-Feb-2013 G1/2013/s1 37/2010 Judgment Debts (Rates of Interest) Rules, 2010 1-Nov-2010 G23/2010/s3 25/2008 Judgment Debts (Rates of Interest) Rules, 2008 1-Dec-2008 G25/2008/s1 5/2006 Judgment Debts (Rates of Interest) Rules, 2006 1-Jul-2006 G15/2006/s14 8/2003 Judgment Debts (Rates of Interest) Rules, 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 Judgment Debts (Rates of Interest) Rules, 2001 1-Jun-2001 G11/2001/s1 4/2000 Judgment Debts (Rates of Interest) Rules, 2000 13-Mar-2000 G6/2000/s5 6/1999 Judgment Debts (Rates of Interest) Rules, 1999 1-Jan-1999 G1/1999/s2 5/1998 Judgment Debts (Rates of Interest) Rules, 1998 1-Feb-1998 G3/1998/s10 4/1996 Judgment Debts (Rates of Interest) Rules, 1996 1-Feb-1996 G2/1996/s10 6/1995 Judgment Debts (Rates of Interest) Rules, 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] c Revised as at 31st December, 2020 Page 23 ENDNOTES Judgment Debts (Rates of Interest) Rules (2021 Revision) (Price: $4.80) Page 24 Revised as at 31st December, 2020 c