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LEGISLATION |
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Insolvency Service’s modernisation and consolidation project update See CLM ¶7362+ The final version of the Legislative Reform (Insolvency) (Miscellaneous Provisions) Order 2010 was published on 6 January. The final version is the same as the previous draft (see CLM 2009 Newsletter Issue 6 and CLM 2009 Newsletter Issue 3). In addition, a revised version of the Draft Insolvency (Amendment) Rules 2010 has been published. They will both come into force, as expected, on 6 April 2010. Further details are available at the Insolvency Service’s website: http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/consolidation/UpdateJan2010 .htm Civil Law Reform Bill consultation See CLM ¶8021+, ¶8610, ¶8952+ The draft Civil Law Reform Bill has been published for consultation. Amongst other things, the Bill proposes to reform the law relating to how pre- and post-judgment interest is calculated on claims for debt and damages. Court action to recover debt or damages often takes a significant amount of time to complete and enforce. Therefore, the court is allowed to add interest to the sum awarded to compensate for the cost of this delay. At present pre-judgment interest (the interest that may be awarded in respect of the period from the time that the cause of action arose to the date of the award made by the court or, if payment is made earlier, the date of the payment) is generally a discretionary relief that may be awarded at such rate as the court thinks appropriate. Post-judgment interest (the interest payable on a sum awarded by the court from the date of the award to the actual date of payment) is prescribed by the Lord Chancellor; the current rate is 8%. Both pre- and post-judgment interest are simple, not compound. The Bill proposes to replace the existing statutory provisions (set out in various pieces of legislation, for example s 17 Judgments Act 1838) with a single set of modern provisions to provide flexibility in setting the interest rate so that it can be adapted to different circumstances. The proposals are: » to give the Lord Chancellor power to prescribe the rates of pre- and post-judgment interest; » to enable the Lord Chancellor to specify different rates of interest for different cases; » the rate of interest may be simple or compound; and » the prescribed rate may be linked by reference to the Bank of England base rate or determined by a formula. The consultation ends on 9 February 2010. The consultation paper can be found on the Ministry of Justice’s website: http://www.justice.gov.uk/consultations/civil-law-reform-bill.htm.
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Employment Memo 2010 has been fully revised and updated and incorporates the latest developments, including: - the progress and implications of the Equality Bill |
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Be on top of the latest changes with Employment Memo 2010 |
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