s.149Interest on debts
149
Section 149Part 5 — Company Restructuring and Winding Up

Interest on debts

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Subject to subsection (5), in a winding up interest is payable in accordance with this section on any debt proved in the winding up, including so much of any such debt as represents interest on the remainder of the debt.
Any surplus remaining after the payment of the debts proved in a winding up shall, before being applied for any other purpose, be applied in paying interest on those debts in respect of the period during which they have been outstanding since the company went into liquidation.
All interest under this section ranks equally, whether or not the debts on which it is payable ranked equally.
The rate of interest payable under this section in respect of any debt is the greater of —
the rate applicable to the currency of the liquidation prescribed from time to time by the Judgment Debts (Rates of Interest) Rules (2021 Revision ) made under section 34 of the Judicature Act ( 2021 Revision ) ; and
the rate applicable to that debt apart from the winding up.
No interest shall be payable if the liquidation is concluded in less than six months or the accrued amount is less than fiv e hundred dollars.

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