The Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1994

• Citation: S.I. 1994/3049
• Sections: 3

Section 1

This Order may be cited as the Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1994 and shall come into force on 1st January 1995.

Section 2

The Merchant Shipping (Liability of Shipowners and Others) (Rate of Interest) Order 1986 is hereby revoked.

Section 3

The rate of interest for the purposes of article 11(1) of the Convention on Limitation of Liability for Maritime Claims 1976 shall be—

(a) where the occurrence takes place before 1st January 1995 but the fund is constituted on or after that date—

(i) 12 per cent from the date of the occurrence until 31st December 1994,

(ii) 6.75 per cent on and after 1st January 1995;

(b) where the occurrence takes place on or after 1st January 1995, 6.75 per cent.