The Late Payment of Commercial Debts (Rate of Interest) (No. 2) Order 1998

• Citation: S.I. 1998/2765
• Sections: 4

Section 1 Citation and commencement

This Order may be cited as the Late Payment of Commercial Debts (Rate of Interest) (No. 2) Order 1998 and shall come into force on 13th November 1998.

Section 2 Revocation

The Late Payment of Commercial Debts (Rate of Interest) Order 1998 is hereby revoked.

Section 3 Interpretation

In this Order, “the official dealing rate” means the rate announced from time to time by the Monetary Policy Committee of the Bank of England (“the Bank”) and for the time being in force as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets.

Section 4 Rate of statutory interest

The rate of statutory interest for the purposes of the Late Payment of Commercial Debts (Interest) Act 1998 shall be 8 per cent over the official dealing rate per annum.