2% is the rate of interest payable on judgment debts since 1 January 2017.
If you have standard commercial contracts that cross refer to the Courts Act rate of interest you should review them and amend them to provide expressly that a rate of 8% is to apply for interest otherwise the interest rate will now be automatically reduced to 2%.
Any existing contracts can only be varied and amended in accordance with their terms.
Please get in touch if you require us to review your existing contracts.
The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article