Interest Payable on Unpaid Judgements and Outstanding Legal Fees

On 3 October 2012 the RBA lowered the Cash Rate Target to 3.25%- the lowest level in three years. In an effort to further stimulate spending, the RBA has now cut the official interest rate by 1.5% over the past year. Further, some economists believe the RBA may make a further rate cut at their next meeting on Melbourne Cup day.

As a result of the October decision, the current interest rates that apply to legal proceedings are:

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a)????? For unpaid judgments: 9.25% (s 101 of the Civil Procedures Act 2005 and Part 36.7 of the Uniform Civil Procedure Rules and Rule 17.03 of the Family Law Rules 2004); and

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b)????? For outstanding legal fees: 5.25% (clause 110A of the Legal Profession Regulation 2005

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If you have any questions, please do not hesitate to contact Nick Pidcock and our commercial law team.

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Our lawyers appear at Newcastle Local Court in many different areas including:

????????? Family Law

????????? Personal Injury Law;

????????? Compensation;

????????? Accident and Insurance Litigation;

????????? Building and Construction Disputes;

????????? Commercial Transactions and Contracts;

????????? Wills, Estates, and Powers of Attorney;

????????? Probate and Disputed Wills;

????????? Buying and Selling a Home or Business;

????????? Criminal Law;

????????? Traffic Law;

????????? Motor Vehicle Claims;

????????? Workers Compensation; and

????????? Conveyancing.?

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Should you have any further queries, please do not hesitate to contact our office.

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The above information is of a general nature only and cannot be relied on as constituting legal advice. The information is relevant at the time of publishing the article. In this respect, we rely upon our Disclaimer at www.bemlaw.com.au/privacy-disclaimer.?

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Source: http://www.bemlaw.com.au/commercial-law/interest-payable-on-unpaid-judgements-and-outstanding-legal-fees/

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