Category: Hk judiciary judgment rate

Jump to navigation. In a series of recent judgments handed down by the Court of Appeal in Hong Kong, an issue arose as to the rate of pre-judgment interest awarded on damages for non-personal injury civil claims, in the absence of any agreement between the parties. The statutory basis for awarding interest on claims for debts and damages is, of course, s. As readers will appreciate the difference is significant. Given that pre-judgment interest is awarded primarily to compensate a successful claimant for being denied its money and that a claimant is taken to have borrowed at commercial rates to fund any shortfall pending judgment, it is presumably open for a party in a specific case to lead with evidence that the actual cost of borrowing for a successful claimant is below prime rate.

hk judiciary judgment rate

The conventional starting point is prime plus 1 percent. Search form. Anti Money Laundering. Anti-Money Laundering.

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In some difficult trading conditions and an active disputes resolution market, at present, it is perhaps no surprise to see parties become involved in disputes concerning entitlement to pre- and post-judgment interest, following judgments in certain high value claims. However, the court still recognised the practical importance of the issue generally — in particular, the express power of the court to order post-judgment interest at a different rate.

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The court went out its way to clarify that this power s. As the court notes, this is justified on the basis of a need for consistency and certainty. In recent years, the Court of Appeal has shown a strong disposition for keeping things simple when it comes to determining issues relating to pre- and post-judgment interest rates.

Absent special circumstances which would appear to be exceptionalpost-judgment interest is based on the rate as determined by the Chief Justice and does not look like it is going to change anytime soon. He regularly handles data breaches and other cybersecurity incidents, along with disputes and investigations involving cryptocurrencies. He also advises on the complex legal and regulatory framework surrounding digital tokens and blockchain technology.

Post Judgment Interest Rate

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Significant developments affecting this resource will be described below. What's on Practical Law? Show less Show more. Ask a question. Enforcement of judgments and arbitral awards in Hong Kong: overview. Related Content. This article is part of the global guide to enforcement of judgments and arbitral awards.

For a full list of contents, please visit global. Judgments: legal framework Domestic framework. What is the applicable domestic legislative framework for enforcement of judgments? Domestic Several pieces of legislation set out different methods of enforcement of domestic judgments. These are the:. District Court Ordinance Cap. Rules of the District Court Cap.

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Rules of the High Court Cap. For other jurisdictions, foreign judgments can be enforced under common law. Specific regimes apply for certain subject matters, such as the:. Probate and Administration Ordinance Cap.

However, these regimes will not be covered in this article. What international conventions and agreements on enforcement of judgments is your jurisdiction a party to?

Hong Kong has not entered into any international conventions or agreements on the enforcement of judgments. There are, however, certain arrangements on the enforcement of judgments between Hong Kong and mainland China:.

What is the definition of judgment in your jurisdiction for the purpose of enforcement proceedings? Domestic At common law, there is no specific definition of a "judgment" in the context of enforcement. However, some statutes provide definitions for example, under the HCO, the term judgment includes a decree. A judgment or order given or made by a court in any civil proceedings.

A judgment or order given or made by a court in any criminal proceedings for the payment of a sum of money in respect of compensation or damages to an injured party. However, this definition does not include judgments which cannot be recognised or enforced in Hong Kong because of the Foreign Judgments Restriction on Recognition and Enforcement Ordinance Cap.

This ordinance restricts the enforcement of judgments given by a foreign court in breach of a jurisdiction clause though there are exceptions.

Mainland A "mainland judgment" is a judgment, ruling, conciliatory statement or order of payment in civil or commercial matters that is given by a designated court section 2, MJREO. What types of judgments in commercial matters are enforceable, and what types are excluded? Domestic Enforceable. Enforceable domestic judgments include:. Money judgments. Judgments made without notice ex parte. Excluded domestic judgments include:. Declaratory judgments. However, these may be accompanied by ancillary orders that are enforceable.

Foreign Enforceable.Hong Kong has signed reciprocal enforcement agreements with a number of countries, allowing for the enforcement of judgments between jurisdictions with greater ease and lower costs. Under the Ordinance, a party seeking to enforce a foreign judgment must make an ex parte application to a Master of the Court of First Instance of the High Court by affidavit.

The master may order that a summons be issued to provide the judgment debtor with an opportunity to be heard. In order to have a foreign judgment registered, certain conditions must be met, including:.

Once the foreign judgment is registered, it can be enforced in the same way as a Hong Kong judgment. There are a number of countries with which Hong Kong has no mutual enforcement agreement, including the United States of America, Japan, and since the handover inthe United Kingdom.

Where a party is seeking to enforce a judgment with one of the countries to which the Ordinance does not apply, they must do so by initiating fresh proceedings at common law. This involves issuing a Writ of Summons and Statement of Claim attaching the original judgment as proof of the debt. The proceedings then run as any other enforcement of debt matter would. Pamela Mak Partner Email. Disclaimer: This publication is general in nature and is not intended to constitute legal advice.

You should seek professional advice before taking any action in relation to the matters dealt with in this publication. An impressed client of the Litigation and Dispute Resolution Practice reports: "The team is willing to deliver outstanding results and is able to work hard, steadily and speedy on the cases.

Please contact us to enquire about litigation matters. Registration of foreign judgments in Hong Kong Foreign judgments can be enforced in Hong Kong by one of two means: Through the Statutory Registration Scheme; or At common law Statutory Registration Scheme Hong Kong has signed reciprocal enforcement agreements with a number of countries, allowing for the enforcement of judgments between jurisdictions with greater ease and lower costs.

Common Law There are a number of countries with which Hong Kong has no mutual enforcement agreement, including the United States of America, Japan, and since the handover inthe United Kingdom. Pamela Mak For further information, please contact: Pamela Mak Partner Email Disclaimer: This publication is general in nature and is not intended to constitute legal advice.

Testimonial An impressed client of the Litigation and Dispute Resolution Practice reports: "The team is willing to deliver outstanding results and is able to work hard, steadily and speedy on the cases.

Search for:.We would like to ensure that you are still receiving content that you find useful — please confirm that you would like to continue to receive ILO newsletters. Litigation Hong Kong. Introduction Battle of the summonses Pre-judgment interest Post-judgment interest Comment. The interest payable by losing parties in litigation, both pre and post-judgment, is an issue of considerable importance to all parties concerned — especially in long-running, complex commercial cases, in which millions of Hong Kong dollars in interest may be at stake.

Enforcement of judgments and arbitral awards in Hong Kong: overview

In the recent judgment in Lo Yuk Sui v Fubon Bank Hong Kong Ltd1 which should attract the attention of lawyers and litigants, the High Court examined important questions of the court's power to award both pre and post-judgment interest.

It is important to take note of the court's analysis of these issues, which not only gives litigants some clarity on the current position, but may also indicate likely future trends. Battle of the summonses.

hk judiciary judgment rate

Pre-judgment interest. The court's jurisdiction to award pre-judgment interest is set out in Section 48 1 of the High Court Ordinance, which provides that the court may award simple interest at such rate as it thinks fit "for all or any part of the period between the date when the cause of action arose and… the date of judgment".

hk judiciary judgment rate

What, then, was the appropriate interest rate? In the present case, the defendant argued that the plaintiff, being a high-net-worth individual, was in a position to borrow money at much lower rates.

Affidavit evidence was presented by both parties on the issue. The defendant relied on the evidence of a high-ranking banker with experience in handling applications for unsecured loans by wealthy private citizens in arguing that the month Hong Kong Interbank Offer Rate plus 1. As for the plaintiff's claim for enhanced interest for the period following the defendant's failure to accept its sanctioned offer, the court clearly had jurisdiction under Rules of the High Court Order 22, Rule 24 to award enhanced interest pre-judgment post-judgment interest was another matter — see below.

hk judiciary judgment rate

Post-judgment interest. The plaintiff's summons included a demand for enhanced interest post-judgment. The question before the court was whether it had jurisdiction to make such an award and, if so, whether it should do so in the circumstances. Section 49 1 of the High Court Ordinance sets out the court's jurisdiction to award post-judgment interest:.

In Kai Ming Fashion a High Court judge stated that he had no jurisdiction to order enhanced interest after judgment, basing his conclusion on McPhilemy. However, unlike the English rules, Section 49 1 a of the High Court Ordinance explicitly refers to a power to order interest "at such rate as the Court of First Instance may order". In Lo Yuk Sui the court found that the strict legal position is that Section 49 1 a does enable the court to fix a post-judgment interest rate, which need not be the judgment rate as determined by the chief justice.

However, on the facts of the case, the court found that the judgment rate should not be deviated from, citing the following factors:. Borrowing costs in Hong Kong have remained low since the global financial crisis. In these circumstances, many paying parties may feel aggrieved by the courts' persistence in applying a pre-judgment interest regime formulated when different economic conditions prevailed and borrowing costs were considerably higher. However, at least in theory, the prime rate is tied to the real cost of borrowing, being the average rate of interest charged on loans by commercial banks to private individuals and companies.

The recent albeit small increase in the base rate may make this possibility more remote. In any event, should the cost of borrowing increase, the judgment rate should at least in theory be adjusted to reflect that.Pursuant to section 50 of the District Court Ordinance, judgment debts shall carry interest on the total amount of the judgment debt, or on the part that for the time being remains unsettled, from the date of the judgment until full settlement.

Pursuant to sections 71 9 e ii and 71 10 of the Inland Revenue Ordinance, for tax held over pending outcome of objection or appeal cases, interest at the rate specified in subsection 11 shall be payable on the amount of tax that becomes payable upon the withdrawal or final determination of the objection or appeal.

Section 71 11 of the Ordinance states that "the rate of interest specified for the purposes of subsections 9 e ii and 10 shall be the rate fixed by the Chief Justice by notice in the Gazette under section 50 of the District Court Ordinance Cap. Section 75 1 of the Inland Revenue Ordinance states that "tax due and payable under this Ordinance shall be recoverable as a civil debt due to the Government".

Pursuant to the District Court Ordinance, the judgment debt shall carry interest from the commencement of proceedings till full settlement. The interest rate for computing the amount of the interest concerned as published in the Gazette Notice is as follows For further information about judgment debt and recovering tax in default, please see Recovering Tax in Default.

Printer View. Judgment Interest Rate.

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The information on this home page is for reference only. In case of dispute the Gazette rate shall prevail. The interest rate for computing the amount of the interest concerned as published in the Gazette Notice is as follows:- Judgment Interest Rate Effective Date Annual Rate 1 April 8.Skip to main navigation.

Interest is allowed on most judgments entered in the federal courts from the date of judgment until paid. These statutory references should be checked with reliable statutory data bases such as Westlaw. Lexis, or other appropriately maintained sources of the U.

Code for the latest changes. Under each of the above statutes the rate of interest used in calculating the amount of post judgment interest is the weekly average 1-year constant maturity nominal Treasury yield, as published by the Federal Reserve System.

Prior to December 21, the rate of interest allowed under the statutes cited above was based on the coupon issue yield equivalent as determined by the Secretary of the Treasury of the average accepted auction price for the last auction of 52 week t- bills settled immediately preceding entry of the judgment.

The way the rate is used differs under each of the cited statutes, so those sections should be reviewed to determine how to apply it to any particular judgment.

The interest rate swaps continued to be published for two more weeks and was discontinued on October 31, Treasury securities.

Interest on Judgments and Interest Rates

Additionally, as of October 11,the Board no longer publishes the H. The H. Main content Post Judgment Interest Rate Interest is allowed on most judgments entered in the federal courts from the date of judgment until paid. The types of judgments generally fall under one of three statutes: 28 U.