Monthly Archives: August 2014


Aug

21

2014
Reduction in the Prescribed Rate of Interest

Reduction in the Prescribed Rate of Interest

From 1 August 2014 the “official” rate of interest on overdue debts will be reduced from 15,5% to 9% per annum. Prescribed management rule (“PMR”) 31(6) allows the trustees to charge interest on arrear amounts due to a body corporate at such rate as they may determine from time to time. But there is no part of the Sectional Titles Act, 1986 or any prescribed…

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