Singapore legislation
Regulation 55
Regulation 55
Interest on judgment debts
Subregulation 1
Except when it has been otherwise agreed between the parties, every judgment debt in relation to orders made under section 22(1)(a) and (c) of the Act shall carry interest, to be calculated from the date of judgment until the judgment is satisfied —
at the rate of 5.33% per annum;
at such other rate as the Chief Justice may from time to time direct; or (c)at such other rate not exceeding the rate mentioned in sub‑paragraph (a) as a tribunal or the Registrar directs.
Subregulation 2
Where instalment payments are allowed by the court, interest is calculated from the date that each instalment is due until the date of payment of the amount of the instalment.
Subregulation 3
Where part payments are made on a judgment debt, the payments are applied towards the principal amount due before the interest.