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39. Power of the Court of First Instance to award interest on debts and damages

(1) In this section, "claimant" means the person seeking the debt or damages and "defendant" means the person from whom the claimant seeks the debt or damages.
(2) Subject to court procedure rules, in proceedings (whenever instituted) before the Court of First Instance for the recovery of a debt or damages there may be included in any sum for which judgment is given simple or compound interest, at such rate as the Court thinks fit or as court procedure rules may provide, on all or any part of the debt or damages in respect of which judgment is given, or if payment is made before judgment is given, for all or any part of the period between the date when the cause of action arose and —
(a) in the case of any sum paid before judgment, the date of the payment; and
(b) in the case of the sum for which judgment is given, the date of the judgment.
(3) Subject to court procedure rules, where —
(a) there are proceedings (whenever instituted) before the Court of First Instance for the recovery of a debt; and
(b) the defendant pays the whole debt to the claimant (otherwise than in pursuance of a judgment in the proceedings),
the defendant shall be liable to pay the claimant simple or compound interest at such rate as the Court thinks fit or as court procedure rules may provide on all or any part of the debt for all or any part of the period between the date when the cause of action arose and the date of the payment.
(4) Interest in respect of a debt shall not be awarded under this section for a period during which, for whatever reason, interest on the debt already runs.
(5) Court procedure rules may provide for a rate of interest by reference to section 8 as that section has effect from time to time or by reference to a rate for which any other ADGM enactment provides.
(6) Interest under this section may be calculated at different rates in respect of different periods.
(7) Nothing in this section affects the damages recoverable for the dishonour of a bill of exchange.