Since the commencement of the Interest on Money Claims Act 2016 on 1 January 2018 EQC is now exposed to a liability to pay interest on late EQC payments from the date the money ought to have been paid until it was paid. Previously the Court said it would only order EQC to pay interest as part of a substantive court judgment for the unpaid amount(s). The new liability applies to court proceedings commenced after 1 January 2018. It is an incentive to sue EQC now if you have not been paid as interest will be a substantial amount. Here is a link to an interest calculator.
Auckland
PO Box 137243,
Parnell, 1052
Tel: +64 27 434 5489
grant@grantshand.co.nz
