Companies Act 2014 section 1423

Interest on insolvency judgments and payment of costs

Section 1423 deals with how interest applies to insolvency judgments being enforced in Ireland and how the costs of obtaining an enforcement order are handled.

• Where an insolvency judgment from another EU Member State requires payment of a sum of money and interest is recoverable under the law of that Member State, the enforcement order must also provide for payment of that interest at the rate and from the date specified.
• The interest recoverable under the enforcement order is treated as though it were part of the original sum owed, making it enforceable in the same manner.
• An enforcement order may require the respondent to pay the applicant's reasonable costs of obtaining the enforcement order, and interest will run on those costs as if they had been awarded by the High Court on the date of the enforcement order.
• Interest on the sum covered by the insolvency judgment is only payable in accordance with the rules set out in this section — no other basis for claiming interest applies.