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28. Interest

(1) Where a debt proved in Insolvency Proceedings bears interest, that interest is provable as part of the debt except in so far as it is payable in respect of any period after the relevant date.
(2) In the following circumstances the creditor's claim may include interest on the debt for periods before the relevant date although not previously reserved or agreed.
(3) If the debt is due by virtue of a written instrument and payable at a certain time, interest may be claimed for the period from that time to the relevant date.
(4) If the debt is due otherwise, interest may only be claimed if, before the date on which the Company —
(a) entered administration or, if the administration was immediately preceded by a winding-up, the date on which the Company went into liquidation; or
(b) went into liquidation or, if the winding-up was immediately preceded by an administration, the date on which the Company entered administration,
a demand for payment of the debt was made in writing by or on behalf of the creditor, and notice given that interest would be payable from the date of the demand to the date of the payment.
(5) Interest under sub-paragraph (4) may only be claimed for the period from the date of the demand to the relevant date and for all the purposes of these Regulations must be charged at a rate not exceeding that mentioned in sub-paragraph (6).
(6) The rate of interest to be claimed under sub-paragraphs (3) and (4) is the rate specified in the provisions of the Civil Procedure Rules relating to general rules about costs on the relevant date.
(7) In an administration or winding-up —
(a) any surplus remaining after payment of the debts proved must, before being applied for any purpose, be applied in paying interest on those debts in respect of the periods during which they have been outstanding since the relevant date;
(b) all interest payable under sub-paragraph (7)(a) ranks equally whether or not the debts on which it is payable rank equally; and
(c) the rate of interest payable under sub-paragraph (7)(a) is whichever is the greater of the rate specified under sub-paragraph (6) and the rate applicable to the debt apart from the administration or, if applicable, the winding-up.