News Publication Date: 01 May 2010
This Practice Direction supplements the Rules of the High Court of Justice 2009 by making provision for judgments on claims in foreign currencies.
Statutory Document No. 223/10
HIGH COURT ACT 1991
PRACTICE DIRECTION NO.1 OF 2010
Coming into operation 1st May 2010
The Deemsters give this Direction under section 27A of the High Court Act 1991.
1. Title and commencement
(1) The title of this Direction is Practice Direction No.1 of 2010.
(2) This Direction comes into operation on 1st May 2010.
2. Application: claims in foreign currency
This direction applies where a claim (whether made before or after the
coming into operation of this direction) is for a sum of money expressed in a
foreign currency (see rule 6.18).
3. Judgment
(1) Unless the court otherwise orders, where any judgment (including a
default judgment) is given for a sum of money expressed in a foreign
currency, the judgment shall be for an amount expressed in the foreign
currency with the addition of ‘or the sterling equivalent at the time of
payment’.
(2) A judgment given in a foreign currency may carry interest on the amount
of the judgment in foreign currency, and the interest shall be added to the
judgment for the purposes of enforcement of the judgment.
4. Execution
(1) Execution may not be granted on a judgment for an amount in a foreign
currency otherwise than —
(a) on an application (see rule 12.9), and
(b) for the sterling equivalent of the amount as certified in accordance
with sub-paragraph (2).
(2) The application for execution must include or be accompanied by a
certificate signed by the advocate for the judgment creditor (or by the
judgment creditor if acting in person) and stating —
(a) the rate at which that currency was offered for sale by Isle of Man
Bank Limited at the close of business on the last business day before
the date of the application; and
(b) the sterling equivalent of the amount of the judgment at that rate.
5. Arrestment order
(1) An application for an arrestment order (see rule 12.28) to enforce a
judgment for an amount in a foreign currency must state —
(a) whether the bank account or other money owed by the third party
to the judgment debtor is in that currency; and
(b) if so —
(i) the rate at which that currency was offered for sale by Isle of Man
Bank Limited at the close of business on the last business day before
the date of the application; and
(ii) the sterling equivalent of the amount of the judgment at that rate.
(2) The arrestment order shall be made —
(a) for the amount of the judgment in the foreign currency, where the
application states that the bank account or other money owed by the
third party to the judgment debtor is in that currency;
(b) otherwise, for the sterling equivalent of the amount as stated in
accordance with sub-paragraph (1)(b).
MADE 31st day of March 2010
J.M. Kerruish
Her Majesty's First Deemster and Clerk of the Rolls
D.C. Doyle
Second Deemster
EXPLANATORY NOTE
(This note is not part of the Direction.)
This Practice Direction supplements the Rules of the High Court of Justice 2009 by making provision for judgments on claims in foreign currencies. Under section 27A of the High Court Act 1991 it ceases to have effect on 31st December 2011 unless previously revoked.