(1) In addition to an amount that is payable to a person out of the Fund in
respect of a claim, interest at the rate of 5% per annum or, if another rate
is determined in writing by the Board, at that other rate, is payable to the
person out of the Fund, on so much of that amount as is not attributable to
costs and disbursements, in respect of the period beginning on the day on
which the person became entitled to make the claim and ending on:
- (a)
- if the
Board has made a determination under subsection 983(1) to pay that amount in
instalmentsthe day on which that amount would, if no such determination
had been made and the money in the Fund were unlimited, have been paid to the
person; or
- (b)
- if, because of insufficiency of the Fund, no part of that amount is paid
to the person on the day on which that amount would, if the money in the Fund
were unlimited, have been so paidthat day; or
- (c)
- otherwisethe day on which that amount is paid to the person.
(1A) A rate of interest determined by the Board for the purposes of
subsection (1):
- (a)
- must not exceed the rate that, when the
determination is made, is fixed by Rules of Court for the purposes of
paragraph 52(2)(a) of the Federal Court of Australia Act 1976 ; and
- (b)
- must not be less than 5% per year.
(1B) As soon as practicable after determining a rate of interest for the
purposes of subsection (1), the Board must cause a copy of the
determination to be published in the Gazette .
(2) Where:
- (a)
- under subsection (1), interest is payable to a person on
an amount in respect of a period; and
- (b)
- that amount, or a part of that amount, remains unpaid throughout a period
beginning immediately after the period referred to in paragraph (a);
then, in addition to that amount and that interest, interest at the prescribed
rate is payable to the person out of the Fund on that amount, or on that part
of that amount, as the case may be, in respect of that period first referred
to in paragraph (b).