*LEGAL UPDATE*
Dear all,
On 6 November 2020, the Minister of Justice and Correctional Services published a decreased prescribed rate of interest (legal interest), for the purposes of Section 1(1) of the Prescribed Rate of Interest Act (“the Act”).
The rate of interest has decreased from 7.25% to 7.00% , with effect from 1 September 2020.
If you have any questions in this regard, please do not hesitate to contact Marie-Lou at mlgillespie@dacct.co.za