How is the court expected to calculate pre-judgment interest under s.1(1) of the B.C. Bankruptcy and Insolvency Act?
British Columbia, Canada
The following excerpt is from Jasmine Construction Ltd. v. Adam, 2010 BCSC 1507 (CanLII):
As indicated in s. 1(1) of the Act, the court is to calculate the interest rate according to what is appropriate in the circumstances. The term “appropriate in the circumstances” has been interpreted in light of the purpose of the Act to ensure that the earning capacity of money awarded accrues to the plaintiff, rather than the defendant. As such, except in unusual cases, the rate of interest prevailing in the money markets will determine the rate of pre-judgment interest (Gills v. Bates, [1979] B.C.J. No. 97 (S.C.).
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