Article 32 Overeenkomst nopens Duitse buitenlandse schulden
Settlement of Old Commercial Claims (Article 1)
(1) Arrears of Interest
Where interest is owing on a claim, the following interest rates, without allowing for compound interest, shall apply for the computation of the arrears of interest owed up to 31st December, 1952:
(a) where the annual interest rate has heretofore been 4 per cent. or less, the interest rate shall remain the same as before;
(b) where the annual interest rate has heretofore been more than 4 per cent., this shall be reduced to 2/3 but not less than 4 per cent. per annum.
The reduced amount of interest arrears shall be added to the principal.
(2) Future Interest
No interest shall be due for the period from 1st January, 1953, to 31st December 1957.
Where interest was due for the period up to 1st January, 1953, the amount of the claims for the time being outstanding on or after 1st January, 1958, shall bear interest. The rate of interest shall represent 75 per cent. of the due rate.
The new rate of interest shall, however, be not less than 4 per cent. nor more than 6 per cent. per annum. Where heretofore a rate of interest of 4 per cent. per annum or less was due, this rate shall remain. The interest shall be paid at the end of each year in non-German currency together with the amortisation amount.
(3) Special Deposit
(a) As far as claims of groups in Article 1, (1) to (7), are concerned the creditor may, instead of specifying payment in accordance with Article 26, 27, 28 or 31, require the debtor to effect payment into a Deutsche Mark Deposit Account maintained in his name with an agency to be designated by the competent German authorities, if his claim is proved to be jeopardised.
Should the debtor in respect of such a request invoke the hardship clause (see Article 11), the demand of the creditor for a deposit shall take effect only when the invocation of the hardship clause by the debtor has been finally rejected.
(b) The debtor may pay the amount of a debt covered by the categories specified by paragraph (a) into such a deposit in favour of the creditor, provided he can furnish proof that
(aa) he (the debtor) is the heir or executor of the original debtor and the estate is due to be apportioned;
(bb) he (the debtor) is a company going into liquidation;
(cc) the receiver or the composition administrator of the debtor is paying out dividends on bankruptcy or composition settlements.
(c) Payment into a deposit account in accordance with the abovementioned provisions shall discharge the debtor from his debt. In this case, the creditor shall, in respect of payment to a foreign country, be accorded the same treatment as if the amount on deposit (including interest, if the deposit agency pays interest) were in the hands of the debtor.
(d) The creditor shall have the right, at any time, to demand transfer of an amount paid into a special deposit account to his Deutsche Mark account (Article 18).
(4) Small Claims
In cases of claims for small amounts, the competent German authorities shall give favourable consideration to applications of interested parties for approval of an early payment to a foreign country.
(5) Payments for Supplies of Goods and Services where the Creditor can furnish proof that the payment into his account was effected without his consent
A creditor who furnishes proof that a payment in respect of goods and services to his bank account or Postscheckkonto (Article 1) was effected without his consent shall, by payment into such an account, not forgo his right of having the payment dealt with under Section C.
- Regeling
- Overeenkomst nopens Duitse buitenlandse schulden
- Soort
- Verdrag
- Geldend vanaf
- 01-08-1958
- BWB-id
- BWBV0005325
- Versie
- 1958-08-01_0