Foreign Currency can be lodged:

• By Order or with the permission of the court, or
• Foreign currency accounts can be held in most major currencies.

Making a payment in

In order to make a foreign currency lodgment, you will usually have to submit a CFO 100 (Request for lodgment).  This will have to be submitted along with a copy of the court order and Writ with an official court stamp.

You can make foreign currency payments into court by electronic transfer, or in certain circumstances by banker's draft (made payable to the 'Accountant General of the Senior Courts').  Transfer details are provided once the above documents have beeen provided.

Electronic transfers take between 4-5 days to clear in court.  Banker's drafts take between 6-8 weeks to clear into court.

Once the CFO 100 has been completed, it needs to be presented with a copy of the court order or claim and particulars of claim or Writ with official court stamp and the payment to:

Court Funds Office
Glasgow
G58 1AB

DX: 501757 Cowglen

If you require the payment to be made into court by electronic transfer, once the documentation has been received and approved you will be provided with the transfer details.  The Court Funds Office must be informed once the transfer has been requested.

Charges

Bank charges will be deducted from the capital sum paid in and out of court irrespective of the payment method. Please make provisions to accommodate these charges.

Once we receive the documentation and payment either by electronic transfer or banker's draft we will send a temporary receipt to acknowledge your request for lodgment into court. Once monies have cleared into court we will send a final receipt to confirm foreign currency funds held in court.

Interest

In order to gain interest on foreign currency lodgments, pursuant to an order, we must receive a completed and authenticated CFO 200 (Payment Schedule). This should be authenticated at the court where the action is, or has taken place.

Listed below are the types of interest accounts that are available. You can choose the one which best suits your needs:

• Fast Access Call account - interest accrued is on a daily basis and will be applied according to the daily rate on the market
• Seven Day Deposit account - interest accrued is on a daily basis but will apply as a fixed rate all through the 7 day period
• One Month Deposit account - interest accrued on the money will be on a daily basis but will apply as a fixed rate all through the 30 day period

Please note that once the electronic transfer is complete, the monies will need to fulfil the 7-day or 1-month run-time. It is not possible to withdraw the monies during run-time or after the confirmed roll over date.

To enable the withdrawal of monies out of court, please ensure that the payment schedule, Form 200 (pursuant to an Order) is received by the Court Funds Office at least 3 days prior to the rollover date (rollover date or maturity date is determined from the date money is transferred).

Interest rates applied to foreign currency accounts are determined by the Royal Bank of Scotland.

Payments out

Where cases are disputed and settled in court (culminating in a Court Order) we receive instructions via a Form 200 from the originating court. This gives us instructions to make foreign currency payments or interim payments out of court. This form is required to be authenticated by the court before being sent to us.

On receipt of the correctly authenticated Form 200 from the court, the Court Funds Office will send a fax requesting confirmation of the bank details provided. Once confirmation is received, payment will be made by transfer.

CFO 200