Section 17, The Commercial and Admiralty Court Rules, 2020

(1) A defendant who makes an admission pursuant to Rule (1) of Order 34 of the High Court Rules 2007, may request for time to pay the amount admitted. (2) The defendant's request shall be- (a) filed with his admission; (b) supported by a statement of his financial position including details of all his bank accounts. (3) The statement referred to in paragraph (a) of sub-rule (2) shall be verified on oath by the defendant as being correct and may be used as evidence of the defendant's financial position at the date it was signed in any subsequent proceedings with regard to the enforcement of any judgment given upon the plaintiff's claim. (4) Where a defendant files an admission of the claim, the Court shall enter judgment on the amount claimed and admitted. (5) Where the plaintiff does not accept the defendant's offer as to the time of payment, he shall state his reasons for rejecting the defendant's proposal as to the time of payment. (6) The Court shall consider the defendant's request to pay and the plaintiff's objection thereto and make orders as to the instalment payable and interest if claimed on such terms as the Court deems fit. (7) Where a defendant fails to make any of the instalments which are due, the defendant's right to pay by instalment shall be abrogated and the plaintiff shall be entitled to execute the order for the outstanding sum in full without further notice. PART V-INTERLOCUTORYAND INTERIM APPLICATIONS