Singapore legislation
Section 385
Section 385
Distribution by means of dividend
(1)
Whenever the Official Assignee has sufficient funds in hand for the purpose, the Official Assignee must, subject to the retention of such sums as may be necessary for the expenses of the bankruptcy, declare and distribute dividends among the creditors in respect of the debts which the creditors have respectively proved.
(2)
The Official Assignee must give notice of the Official Assignee’s intention to declare and distribute a dividend.
(3)
Where the Official Assignee has declared a dividend, the Official Assignee must give notice of the dividend and of how the Official Assignee proposes to distribute it.
(4)
The notice given under subsection (3) must contain the prescribed particulars of the bankrupt’s estate.
(5)
In the calculation and distribution of a dividend, the Official Assignee must make provision —
for any provable debt which is the subject of any claim which has not yet been determined; and
for disputed proofs and claims.
(6)
No dividend is to be paid to any creditor which does not amount to $50.