117. Distribution by means of dividend
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Whenever the Official Assignee has sufficient funds in hand for the purpose, he shall, 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.
Official Assignee
“Official Assignee” includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
The Official Assignee shall give notice of his intention to declare and distribute a dividend.
Where the Official Assignee has declared a dividend, he shall give notice of the dividend and of how he proposes to distribute it.
The notice given under subsection (3) shall contain the prescribed particulars of the bankrupt’s estate.
bankrupt
“bankrupt” means —(a)the individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
In the calculation and distribution of a dividend, the Official Assignee shall make provision —
for any provable debt which appears to him to be due to any person who, by reason of the distance of his place of residence, may not have had sufficient time to tender and establish his proof;
for any provable debt which is the subject of any claim which has not yet been determined; and
for disputed proofs and claims.
No dividend shall be paid to any creditor which does not amount to $50.
creditor
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part V, means a creditor to whom the debtor owes a debt provable in bankruptcy;