118. Claims by unsatisfied creditors
Feedback & supportA creditor who has not proved his debt before the declaration of any dividend shall not be entitled to disturb, by reason that he has not participated in it, the distribution of that dividend or any other dividend declared before his debt was proved.
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;
When a creditor has proved his debt, he shall be entitled to be paid out of any money for the time being available for the payment of any further dividend, any dividend or dividends which he has failed to receive.
debt
“debt” means any debt, or any liability to pay money, which is unsecured, present, certain, and of an amount that is fixed or liquidated;
Any dividend or dividends payable under subsection (2) shall be paid before that money is applied to the payment of any such further dividend.