Singapore legislation
Clause 386
Clause 386
Claims by unsatisfied creditors
(1)
A creditor who has not proved the creditor’s debt before the declaration of any dividend is not entitled to disturb, by reason that the creditor has not participated in it, the distribution of that dividend or any other dividend declared before the debt was proved.
(2)
When a creditor has proved the creditor’s debt, the creditor is 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 the creditor has failed to receive.
(3)
Any dividend or dividends payable under subsection (2) must be paid before that money is applied to the payment of any such further dividend.