Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
385. Distribution by means of dividend
Feedback & supportWhenever 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.
Official Assignee
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
The Official Assignee must give notice of the Official Assignee’s intention to declare and distribute a dividend.
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.
The notice given under subsection (3) must contain the prescribed particulars of the bankrupt’s estate.
bankrupt
“bankrupt” means —(a)an 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 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.
No dividend is to be paid to any creditor which does not amount to $50.
creditor
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;