Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
386. Claims by unsatisfied creditors
Feedback & supportA 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.
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;
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.
debt
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
Any dividend or dividends payable under subsection (2) must be paid before that money is applied to the payment of any such further dividend.