In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy

387. Final distribution

(1)

When the Official Assignee has realised all the bankrupt’s estate or so much of it as can, in the opinion of the Official Assignee, be realised without needlessly protracting the proceedings in bankruptcy, the Official Assignee may give notice in the prescribed manner of the Official Assignee’s intention to declare a final dividend.

(2)

The notice under subsection (1) must contain the prescribed particulars and must require claims against the bankrupt’s estate to be established by a date (called in this section the final date) specified in the notice.

(3)

The Court may, on the application of any person, postpone the final date.

(4)

After the final date, the Official Assignee must —

(a)

defray any outstanding expenses of the bankruptcy out of the bankrupt’s estate; and

(b)

if the Official Assignee intends to declare a final dividend, declare and distribute that dividend without regard to the claim of any person in respect of a debt not already proved in the bankruptcy.