In force2020 Revised Edition

Contents

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

388. Joint and separate dividends

(1)

Where one partner of a firm is adjudged bankrupt, a creditor to whom the bankrupt is indebted jointly with the other partners of the firm, or any of them, is not entitled to receive any dividend out of the separate property of the bankrupt until all the separate creditors have received the full amount of their respective debts.

(2)

Where joint and separate properties are being administered, dividends of the joint and separate properties are, subject to any order to the contrary that is made by the Court on the application of the Official Assignee or any person interested, to be declared together.

(3)

The expenses of and incidental to the dividends are to be fairly apportioned by the Official Assignee between the joint and separate properties, regard being had to the work done for and the benefit received by each property.