Print Options
PrintThe Whole
Instrument
PrintThe Whole
Part
PrintThe Whole
Chapter
PrintThis
Section
only
Changes over time for: Section 10
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 30/09/2021.
Changes to legislation:
There are currently no known outstanding effects for the The Insolvency (England and Wales) Rules 2016, Section 10.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Proceeds of saleE+W
This section has no associated Explanatory Memorandum
10.124.—(1) The proceeds of sale must be applied as follows—
(a)first in payment of—
(i)the trustee's expenses in relation to the application to the court,
(ii)the trustee's expenses of the sale and attendance at it, and
(iii)any costs of the trustee arising from the taking of accounts, and making of enquiries, as directed by the court under rule 10.122;
(b)secondly, in payment of the amount found due to any mortgagee, for principal, interest and costs; and
(c)the balance must be retained by or paid to the trustee.
(2) Where the proceeds of the sale are insufficient to pay in full the amount found due to any mortgagee, the mortgagee is entitled to prove as a creditor for any deficiency, and to receive dividends rateably with other creditors, but not so as to disturb any dividend already declared.
Back to top