176Dividend paymentsS
(1)If the funds of the debtor's estate are sufficient, the trustee must pay a dividend out of it to the creditors no later than 6 weeks after the end of—
(a)a first dividend period of [F112] months beginning with the date on which the trust deed is granted, and
(b)any subsequent dividend period of [F23] months beginning with the end of the previous dividend period.
(2)The funds of the debtor's estate are “sufficient” if, after—
(a)deduction of the trustee's fees and of any outlays payable under this Part, and
(b)making allowance for future contingencies,
a dividend may be paid to the creditors amounting to at least 5 pence for each pound sterling of the debtor's debt, as at the date of protection, under the trust deed.
Textual Amendments
F1Word in s. 176(1)(a) substituted (1.7.2024) by The Protected Trust Deeds (Miscellaneous Amendment) (Scotland) Regulations 2024 (S.S.I. 2024/198), regs. 1(1), 4(1)(a) (with reg. 4(2))
F2Word in s. 176(1)(b) substituted (1.7.2024) by The Protected Trust Deeds (Miscellaneous Amendment) (Scotland) Regulations 2024 (S.S.I. 2024/198), regs. 1(1), 4(1)(b) (with reg. 4(2))
Commencement Information
I1S. 176 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2