Every creditor shall, within three months of the dissolution date, notify the Department of each of his debts or claims against the Corporation remaining unsatisfied immediately before that date and shall give the Department such further information relating thereto as it may reasonably require.

Paragraph (1) shall not apply to any debt or claim which is the subject of legal proceedings which have commenced prior to the dissolution date.

Every creditor shall state in the notification given to the Department in accordance with paragraph (1) the amount of the debt or claim or, where the debt or claim is subject to contingency or sounds in damages or bears no specific value, shall include in it as far as possible a just estimate of the debt or claim.

The Department may admit or reject such debt or claim notified to it in accordance with paragraph (1) and shall notify the creditor in writing whether it admits or rejects the debt or claim in whole or in part and, if the Department rejects the debt or claim, it shall state in a notification the grounds of the rejection.