SCHEDULES
C1C2SCHEDULE 1 Determination of Amount of Creditor’s Claim
Annotations:
Modifications etc. (not altering text)
C2
Sch. 1 applied in part (with modifications) (14.11.2011) by The Investment Bank Special Administration (Scotland) Rules 2011 (S. I. 2011/2262), rule 127
Valuation of claims against partners for debts of the partnership
6
Where a creditor claims in respect of a debt of a partnership, against the estate of one of its partners, the creditor shall estimate the value of—
a
the debt to the creditor from the firm’s estate where that estate has not been sequestered; or
b
the creditor’s claim against that estate where it has been sequestrated,
and deduct that value from his claim against the partner’s estate; and the amount in respect of which he shall be entitled to claim on the partner’s estate shall be the balance remaining after that deduction has been made.
Sch. 1 applied with modifications by S.I. 1986/1915, Rules 4.16(1)(f), 7.9(5) and by Rule 2.41(2) (as substituted (15.9.2003) by The Insolvency (Scotland) Amendment Rules 2003 (S.I. 2003/2111), Rule 3, {Sch. 1, Pt. 1}) (as amended (20.12.2008) by S.S.I. 2008/393 art. 3)