In subsection (1) of section 53 the reference to the period in respect of which submission is to be made by the permanent trustee shall, where that period is the first accounting period, be construed as including a reference to any period during which he has acted as interim trustee in the sequestration; and that section shall have effect as if after that subsection there were inserted the following subsection—

“(1A)

Where the funds of the debtor’s estate are insufficient to meet the amount of the outlays and remuneration of both the interim trustee and the permanent trustee—

(a)

that amount to the extent of the insufficiency shall be met by the Accountant in Bankruptcy out of money provided under section 76(2)(a) of this Act; and

(b)

the Accountant in Bankruptcy in his determination under subsection (3)(a)(ii) below shall specify the respective sums to be met out of the debtor’s estate and out of money so provided:

Provided that—

1. (i)

   no amount shall be payable by virtue of paragraph (a) above if any dividend has been paid to creditors in the sequestration; and

2. (ii)

   if any amount is paid by virtue of that paragraph and a subsequent distribution of the estate is proposed, that amount shall be handed over to the Secretary of State before such distribution is made.”.