(1)At the commencement of every meeting of creditors (other than the statutory meeting), the permanent trustee shall, for the purposes of section 50 of this Act so far as it relates to voting at that meeting, accept or reject the claim of each creditor.
(2)Where funds are available for payment of a dividend out of the debtor’s estate in respect of an accounting period, the permanent trustee for the purpose of determining who is entitled to such a dividend shall, not later than 4 weeks before the end of the period, accept or reject every claim submitted or deemed to have been re-submitted to him under this Act; and shall at the same time make a decision on any matter requiring to be specified under paragraph (a) or (b) of subsection (5) below.
(3)If the amount of a claim is stated in foreign currency the permanent trustee in adjudicating on the claim under subsection (1) or (2) above shall convert the amount into sterling, in such manner as may be prescribed, at the rate of exchange prevailing at the close of business on the date of sequestration.
(4)Where the permanent trustee rejects a claim, he shall forthwith notify the creditor giving reasons for the rejection.
(5)Where the permanent trustee accepts or rejects a claim, he shall record in the sederunt book his decision on the claim specifying—
(a)the amount of the claim accepted by him,
(b)the category of debt, and the value of any security, as decided by him, and
(c)if he is rejecting the claim, his reasons therefor.
(6)The debtor or any creditor may, if dissatisfied with the acceptance or rejection of any claim (or, in relation to such acceptance or rejection, with a decision in respect of any matter requiring to be specified under subsection (5)(a) or (b) above), appeal therefrom to the sheriff—
(a)if the acceptance or rejection is under subsection (1) above, within 2 weeks of that acceptance or rejection;
(b)if the acceptance or rejection is under subsection (2) above, not later than 2 weeks before the end of the accounting period,
and the permanent trustee shall record the sheriff’s decision in the sederunt book.
(7)Any reference in this section to the acceptance or rejection of a claim shall be construed as a reference to the acceptance or rejection of the claim in whole or in part.
Modifications etc. (not altering text)
C1S. 49 applied (with modifications) by S.I. 1986/1915, Rules 4.16(1)(c) (as amended by S.I. 2003/3226, reg. 15) , 7.9(4) and by Rule 2.41(2) (as substituted (15.9.2003) by S.I. 2003/2111, Rule 3, Sch. 1 Pt. 1)