(1)At the commencement of every meeting of creditors (other than the statutory meeting), the F1. . . 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 F1. . . 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.
[F2(2A)On accepting or rejecting, under subsection (2) above, every claim submitted or deemed to have been re-submitted, the trustee shall, as soon as is reasonably practicable, send a list of every claim so accepted or rejected (including the amount of each claim and whether he has accepted or rejected it) to—
(a)the debtor; and
(b)every creditor known to the trustee.]
(3)If the amount of a claim is stated in foreign currency the F1. . . 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 F1. . . trustee rejects a claim, he shall forthwith notify the creditor giving reasons for the rejection.
(5)Where the F1. . . trustee accepts or rejects a claim, he shall record F3... 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.
[F4(6)The debtor or any creditor may apply to the Accountant in Bankruptcy for a review of—
(a)the acceptance or rejection of any claim, or
(b)a decision in respect of any matter requiring to be specified under subsection (5)(a) or (b).]
[F5(6A)The debtor may make an application under subsection (6) only if the debtor satisfies the Accountant in Bankruptcy that the debtor has, or is likely to have, a pecuniary interest in the outcome of the review.
(6B)An application under subsection (6) must be made—
(a)in the case of a review relating to an acceptance or rejection under subsection (1), before the expiry of the period of 14 days beginning with the day of that decision, and
(b)in the case of a review relating to an acceptance or rejection under subsection (2), before the expiry of the period of 28 days beginning with the day of that decision.
(6C)If an application under subsection (6) is made, the Accountant in Bankruptcy must—
(a)take into account any representations made by an interested person before the expiry of the period of 21 days beginning with the day on which the application is made, and
(b)confirm, amend or revoke the decision before the expiry of the period of 28 days beginning with the day on which the application is made.
(6D)The debtor or any creditor may appeal to the sheriff against a decision by the Accountant in Bankruptcy under subsection (6C)(b) before the expiry of the period of 14 days beginning with the day of the decision.
(6E)The debtor may appeal under subsection (6D) only if the debtor satisfies the sheriff that the debtor has, or is likely to have, a pecuniary interest in the outcome of the appeal.]
(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.
Textual Amendments
F1Words in s. 49 repealed (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 226, 227(3), Sch. 6 Pt. 1 (with s. 223); S.S.I. 2008/115, art. 3(2)(3), Sch. 2 (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))
F2S. 49(2A) inserted (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 8(3), 227(3) (with s. 223); S.S.I. 2008/115, art. 3(1)(a) (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))
F3Words in s. 49(5) repealed (1.4.2015) by Bankruptcy and Debt Advice (Scotland) Act 2014 (asp 11), s. 57(2), sch. 4; S.S.I. 2014/261, art. 3 (with arts. 4-7, 12) (as amended by S.S.I. 2015/54, art. 2)
F4S. 49(6) substituted (1.4.2015) by Bankruptcy and Debt Advice (Scotland) Act 2014 (asp 11), ss. 41(a), 57(2); S.S.I. 2014/261, art. 3 (with arts. 4-7, 10, 12) (as amended by S.S.I. 2015/54, art. 2)
F5S. 49(6A)-(6E) substituted for s. 49(6A) (1.4.2015) by Bankruptcy and Debt Advice (Scotland) Act 2014 (asp 11), ss. 41(b), 57(2); S.S.I. 2014/261, art. 3 (with arts. 4-7, 10, 12) (as amended by S.S.I. 2015/54, art. 2)
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)
C2S. 49 applied (with modifications) (14.11.2011) by The Investment Bank Special Administration (Scotland) Rules 2011 (S. I. 2011/2262), rule 127