[F1(1)The permanent trustee shall make up accounts of his intromissions with the debtor’s estate in respect of each accounting period.
(2)In this Act “accounting period” shall be construed as follows—
(a)the first accounting period shall be the period of 6 months beginning with the date of sequestration; and
(b)any subsequent accounting period shall be the period of 6 months beginning with the end of the last accounting period; except that—
(i)in a case where the Accountant in Bankruptcy is not the permanent trustee, the permanent trustee and the commissioners or, if there are no commissioners, the Accountant in Bankruptcy agree; or
(ii)in a case where the Accountant in Bankruptcy is the permanent trustee, he determines,
that the accounting period shall be such other period beginning with the end of the last accounting period as may be agreed or, as the case may be determined, it shall be that other period.
(2A)An agreement or determination under subsection (2)(b)(i) or (ii) above—
(a)may be made in respect of one or more than one accounting period;
(b)may be made before the beginning of the accounting period in relation to which it has effect and, in any event, shall not have effect unless made before the day on which such accounting period would, but for the agreement or determination, have ended;
(c)may provide for different accounting periods to be of different durations,
and shall be recorded in the sederunt book by the permanent trustee.]
(3)Subject to the following provisions of this section, the permanent trustee shall, if the funds of the debtor’s estate are sufficient and after making allowance for future contingencies, pay under section 53(7) of this Act a dividend out of the estate to the creditors in respect of each accounting period.
(4)The permanent trustee may pay—
(a)the debts mentioned in subsection (1)(a) to (d) of section 51 of this Act, other than his own remuneration, at any time;
(b)the preferred debts at any time but only with the consent of the commissioners or, if there are no commissioners, of the Accountant in Bankruptcy.
(5)If the permanent trustee—
(a)is not ready to pay a dividend in respect of an accounting period; or
(b)considers it would be inappropriate to pay such a dividend because the expense of doing so would be disproportionate to the amount of the dividend,
he may, with the consent of the commissioners, or if there are no commissioners of the Accountant in Bankruptcy, postpone such payment to a date not later than the time for payment of a dividend in respect of the next accounting period.
F2(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)Where an appeal is taken under section 49(6)(b) of this Act against the acceptance or rejection of a creditor’s claim, the permanent trustee shall, at the time of payment of dividends and until the appeal is determined, set aside an amount which would be sufficient, if the determination in the appeal were to provide for the claim being accepted in full, to pay a dividend in respect of that claim.
(8)Where a creditor—
(a)has failed to produce evidence in support of his claim earlier than 8 weeks before the end of an accounting period on being required by the permanent trustee to do so under section 48(5) of this Act; and
(b)has given a reason for such failure which is acceptable to the permanent trustee,
the permanent trustee shall set aside, for such time as is reasonable to enable him to produce that evidence or any other evidence that will enable the permanent trustee to be satisfied under the said section 48(5), an amount which would be sufficient, if the claim were accepted in full, to pay a dividend in respect of that claim.
(9)Where a creditor submits a claim to the permanent trustee later than 8 weeks before the end of an accounting period but more than 8 weeks before the end of a subsequent accounting period in respect of which, after making allowance for contingencies, funds are available for the payment of a dividend, the permanent trustee shall, if he accepts the claim in whole or in part, pay to the creditor—
(a)the same dividend or dividends as has or have already been paid to creditors of the same class in respect of any accounting period or periods; and
(b)whatever dividend may be payable to him in respect of the said subsequent accounting period:
Provided that paragraph (a) above shall be without prejudice to any dividend which has already been paid.
Textual Amendments
F1S. 52(1)(2)(2A) substituted for s. 52(1)(2) (1.4.1993, subject to savings in arts. 4,5 of S.I. 1993/438) by 1993 c. 6, s. 11(3), Sch. 1 para.21 (with s. 12(6)); S.I. 1993/438, art.3
F2S. 52(6) repealed (1.4.1993, subject to savings in arts. 4,5 of S.I. 1993/438) by 1993 c. 6, s. 11(4), Sch.2 (with s. 12(6)); S.I. 1993/438, art.3
Modifications etc. (not altering text)
C1S. 52 applied with modifications by S.I. 1986/1915, Rule 4.68