Distribution of debtor’s estate
C252 Estate to be distributed in respect of accounting periods. C1
F11
The F2. . . 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
b
any subsequent accounting period shall be the period of F412 months beginning with the end of the last accounting period; except that—
i
ii
in a case where the Accountant in Bankruptcy is the F2. . . 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.
F62ZA
Where the trustee was appointed under section 2(5) of this Act as interim trustee in the sequestration, the first accounting period shall be the period beginning with the date of his appointment as interim trustee and ending on the date 12 months after the date on which sequestration is awarded.
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 F2. . . trustee.
3
Subject to the following provisions of this section, the F2. . . 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 F2. . . 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 F2. . . 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.
F76
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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 F2. . . 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 F2. . . 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 F2. . . trustee,
the F2. . . 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 F2. . . 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 F2. . . 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 F2. . . 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.
F810
In the declaration of and payment of a dividend, no payments shall be made more than once by virtue of the same debt.
11
Any dividend paid in respect of a claim should be paid to the creditor.