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Insolvency Act 1986
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Insolvency Act 1986, Section 324 is up to date with all changes known to be in force on or before 21 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act amendment to earlier affecting provision S.I. 1986/1999, art. 3, Sch. 1 Pt. 2 by S.I. 2017/1119 Sch. 3 para. 1
- Act savings and transitional provisions for amendments by S.I. 2022/1166 by S.I. 2022/1172 Regulations
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 41HB(2) words substituted by 2018 c. 14 s. 1(3)(b)
324 Distribution by means of dividend. E+W
(1)Whenever the trustee has sufficient funds in hand for the purpose he shall, subject to the retention of such sums as may be necessary for the expenses of the bankruptcy, declare and distribute dividends among the creditors in respect of the bankruptcy debts which they have respectively proved.
(2)The trustee shall give notice of his intention to declare and distribute a dividend.
(3)Where the trustee has declared a dividend, he shall give notice of the dividend and of how it is proposed to distribute it; and a notice given under this subsection shall contain the prescribed particulars of the bankrupt’s estate.
(4)In the calculation and distribution of a dividend the trustee shall make provision—
(a)for any bankruptcy debts which appear to him to be due to persons who, by reason of the distance of their place of residence, may not have had sufficient time to tender and establish their proofs,
(b)for any bankruptcy debts which are the subject of claims which have not yet been determined, and
(c)for disputed proofs and claims.
Modifications etc. (not altering text)
C1S. 324 applied with modifications by S.I. 1986/1999, art. 3, Sch. 1 Pt. II
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