Amendment to Rule 2.10514
1
For paragraph (2) of Rule 2.105 substitute—
2
For the purpose of dividend (and no other purpose) the amount of the creditor’s admitted proof (or, if a distribution has previously been made to him, the amount remaining outstanding in respect of his admitted proof) shall be reduced by applying the following formula—
where—
- a
“X” is the value of the admitted proof; and
- b
“n” is the period beginning with the relevant date and ending with the date on which the payment of the creditor’s debt would otherwise be due expressed in years and months in a decimalised form.
3
In paragraph (2) “relevant date” means—
a
in the case of an administration which was not immediately preceded by a winding up, the date that the company entered administration;
b
in the case of an administration which was immediately preceded by a winding up, the date that the company went into liquidation.
2
Omit paragraph (3).