PART 6Distributions to creditors

CHAPTER 3Quantification of claims

Notice of no dividend or no further dividend181

1

If the administrator gives notice to creditors that no dividend (or as the case may be, no further dividend) can be declared, the notice shall contain a statement to the effect either—

a

that no funds have been realised; or

b

that the funds realised have already been distributed or used or allocated for defraying the expenses of administration.

2

The notice to creditors in paragraph (1) shall also be given to—

a

the FSA;

b

in a special administration (bank administration), the FSCS; and

c

in a special administration (bank administration), in a case where the Bank of England consented to a distribution, to the Bank of England.