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PART 6Distributions to creditors

CHAPTER 3Quantification of claims

Notice of no dividend or no further dividend

181.—(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.