The Energy Supply Company Administration Rules 2013

Adjustment where dividend paid before time

75.—(1) Where a creditor has proved for a debt of which payment is not due at the date of the declaration of dividend, the creditor is entitled to dividend equally with other creditors, but subject as follows.

(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 the creditor, the amount remaining outstanding in respect of the creditor’s 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 date that the energy supply company entered energy supply company administration 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.