The Insolvency (England and Wales) Rules 2016

Notice of declaration of a dividendE+W

This section has no associated Explanatory Memorandum

14.35.—(1) Where the office-holder declares a dividend the office-holder must deliver notice of that fact to all creditors who have proved for their debts (subject to paragraph (5) [F1and (6)]).

(2) The notice declaring a dividend may be delivered at the same time as the dividend is distributed.

(3) The notice must include the following in relation to the insolvency proceedings—

(a)the amounts raised from the sale of assets, indicating (so far as practicable) amounts raised by the sale of particular assets;

(b)the payments made by the office-holder in carrying out the office-holder's functions;

(c)the provision (if any) made for unsettled claims, and funds (if any) retained for particular purposes;

(d)the total amount to be distributed and the rate of dividend; and

(e)whether, and if so when, any further dividend is expected to be declared.

(4) In an administration, a creditors' voluntary winding-up or a winding up by the court, where the administrator or liquidator intends to make a distribution to unsecured creditors, the notice must also state the value of the prescribed part unless there is no prescribed part or the court has made an order under section 176A(5).

[F2(5) Paragraph (6) applies where the office-holder declares a dividend which is only for one or both of the following—

(a)preferential creditors, or

(b)creditors in respect of a debt which is a moratorium debt or priority pre-moratorium debt within the meaning given by section 174A.]

[F3(6) Where this paragraph applies the notice under paragraph (1) need only be delivered to those creditors referred to in sub-paragraph (5)(a) or (b) (as the case may be) who have proved for their debts.]

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