PART 14CLAIMS BY AND DISTRIBUTIONS TO CREDITORS IN F1A MORATORIUM, ADMINISTRATION, WINDING UP AND BANKRUPTCY
Annotations:
Amendments (Textual)
CHAPTER 3Distribution to creditors in administration, winding up and bankruptcy
Debt payable at future timeC114
1
Where a creditor has proved for a debt of which payment is not due at the date of the declaration of a dividend, the creditor is entitled to the 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 must be discounted 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 (part of a year being expressed as a decimal fraction of a year).
Words in Pt. 14 heading inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 52 (with rules 4, 5)