PART 7 E+WDistributions to creditors

CHAPTER 3 E+WQuantification of claims

Debt payable at a future time E+W

153.—(1) Subject to paragraph (2), where a creditor has proved for a debt of which payment is not due at the date of the declaration of dividend, that creditor is entitled to dividend equally with other creditors.

(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 that creditor, the amount remaining outstanding in respect of their admitted proof) must 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 relevant date 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.

(3) In paragraph (2) “relevant date” means the date that the institution entered special administration.

Commencement Information

I1 Rule 153 in force at 12.11.2021, see rule 2