Article 36 Distribution to creditors generallyI1
England and Wales
This Part applies where the energy administrator makes, or proposes to make, a distribution to any class of creditors. Where the distribution is to a particular class of creditors, references in this Part to creditors shall, in so far as the context requires, be a reference to that class of creditors only.
The energy administrator shall give notice to the creditors of his intention to declare and distribute a dividend in accordance with Rule 63.
Where it is intended that the distribution is to be a sole or final dividend, the energy administrator shall, after the date specified in the notice referred to in paragraph (2)—
defray any items payable in accordance with the provisions of paragraph 99 of Schedule B1 to the 1986 Act;
defray any amounts (including any debts or liabilities and his own remuneration and expenses) which would, if the energy administrator were to cease to be the energy administrator of the protected energy company, be payable out of the property of which he had custody or control in accordance with the provisions of paragraph 99 of Schedule B1 to the 1986 Act; and
declare and distribute that dividend without regard to the claim of any person in respect of a debt not already proved.
The court may, on the application of any person, postpone the date specified in the notice.
Annotations
Commencement
- I1
Rule 36 in force at 1.10.2005, see rule 1