Article 73 Debt payable at future timeI1

England and Wales

(1)

Where a creditor has proved for a debt of which payment is not due at the date of the declaration of dividend, he 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 him, the amount remaining outstanding in respect of his admitted proof) shall be reduced by applying the following formula—

\frac{X}{{1.05}^{n}}

where—

“X” is the value of the admitted proof; and

“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 protected energy company entered energy administration.

Annotations

Commencement

I1: Rule 73 in force at 1.10.2005, see rule 1