Paragraph 2 Insertion of Part 1B

After regulation 3B there shall be inserted—

“PART 1B

ADMINISTRATIVE RECEIVERSHIP

Payment of unclaimed dividends or other money

3C.

(1)

This regulation applies to monies which—

(a)

are held by the former administrative receiver of a dissolved company; and

(b)

represent either or both of the following—

(i)

unclaimed dividends due to creditors, or

(ii)

sums held by the company in trust in respect of dividends or other sums due to any person as a member or former member of the company.

(2)

Any monies to which this regulation applies may be paid into the Insolvency Account.

(3)

Where the former administrative receiver pays any sums into the Insolvency Account, he shall at the same time give notice to the Department of—

(a)

the name of the company;

(b)

the name and address of the person to whom the dividend or other sum is payable;

(c)

the amount of the dividend or other sum; and

(d)

the date on which it was paid.

(4)

Where a dividend or other sum is paid to a person by way of a payment instrument, any payment in respect of that dividend or sum into the Insolvency Account pursuant to paragraph(2) may not be made earlier than on or after the expiry of 6 months from the date of the payment instrument.”.