Rule 14 Amendment to Rule 2.105

For paragraph (2) of Rule 2.105 substitute—

“(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—

$$\genfrac{}{}{0.1ex}{}{X}{{1.05}^n}$$

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—

(a)

in the case of an administration which was not immediately preceded by a winding up, the date that the company entered administration;

(b)

in the case of an administration which was immediately preceded by a winding up, the date that the company went into liquidation.”.

Omit paragraph (3).