Article 303 Final distribution

(1)

When the trustee has realised all the bankrupt's estate or so much of it as can, in the trustee's opinion, be realised without needlessly protracting the trusteeship, he shall give notice in the prescribed manner either—

(a)

of his intention to declare a final dividend, or

(b)

that no dividend, or further dividend, will be declared.

(2)

The notice under paragraph (1) shall contain the prescribed particulars and shall require claims against the bankrupt's estate to be established by a date ( “the final date”) specified in the notice.

(3)

The High Court may, on the application of any person, postpone the final date.

(4)

After the final date, the trustee shall—

(a)

defray any outstanding expenses of the bankruptcy out of the bankrupt's estate, and

(b F1)

if he intends to declare a final dividend, declare and distribute that dividend without regard to the claim of any person in respect of a debt not already proved in the bankruptcy.

(5)

If a surplus remains after payment in full and with interest of all the bankrupt's creditors and the payment of the expenses of the bankruptcy, the bankrupt is entitled to the surplus.

F2(6)

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Annotations

Textual amendments

F1: mod. by SR 1991/365
F2: Art. 303(6) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 179 (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

Notes on Part IX

Modifications

C1: Pts. VIII-X (arts. 209-345) modified by Foyle Fisheries Act (Northern Ireland) 1952 (c. 5), s. 52K(2) (as inserted (prosp.) by Foyle and Carlingford Fisheries (Northern Ireland) Order 2007 (S.I. 2007/915 (N.I. 9)), arts. 1(3), 3(1) (with art. 32))