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Rule 11.13 Debt payable at future timeI1

England and Wales

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

  • rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)
(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.

F1(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—

X1.05n

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 a winding up which was not immediately preceded by an administration, the date that the company went into liquidation;

    (b)

    in the case of a winding up which was immediately preceded by an administration, the date that the company entered administration; and

    (c)

    in the case of a bankruptcy, the date of the bankruptcy order.

    F2(3)

    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    Annotations

    Textual amendments

    F1

    Rule 11.13(2) substituted (1.4.2005) by The Insolvency (Amendment) Rules 2005 (S.I. 2005/527), rule 1(2), 43(1) (with rule 3(1))

    F2

    Rule 11.13(3) omitted (1.4.2005) by virtue of The Insolvency (Amendment) Rules 2005 (S.I. 2005/527), rules 1(2), 43(2) (with rule 3(1))

    Commencement

    I1

    Rule 11.13 in force at 29.12.1986, see rule 0.1