# The Insolvency Rules 1986, Rule 11.13: Debt payable at future time

Extent: E+W

(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—
X1.05nwhere—
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.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/uksi/1986/1925/rule/11.13 (the official version)
Page: https://openlegislation.uk/insolvency-rules-1986/rule-11.13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.