Rule 2.95 Notice of proposed distributionF1

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

rule 2.95(5) substituted by Insolvency 2009 rule 12(b)
rule 2.95(1) words omitted by Insolvency 2010 Sch. 1 para. 85(2)
rule 2.95(4) words substituted by Insolvency 2010 Sch. 1 para. 85(3)
rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)
rule 2.95(3) substituted by Insolvency 2009 rule 12(a)

(1)

Where an administrator is proposing to make a distribution to creditors he shall give 28 days' notice of that fact.

(2)

The notice given pursuant to paragraph (1) shall—

(a)

be sent to—

(i)

all creditors whose addresses are known to the administrator; and

(ii)

where a member State liquidator has been appointed in relation to the company, to the member State liquidator;

(b)

state whether the distribution is to preferential creditors or preferential creditors and unsecured creditors; and

(c)

where the administrator proposes to make a distribution to unsecured creditors, state the value of the prescribed part, except where the court has made an order under section 176A(5).

(3)

Subject to paragraph (5), the administrator shall not declare a dividend unless he has by public advertisement invited creditors to prove their debts.

(4)

A notice pursuant to paragraphs (1) or (3) shall—

(a)

state that it is the intention of the administrator to make a distribution to creditors within the period of 2 months from the last date for proving;

(b)

specify whether the proposed dividend is interim or final;

(c)

specify a date up to which proofs may be lodged being a date which—

(i)

is the same date for all creditors; and

(ii)

is not less than 21 days from that of the notice.

(5)

A notice pursuant to paragraph (1) where a dividend is to be declared for preferential creditors, need only be given to those creditors in whose case he has reason to believe that their debts are preferential and public advertisement of the intended dividend need only be given if the administrator thinks fit.

Annotations

Textual amendments

F1: Pt. 2 substituted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 9 (with rule 5(2)-(4))