Article 7.34 Small debts

(1)

A creditor is deemed to have submitted a claim for the purposes of adjudication of entitlement to and payment of a dividend but not otherwise where—

(a)

the debt is a small debt;

(b)

notice has been delivered to the creditor under rule 7.35; and

(c)

the creditor has not advised the liquidator that the debt is incorrect or not owed in response to the notice.

(2)

In this rule “small debt” means a debt (being the total amount owed to a creditor) which does not exceed £1,000 (which amount is prescribed for the purposes of paragraph 13A M1 of schedule 8 of the Act and paragraph 18A of schedule 9 of the Act M2).

Annotations

Marginal citations

M1: Paragraph 13A is prospectively inserted into schedule 8 by section 131 of the Small Business, Enterprise and Employment Act 2015 (c.26) (“the 2015 Act”).
M2: Paragraph 18A is prospectively inserted into schedule 9 by section 132 of the 2015 Act.