# The Investment Bank Special Administration (England and Wales) Rules 2011, Rule 178: Declaration of a dividend

Extent: E+W

(1) Where rule 177(2) does not apply and subject to paragraph (2), within the 2 month period referred to in rule 175(5)(a) the administrator shall proceed to declare the dividend to one or more classes of creditor who have been given notice under that rule.
(2) Except with the permission of the court, the administrator shall not declare a dividend so long as there is pending any application to the court to reverse or vary the administrator’s decision on a proof, or to expunge a proof or to reduce the amount claimed.
(3) If the court gives permission under paragraph (2), the administrator must make such provision in respect of the proof in question as the court directs.

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Source: https://www.legislation.gov.uk/uksi/2011/1301/rule/178 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-178
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.