# The Investment Bank Special Administration (England and Wales) Rules 2011, Rule 186: Debt payable at a 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, that creditor 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 that creditor, the amount remaining outstanding in respect of their admitted proof) shall be reduced by applying the following formula—
X 1.05 n 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 the date that the investment bank entered special administration.

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Source: https://www.legislation.gov.uk/uksi/2011/1301/rule/186 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-186
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.