Article 119 Division of unsold assetsI1

England and Wales

(1)

The administrator may, with the permission of the creditors’ committee, or if there is no creditors’ committee, the creditors, divide in its existing form amongst the institution’s creditors, according to its estimated value, any property which from its peculiar nature or other special circumstances cannot be readily or advantageously sold.

(2)

The administrator must—

(a)

in the receipts and payments account included in the final progress report under rule 182, state the estimated value of the property divided amongst the creditors of the investment during the period to which the report relates, and

(b)

as a note to the account, provide details of the basis of the valuation.

Annotations

Commencement

I1: Rule 119 in force at 12.11.2021, see rule 2