# The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, Article 153: Debt payable at a future time

Extent: E+W

(1) Subject to paragraph (2), 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.
(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) must 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 institution entered special administration.

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Source: https://www.legislation.gov.uk/uksi/2021/1178/article/153 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-153
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.