Rule 114 Payments of dividendsI1

Scotland

(1)

On the final determination of the remuneration under Chapter 1 of Part 8 the administrator must, subject to rule 128, pay to the creditors their dividends in accordance with the scheme of division.

(2)

Any dividend—

(a)

allocated to a creditor which is not cashed or uplifted, or

(b)

dependent on a claim in respect of which an amount has been set aside under rule 128(6) or rule 128(7)

must be held by the administrator in an appropriate bank or institution in the name of the Accountant of Court and the deposit receipts transmitted to the Accountant of Court.

(3)

If a creditor’s claim is revalued, the administrator may—

(a)

in paying any dividend to that creditor, make such adjustment to it as the administrator considers necessary to take account of that revaluation, or

(b)

require the creditor to repay to the administrator the whole or part of a dividend already paid to the creditor.

(4)

The administrator must insert in the sederunt book the audited accounts, scheme of division and the final determination in relation to the administrator’s outlays and remuneration.

Annotations

Commencement

I1: Rule 114 in force at 19.12.2022, see rule 2