Rule 116 Submission of claimsI1

Scotland

(1)

A creditor, in order to obtain an adjudication as to the creditor’s entitlement to a dividend (so far as funds are available) out of the assets of the institution in respect of any accounting period, must submit the creditor’s claim to the administrator not later than eight weeks before the end of the accounting period.

(2)

A creditor must submit a claim by producing to the administrator the following—

(a)

a statement of claim as described in paragraph (3),

(b)

documentary evidence of debt,

but the administrator may dispense with the requirement of sub-paragraph (b) in respect of any debt or any class of debt.

(3)

The statement of claim must—

(a)

be made out by, or under the direction of, the creditor and dated and authenticated by the creditor or a person authorised on the creditor’s behalf,

(b)

state the creditor’s name and address,

(c)

if the creditor is a company, identify the company,

(d)

state the name and address of any person authorised to act on behalf of the creditor,

(e)

state the total amount claimed in respect of all debts as at the date on which the institution entered special administration,

(f)

state whether or not the claim includes any outstanding uncapitalised interest,

(g)

contain particulars of how and when the debt was incurred by the institution,

(h)

contain particulars of any security held, the date on which it was given and the value which the creditor puts on it,

(i)

include details of any retention of title in relation to goods to which the debt relates,

(j)

state the nature and amount of any preference under Schedule 6 to the IA 1986^f1 claimed in respect of the debt,

(k)

include any details of any document by reference to which the debt can be substantiated,

(l)

state the name, postal address and authority of the person authenticating the statement of claim and documentary evidence of debt (if someone other than the creditor).

(4)

A claim submitted by a creditor, which has been accepted in whole or in part by the administrator for the purpose of drawing a dividend in respect of any accounting period, is to be deemed to have been resubmitted for the purpose of obtaining an adjudication as to the creditor’s entitlement to a dividend in respect of an accounting period or, as the case may be, any subsequent accounting period.

(5)

A creditor who has submitted a claim may at any time submit a further claim specifying a different amount for the claim, provided that a secured creditor is not entitled to produce a further claim specifying a different value for the security at any time after the administrator has required the creditor to discharge, or convey or assign, the security under Rule 124.

(6)

Where the administrator becomes aware that a customer has a shortfall claim, the administrator must—

(a)

keep a record of the shortfall claim, including the details set out in paragraphs (3)(b) to (3)(l) to the extent relevant,

(b)

treat each record under sub-paragraph (a) as if it were a statement of claim submitted by a customer in respect of its shortfall claim,

(c)

notify the customer that a statement of claim for the shortfall claim has been submitted under this rule as soon as is reasonably practicable.

(7)

Where paragraph (6) applies, a customer does not need to submit a separate statement of claim under paragraph (1) for the shortfall claim.

Annotations

Commencement

I1: Rule 116 in force at 19.12.2022, see rule 2

Footnotes

f1: Amendments have been made to Schedule 6 of the IA 1986 which are not relevant to this instrument.