# The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022, Rule 119: Adjudication of Claims

Extent: S

(1) Where funds are available for payment of a dividend out of the institution’s assets in respect of an accounting period, the administrator for the purpose of determining who is entitled to such a dividend must—
(a) not later than four weeks before the end of the period, accept or reject every claim submitted or deemed to have been re-submitted under rule 116,
(b) at the same time make a decision on any matter requiring to be specified under paragraph (4)(a) or (4)(b).
(2) On accepting or rejecting, under paragraph (1), every claim submitted or deemed to have been re-submitted, the administrator must, as soon as is reasonably practicable, send a list of every claim so accepted or rejected (including the amount of each claim and whether it has been accepted or rejected) to the following—
(a) every creditor known to the administrator,
(b) the FCA.
(3) Where the administrator rejects a claim, the administrator must without delay notify the creditor giving reasons for the rejection.
(4) The administrator must include the following information in the sederunt book—
(a) details of the decision whether to accept a claim including—
(i) the amount of the claim accepted,
(ii) the category of debt, and the value of any security, as decided by the administrator,
(b) if the administrator is rejecting the claim, the administrator’s reasons for doing so,
(c) any decision of the court on an appeal under paragraph (5).
(5) Any member of the institution or any creditor may, if dissatisfied with the acceptance or rejection of any claim (or, in relation to such acceptance or rejection with a decision in respect of any matter requiring to be recorded under paragraph (4)(a) or (4)(b) appeal to the court not later than 14 days before the end of the accounting period, and the applicant must give notice of an application under this paragraph to the FCA.
(6) Any reference in this rule to the acceptance or rejection of a claim is to be construed as a reference to the acceptance or rejection of the claim in whole or in part.

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Source: https://www.legislation.gov.uk/uksi/2022/1239/rule/119 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-119
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.