{
  "url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-120",
  "json_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-120.json",
  "legislation": "uksi/2022/1239",
  "legislation_title": "The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022",
  "legislation_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022",
  "path": "rule/120",
  "kind": "rule",
  "number": "120",
  "heading": "Entitlement to draw a dividend",
  "text": "(1) A creditor who has had a claim accepted in whole or in part by the administrator under rule 119(1) or on appeal under rule 119(5) is entitled to payment out of the institution’s assets of a dividend in respect of the accounting period for the purposes of which the claim is accepted.\n(2) Such entitlement to payment arises only in so far as the institution has funds available to make that payment, having regard to rule 127.",
  "extent": "S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Rule 120 in force at 19.12.2022, see rule 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1239/rule/120",
    "retrieved_at": "2026-10-28T21:53:01.073399+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}