Article 50 Assets to be distributedI1
Scotland
The postal administrator shall make up accounts of the postal administrator’s intromissions with the company’s assets in respect of each accounting period.
Subject to the following paragraphs, the postal administrator may, if the funds of the company are sufficient and after making allowance for future contingencies, pay under F1Rule 52(1) a dividend out of the assets of the company to the creditors in respect of each accounting period.
The postal administrator may make a distribution to secured or preferential creditors or, where the postal administrator has the permission of the court, to unsecured creditors only if—
the postal administrator has sufficient funds for the purpose;
the postal administrator does not intend to give notice pursuant to paragraph 83 of Schedule B1 to the 1986 Actf1;
the postal administrator’s statement of proposals contains a proposal to make a distribution to the class of creditors in question; and
the payment of a dividend is consistent with the functions and duties of, and any proposals made by (or intended to be made by), the postal administrator.
The postal administrator may at any time pay—
the expenses of the postal administration mentioned in F2Rule 48(1)(a), other than the postal administrator’s own remuneration; and
the preferential debts.
If the postal administrator—
is not ready to pay a dividend in respect of an accounting period; or
considers it would be inappropriate to pay such a dividend because the expense of doing so would be disproportionate to the amount of the dividend,
the postal administrator may postpone such payment to a date not later than the time for payment of a dividend in respect of the next accounting period.
Where an appeal is taken under F3Rule 40(5) against the acceptance or rejection of a creditor’s claim, the postal administrator shall, at the time of payment of dividends and until the appeal is determined, set aside an amount which would be sufficient, if the determination in the appeal were to provide for the claim being accepted in full, to pay a dividend in respect of that claim.
Where a creditor—
has failed to produce evidence in support of the creditor’s claim earlier than eight weeks before the end of an accounting period on being required by the postal administrator to do so under F4Rule 41(1); and
has given a reason for such failure which is acceptable to the postal administrator,
the postal administrator shall set aside, for such time as is reasonable to enable the creditor to produce that evidence or any other evidence that will enable the postal administrator to be satisfied under that Rule, an amount which would be sufficient, if the claim were accepted in full, to pay a dividend in respect of that claim.
Where a creditor submits a claim to the postal administrator later than eight weeks before the end of an accounting period but more than eight weeks before the end of a subsequent accounting period in respect of which, after making allowance for contingencies, funds are available for the payment of a dividend, the postal administrator shall, if the postal administrator accepts the claim in whole or in part, pay to the creditor—
the same dividend or dividends as has or have already been paid to creditors of the same class in respect of any accounting period or periods; and
whatever dividend may be payable to the creditor in respect of the subsequent accounting period,
provided that sub-paragraph (a) above shall be without prejudice to any dividend which has already been paid.
In the declaration of and payment of a dividend, no payments shall be made more than once by virtue of the same debt.
If a person entitled to a dividend gives notice to the postal administrator that the person wishes the dividend to be paid to another person, or has assigned entitlement to another person, the postal administrator shall pay the dividend to that other accordingly, provided that such notice specifies the name and address of that other.
Annotations
Textual amendments
- F1
Words in rule 50(2) substituted (13.4.2017) by The Postal Administration (Scotland) (Amendment) Rules 2017 (S.I. 2017/441), rules 1, 2(11)
- F2
Words in rule 50(4)(a) substituted (13.4.2017) by The Postal Administration (Scotland) (Amendment) Rules 2017 (S.I. 2017/441), rules 1, 2(11)
- F3
Words in rule 50(6) substituted (13.4.2017) by The Postal Administration (Scotland) (Amendment) Rules 2017 (S.I. 2017/441), rules 1, 2(11)
- F4
Words in rule 50(7)(a) substituted (13.4.2017) by The Postal Administration (Scotland) (Amendment) Rules 2017 (S.I. 2017/441), rules 1, 2(11)
Commencement
- I1
Rule 50 in force at 1.10.2016, see rule 1
Footnotes
- f1
-
Paragraph 83 was amended by the Enterprise Act 2002, Schedule 16, paragraph 1 and the Small Business, Enterprise and Employment Act 2015 (c.26), section 128(3) and Schedule 9(1), paragraph 10(31) and (32) (not yet in force).