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Article 87 Division of unsold assets

Original text. Later amendments are not shown.

(1)

The SMCL administrator may, with the permission of the creditors, divide in its existing form amongst the SMCL’s creditors, according to its estimated value, any property which from its peculiar nature or other special circumstances cannot be readily or advantageously sold.

(2)

The SMCL administrator must—

(a)

in the receipts and payments account included in the progress report under Rule 26, state the estimated value of the property divided amongst the creditors of the SMCL during the period to which the report relates; and

(b)

as a note to the account, provide details of the basis of the valuation.