Distribution to Creditors. Upon any distribution of assets of the Borrower to its creditors upon any dissolution, winding-up, total or partial liquidation, readjustment of debt, reorganization, compromise, adjustment of debt, arrangement with creditors or similar proceedings of the Borrower or its property, or in any bankruptcy, insolvency, receivership, assignment for the benefit of creditors, marshalling of assets and liabilities of the Borrower or other proceedings, or in the event of any sale of all or substantially all of its assets within relevant provisions of any Applicable Law, or proceedings in relation to any of the foregoing, whether any of the foregoing is voluntary or involuntary, partial or complete:
Distribution to Creditors. Upon any payment or distribution of assets of the Borrower (of any kind or character, whether in cash, property or securities) to its creditors upon any dissolution, winding-up, total or partial liquidation, readjustment of debt, reorganization, compromise, adjustment of debt, arrangement with creditors, or similar proceedings of the Borrower or its property, or in any bankruptcy, insolvency, receivership, assignment for the benefit _of creditors, marshalling of assets and liabilities of the Borrower, or other Creditor Proceedings, or in the event of any bulk sale of any of its assets within the bulk transfer provisions of any Applicable Laws, or proceedings in relation to any of the foregoing, whether any of the foregoing is voluntary or involuntary, partial or complete:
Distribution to Creditors. For issuing a circular to creditors informing them of the adjudication; asking those who have not submitted a claim to do so; preparing a scheme of division [using the form at Annex G2 or Appendix E to the Notes for Guidance]; making payment to creditors; provide accounting of payments to the Principal; lodging any unclaimed dividends / unapplied balances on consignation receipts in the name of the Principal and submitting a receipt [in the form shown at Appendix F to the Notes for the Guidance of Interim Trustees and Trustees]. (see Note at Part 11.9) £37.00 per hour or £74.00 plus £37.00 in respect of each creditor who is paid a dividend, whichever is the greater.
Distribution to Creditors. (See Part 8.22, schedule duty 8) Where there are funds available for division amongst the creditors after providing for contingencies, the agent’s adjudications on the claims must be forwarded to the Accountant no later than six weeks before the end of the accounting period. A draft scheme of division, in the form at Annex G2 or Appendix E to the Notes for Guidance, plus a statement of account, must be submitted to the Accountant for consideration and, if approved, a BACS Payment will be issued in favour of the agent for the sum specified in the scheme. The agent should thereafter proceed to make payment in terms of the scheme, but only after notifying the creditors and the debtor and on the expiry of the 14-day period for appeals. Agents are encouraged to make distributions to creditors as quickly as possible when there are funds available. Where a distribution is not being made in any accounting period and there appears to be sufficient funds, the agent should provide an explanation for this when he submits his accounts. When, in the Accountant’s view it is appropriate to make a distribution, she will require the agent to submit an account for a shortened period (as determined by the Accountant) and scheme of division to enable a distribution to be made. The attention of agents is drawn to the provisions of section 51(1) of the Act and particularly to subsection [g]. Preferred and ordinary creditors are entitled to claim interest on their claims from the date of sequestration to the date of settlement at the contractual rate if so provided, otherwise at the statutory rate of 15% per annum where the date of sequestration is before 1 April 1993 and at the rate of 8% per annum in cases where the date of sequestration is on or after 1 April 1993, ie, only one rate of interest will apply to any single sequestration. The agent must pay the creditors the dividends allocated to them in his scheme of division either on the expiry of the period of appeal if no objection is made to the trustee’s remuneration or, if there are appeals, on the final determination of the last such appeal [section 53A(2)(5) of the Act]. Any unclaimed dividends will fall to be consigned with the Accountant. A fee is payable to the Accountant in respect of each consignation receipt lodged with her (see Tables of Fees in the Fees section of these Notes). A style of consignation receipt is provided at Appendix F to the Notes for Guidance. The consignation receipt must be in a form the Accou...
