Bankruptcy Act · 2021 Revised Edition · Part 3
67. Declaration and distribution of dividends
Official textFrom Attorney General's Chambers, unchanged
Subject to the retention of such sums as may be necessary for
.the costs of administration, or otherwise, the trustee shall with all convenient speed declare and distribute dividends amongst the creditors who have proved their debts.
The first dividend, if any, shall be declared and distributed within 4 months after the conclusion of the first meeting of creditors, unless the trustee satisfies the Court that there is sufficient reason for postponing the declaration to a later date.
first meeting of creditors
"first meeting of creditors" means the meeting referred to in section 17(1);
Subsequent dividends shall, in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than 6
months.
Before declaring a dividend, the trustee shall cause notice of his intention to do so to be gazetted and shall also send reasonable notice thereof to each creditor mentioned in the bankrupt's statement who has not proved his debt.
When the trustee has declared a dividend, he shall cause to be gazetted and shall send to each creditor who has proved a notice showing the amount of the dividend and when and how it is payable.
Terms defined in s 2
first meeting of creditors
Defined · s 2"first meeting of creditors" means the meeting referred to in section 17(1);
Chapter
Chapter 19), unless he informs the trustee in writing to the contrary, is deemed to be his last known address for the purpose of subsection (3).
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