Bankruptcy Act 1988
Distribution of estate.
(cf. 1857, ss. 286, 288, 289, 290, 292, 293)
82.—(1) As soon as convenient after the receipt by him of sufficient funds to meet expenses, fees, costs and preferential payments and to pay a dividend to creditors in any bankrupt’s estate the Official Assignee shall place on the Court file a list of creditors admitted by him or by the Court, a copy of the relevant account of the bankrupt in his books, particulars of expenses, fees, costs, preferential payments and dividend payable to creditors and his report on the realisation of the estate.
(2) The Official Assignee shall present the documents and the report filed in accordance with subsection (1) to the Court at a sitting to be held not less than twenty-one days after notice of the filing and of the sitting has been given in the prescribed manner.
(3) At the sitting the Court may make such order as it thinks fit for distribution of the estate or any part thereof by payment of the expenses, fees, costs and preferential payments as well as the relevant dividend.
(4) The file referred to in subsection (1) shall be open to public inspection on payment of a prescribed fee but no fee shall be charged to creditors inspecting the file.
(5) If for any reason the estate of the bankrupt is not fully distributed at such sitting, second and subsequent distributions shall be made as soon as convenient after the realisation of the residual estate. The procedure shall be the same as for the first distribution.
(6) In any case where there are no funds, or in the opinion of the Official Assignee insufficient funds, available for distribution to the creditors the Court may order the payment of expenses, fees and costs in that order so far as the funds extend. Where a balance remains, it shall be transferred to the account referred to in section 84 (1).
Annotations:
Amendments:
F74
Substituted by Courts and Civil Law (Miscellaneous Provisions) Act 2023 (18/2023), s. 37(a), (c), (d), (e), not commenced as of date of revision.
F75
Inserted by Courts and Civil Law (Miscellaneous Provisions) Act 2023 (18/2023), s. 37(b), not commenced as of date of revision.
Modifications (not altering text):
C42
Prospective affecting provision: subss. (2), (3), (6) substituted, subs. (2A) inserted and subs. (4) amended by Courts and Civil Law (Miscellaneous Provisions) Act 2023 (18/2023), s. 37, not commenced as of date of revision.
F74[(2) The Official Assignee shall—
(a) within four working days of the filing under subsection (1), cause notice of the filing to be given to the creditors concerned by the publication of the notice on the website of the Insolvency Service, or in such other manner as the Minister may, by regulation, prescribe, and
(b) within four working days of the publication of the notice under paragraph (a), provide, by a notice in such form as the Minister may by regulation prescribe, particulars to the creditors concerned of how it is proposed to distribute the estate.]
F75[(2A) The Official Assignee shall distribute the estate in the manner set out in the particulars provided under subsection (2)(b) no earlier than 15 days after the provision of such particulars but no such distribution shall be made without leave of the Court where an application under subsection (3) has been made by a creditor.]
F74[(3) The Court may, on the application of a creditor, make such order as it thinks fit in respect of the distribution of the estate or any part thereof by payment of the expenses, fees, costs and preferential payments, as well as the relevant dividend and any such application shall be made within 14 days of the provision of particulars under subsection (2)(b).]
(4) The F74[list] referred to in subsection (1) shall be open to public inspection on payment of a prescribed fee but no fee shall be charged to creditors inspecting the F74[list].
(5) If for any reason the estate of the bankrupt is not fully distributed at such sitting, second and subsequent distributions shall be made as soon as convenient after the realisation of the residual estate. The procedure shall be the same as for the first distribution.
F74[(6) In any case where there are no funds or, in the opinion of the Official Assignee, insufficient funds available for distribution to the creditors, the Official Assignee may pay the expenses, fees, costs and preferential payments in that order, so far as the funds extend, and where a balance remains it shall be transferred to the bank account referred to in section 84(1).]