Distribution of dividends
—(1) Before declaring a dividend, the Official Assignee or the trustee, as the case may be, shall —
cause a notice of his intention to do so to be published in a local newspaper; and
send such notice to the last known address of every creditor mentioned in the bankrupt’s statement of affairs who has not proved his debts.
(2) The notice shall be in Form 37 and shall specify the latest date up to which proofs may be lodged, which shall not be less than 14 days from the date of the notice.
—(1) Where a creditor, after the latest date for lodging proofs mentioned in the notice of intention to declare a dividend, appeals against the decision of the Official Assignee or the trustee rejecting a proof —
the appeal shall be commenced and notice thereof given to the Official Assignee or the trustee within 7 days from the date of the notice of rejection against which the appeal is made; and
the Official Assignee or the trustee shall make provision for the dividend payable upon the proof in the event the proof is admitted.
(2) If no appeal has been commenced within the prescribed time, the Official Assignee or the trustee shall exclude the proof which has been rejected from participation in the dividend.
—(1) After the expiration of the time fixed by these Rules for appealing against the decision of the Official Assignee or the trustee, the Official Assignee or the trustee, as the case may be, shall proceed to declare a dividend, and send a notice of dividend specifying the percentage of dividend payable and the amount of dividend payable to him.
(2) If after the payment of dividend, any creditor’s proof which has been admitted is withdrawn or expunged or the amount of it is realised, the creditor shall repay to the Official Assignee or the trustee for the credit of the insolvent estate any amount overpaid by way of dividend.
(3) If it becomes necessary, in the opinion of the Official Assignee or the trustee to postpone the declaration of the dividend, the Official Assignee or the trustee may postpone the declaration of dividend as he thinks fit.
232. Subject to section 70 of the Bills of Exchange Act (Cap. 23), a bill of exchange, promissory note, or other negotiable instrument or security upon which proof has been made shall, unless the court on special grounds dispenses with its production, be exhibited to the Official Assignee or the trustee, as the case may be, before payment of any dividend thereon, and the amount of dividend paid shall be endorsed on the instrument.
233. A dividend may, at the request and risk of the creditor, be transmitted to him by post.
—(1) If any 2 or more of the members of a partnership constitute a separate and independent firm, the creditors of such firm shall be deemed to be a separate set of creditors and subject to the same rules as the separate creditors of any individual member of the partnership.
(2) Where any surplus remains after the administration of the assets of the separate firm, the surplus shall be carried over to the separate estates of the partners in that firm according to their respective rights therein.