Proof of debt payable in future treated as present claim, with distributable share reduced by an interest rebate. A creditor whose debt is not payable at the date of the winding up order or resolution may prove the debt as if presently payable and receive distributable sums equally with other creditors, subject to a deduction constituting a rebate of interest computed from the date of declaration of the distributable sum to the time when the debt would have become payable according to its contractual terms.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Proof of debt payable in future treated as present claim, with distributable share reduced by an interest rebate.
A creditor whose debt is not payable at the date of the winding up order or resolution may prove the debt as if presently payable and receive distributable sums equally with other creditors, subject to a deduction constituting a rebate of interest computed from the date of declaration of the distributable sum to the time when the debt would have become payable according to its contractual terms.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
