PAYMENT OF UNCLAIMED DIVIDENDS OR UNDISTRIBUTED ASSETS INTO THE COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT IN A WINDING UP (From Rule 179 to Rule 182)
Creditor entitlement to late dividend claims secures payment from liquidator funds but bars upsetting earlier distributions. A creditor who has not proved his debt before a dividend declaration is nevertheless entitled to be paid from monies then in the liquidator's hands available for distribution, to receive any dividend he missed before that money is applied to future dividends; however, he may not disturb any dividend distribution declared before his debt was proved because he did not participate.
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.
Creditor entitlement to late dividend claims secures payment from liquidator funds but bars upsetting earlier distributions.
A creditor who has not proved his debt before a dividend declaration is nevertheless entitled to be paid from monies then in the liquidator's hands available for distribution, to receive any dividend he missed before that money is applied to future dividends; however, he may not disturb any dividend distribution declared before his debt was proved because he did not participate.
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