Verification of claims: liquidator must verify and determine claims timely with evidence, cost allocation, valuation and set off rules. The liquidator must verify claims submitted within the prescribed period and may admit or reject them wholly or partly, requiring additional documents as necessary. Claimants bear proof costs; verification costs form part of liquidation costs and may be recovered from false claimants. Imprecise claims are estimated by the liquidator. Foreign currency claims are converted at the official exchange rate on the liquidation commencement date. Periodical payments are claimable only up to commencement; claims not yet due may be admitted but are discounted for time value. Mutual credits and set off determine net obligations between parties.
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.
Verification of claims: liquidator must verify and determine claims timely with evidence, cost allocation, valuation and set off rules.
The liquidator must verify claims submitted within the prescribed period and may admit or reject them wholly or partly, requiring additional documents as necessary. Claimants bear proof costs; verification costs form part of liquidation costs and may be recovered from false claimants. Imprecise claims are estimated by the liquidator. Foreign currency claims are converted at the official exchange rate on the liquidation commencement date. Periodical payments are claimable only up to commencement; claims not yet due may be admitted but are discounted for time value. Mutual credits and set off determine net obligations between parties.
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