Administration of estate
Section 14 – Submission of claims to trustee
31.This section amends section 48 of the 1985 Act (‘Submission of claims’) in order to introduce a requirement that creditors should submit claims within a period of not more than 120 days after the trustee has given notice to creditors inviting them to submit claims, unless there is a reasonable explanation. Accordingly, if a creditor does not submit their claim before this deadline, there must be exceptional circumstances to explain why this was not possible or the creditor risks losing a dividend. This is additional to the existing time limits in respect of meetings and accounting periods.