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Bankruptcy and Debt Advice (Scotland) Act 2014

Administration of estate

Section 15– First accounting period

32.Section 52 (‘Estate to be distributed in respect of accounting periods’) of the 1985 Act provides for the payment of interim dividends on the basis of accounting periods – essentially 12 month periods, subject to variation in various circumstances. This section amends that provision in order to allow the trustee to make a dividend payment to creditors at an earlier stage in the administration of the bankrupt debtor’s estate, should sufficient funds be ingathered. This would be done by shortening accordingly the first accounting period under the 1985 Act.

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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills

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