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The Insolvency Regulations (Northern Ireland) 1996

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Dividends to Creditors and returns of Capital to Contributories of a Company

Payment

8.—(1) This regulation does not apply in the case of a voluntary winding up.

(2) The liquidator shall pay every dividend by payment instruments which shall be prepared by the Department on the application of the liquidator and transmitted to him for distribution amongst the creditors.

(3) The liquidator shall pay every return of capital to contributories by payment instruments which shall be prepared by the Department on application.

(4) Any application under this regulation for a payment instrument shall be made by the liquidator on a form obtainable from the Department for the purpose.

(5) The liquidator shall enter the total amount of every dividend and of every return to contributories that he desires to pay under this regulation in the records to be kept under regulation 10 in one sum.

(6) On the liquidator vacating office, he shall send to the Department any valid unclaimed or undelivered payment instruments for dividends or returns to contributories after endorsing them with the word “cancelled”.

[E.R. 8]

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