Debt payable at future time
76.—(1) Where a creditor has proved for a debt of which payment is not due at the date of the declaration of dividend, they are entitled to dividend equally with other creditors, but subject as follows.
(2) For the purpose of dividend (and no other purpose) the amount of the creditor’s admitted proof (or, if a distribution has previously been made to them, the amount remaining outstanding in respect of their admitted proof) shall be reduced by applying the following formula—
where—
“X” is the value of the admitted proof; and
“n” is the period beginning with the date the company entered postal administration and ending with the date on which the payment of the creditor’s debt would otherwise be due expressed in years and months in a decimalised form.