PART 14

Voluntary trust deeds for creditors

Effect of protected status etc.

Dividend payments
176
1
If the funds of the debtor's estate are sufficient, the trustee must pay a dividend out of it to the creditors no later than 6 weeks after the end of—
a
a first dividend period of 24 months beginning with the date on which the trust deed is granted, and
b
any subsequent dividend period of 6 months beginning with the end of the previous dividend period.
2
The funds of the debtor's estate are “sufficient” if, after—
a
deduction of the trustee's fees and of any outlays payable under this Part, and
b
making allowance for future contingencies,
a dividend may be paid to the creditors amounting to at least 5 pence for each pound sterling of the debtor's debt, as at the date of protection, under the trust deed.