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11.13.—(1) Where a creditor has proved for a debt of which payment is not due at the date of the declaration of dividend, he is entitled to dividend equally with other creditors, but subject to paragraphs (2) and (3).
(2) For the purpose of dividend (and for no other purpose), the amount of the creditor's admitted proof (or, if a distribution has previously been made to him, the amount remaining outstanding in respect of his admitted proof) shall be reduced by a percentage calculated as follows—
where I is 5 per cent. and M is the number of months (expressed, if need be, as, or as including, fractions of months) between the declaration of dividend and the date when payment of the creditor's debt would otherwise be due.
(3) Other creditors are not entitled to interest out of surplus funds under Article 160(2) or (as the case may be) 300(4) until any creditor to whom paragraphs (1) and (2) apply has been paid the full amount of his debt.
[E.R.11.13]
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