Notice of Intended Dividends?

MissDotty93

Just found this about our case online what exactly does it mean?

In Bankruptcy

NOTICE IS HEREBY GIVEN THAT, Pursuant to Rule 14.29 of the Insolvency Rules (England and Wales) 2016 (as amended), that the Trustee of the above mentioned Estate in Bankruptcy intends to declare a first and final dividend to ordinary, unsecured creditors within two months of the last date for proving specified below.

Creditors who have not yet done so must prove their debts by sending their full names and addresses, particulars of their debts or claims, and the name and addresses of their solicitors (if any), to the Trustee by no later than 12 April 2019 (the last date for proving).

Creditors who have not proved their debt by the last date for proving may be excluded from the benefit of this dividend or any other dividend declared before their debt is proved.

We are waiting for a payment as £50k was owed and our property sold for £334k does this mean we are one step closer to getting our payment?

TheGardener

Hi - Are you a creditor or the bankrupt?
What the notice is saying is that any of the creditors need to get their bills and evidence into the OR by the date specified - and that once all the creditors have come forward - the OR will divi out what ever is available for creditors after the OR has taken their fee.
Yes its a step closer but OR's are not known for their speed...

MissDotty93

Im the bankrupt, I have spoken to the trustee and we should have our payment by November they have told me, fingers crossed

TripleH

Sorry I'm confused? If you are the party going bankrupt why are you receiving a payment?

I read that the trustees have sold all assets of the bankrupt individual , don't expect to get any further funds in from them, and are now splitting these funds proportionately amongst their creditors as a proportion of the creditors share of the total debt involved.

I would only expect the bankrupt person to receive any funds otherwise they would not have needed to go bankrupt.

TheGardener

TripleH wrote: »

Sorry I'm confused? If you are the party going bankrupt why are you receiving a payment?

If the BR's assets are worth more than the BR debts and the OR's fees, then any balance will of course be returned to the BR.

However, why the OP chose/allowed Bankruptcy if the value of their assets exceeded the sum of their debts is another matter.