Section 77: Final dividend

77. Final dividend (1) Where the trustee has converted into money all the property of the bankrupt, or so much thereof as can, in the joint opinion of himself and of the committee of inspection, be realised without needlessly protracting the bankruptcy, he shall declare a final dividend, and give notice to the creditors whose claims have been rejected by him, that if such claims are not admitted by the Court within such period as may be fixed by the Court, he will proceed to declare a final dividend without regard to their claims. (2) After the expiration of such period, or if the Court, on application by any such creditor, grants him further time for establishing his claim, then on the expiration of such further time, the final dividend shall be distributed among the creditors who have proved, without regard to the claims of any other persons. (3) Where the Court admits any claim which may have been rejected by the trustee, the holder of such claim shall be entitled to be paid out of all available property in the hands of the trustee, any dividend to which he would have been entitled if his claim had not been rejected by the trustee.