Section 305: Provable debt and proof of debt
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
305. Provable debt and proof of debt
(1) A provable debt is a present, future, certain or contingent debt or liability which a creditor may prove in a bankruptcy or a winding up and that a
debtor owes—
(a) at the time of adjudication or in the case of a company on the
commencement of the winding up; or
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Insolvency Act
(b) after adjudication but before discharge or in the case of a company
after the commencement of the winding up and before dissolution,
by reason of an obligation incurred by the debtor before adjudication or dissolution as the case may be.
(2) A fine, penalty, order for restitution, or other order for the payment of
money that has been made following a conviction for an offence—
(a) is not a provable debt; and
(b) is not discharged when the debtor, in the case of bankruptcy, is
discharged from bankruptcy.
(3) A proof of debt is the document that a creditor submits, to the Official Receiver in the case of a bankruptcy or to a liquidator in the case of a
company winding up, for the purpose of proving the debt.
(4) A debt is proved when a decision is made by the Official Receiver or
liquidator to admit the debt in accordance with the Second Schedule as being a debt provable in the bankruptcy.