Section 334: Final dividend

334. Final dividend (1) Where the Official Receiver or a liquidator has converted into money all the property of a debtor, or so much of it as can, in the joint opinion of himself and of any committee of inspection, be realised without needlessly protracting the bankruptcy or liquidation, 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. I14 – 179 [Issue 3] Insolvency Act (2) After the expiry of the period referred to in subsection (1), or where the Court, on application by any creditor, grants him further time for establishing his claim, then on the expiry of such further time, the final dividend shall be distributed among the creditors who have proved, without regard to the claim of any other person. (3) Where the Court admits any claim which may have been rejected by the Official Receiver or a liquidator, the holder of the claim shall be entitled to be paid out of all available property in the hands of the Official Receiver or liquidator, any dividend to which he would have been entitled if his claim had not been rejected by the Official Receiver or liquidator. (4) No action or suit for a dividend shall lie against the Official Receiver or a liquidator, but if the Official Receiver or liquidator refuses to pay any dividend the Court may, if it thinks fit, order the Official Receiver or liquidator to pay the dividend, and also to pay out of his own money interest on it for the time that it is withheld, and the costs of the application.