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Section 64 – The Provincial Insolvency Act,1920

The Provincial Insolvency Act,1920

Section 64. Final dividend

When the receiver has realized all the property of the insolvent or so much thereof as can, in the opinion of the Court, be realized without needlessly protracting the receivership, he shall declare a final dividend; but before so doing, he shall give notice in manner prescribed to the persons whose claims to be creditors have been notified but not proved, that if they do not prove their claim within the time limited by the notice, he will proceed to make a final dividend without regard to their claims. After the expiration of the time so limited, or if the Court, on application by any such claimant, grants him further time for establishing his claim, then on the expiration of such further time, the property of the insolvent shall be divided among the creditors entered in the schedule without regard to the claims of any other persons.

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The Provincial Insolvency Act,1920

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