Report No. 26
77. Final dividend.-(1) When the Official Assignee has realised all the property of the insolvent, or so much thereof as can, in his opinion, be realised without needlessly protracting the proceedings in insolvency, he shall, with the leave of the court, declare a final dividend; but before so doing, he shall give notice in the manner prescribed to the persons whose claims to be creditors have been notified but not proved, that if they do not prove their claims, to the satisfaction of the court, within the time limited by the notice, he shall proceed to make a final dividend without regard to their claims.
[Section 64, earlier part, P.A.] [Cf. section 73(1), P.T.A.]
(2) 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 who have proved their debts, without regard to the claims of any other persons.
[Section 64, latter part, P.A.] (Cf. section 73(2), P.T.A.]
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