PART 5
DIVIDENDS
Dividends to creditors
23.—(1)  A liquidator who intends to declare a dividend must, not more than 2 months before the declaration —
(a)publish in the Gazette a notice of his or her intention to declare a dividend; and
(b)send the notice to every creditor mentioned in the statement of affairs who has not proved the creditor’s debt.
(2)  The notice of intention to declare a dividend must specify the latest date by which a proof must be filed, being a date at least 14 days after the date of the notice.
(3)  The liquidator must, within 14 days after the latest date for filing a proof of debt mentioned in the notice of intention to declare a dividend, in writing either admit or reject wholly or in part, every proof filed with the liquidator, or require further evidence in support of the proof.
(4)  Where a creditor, after the latest date for filing a proof mentioned in the notice of intention to declare a dividend, appeals against the decision of the liquidator rejecting a proof —
(a)the appeal must be commenced and notice of the appeal given to the liquidator within 7 days after the date of the notice of rejection against which the appeal is made; and
(b)the liquidator must make provision for the dividend payable upon the proof and the probable costs of the appeal in the event of the proof being admitted.
(5)  If no appeal has been commenced within the time mentioned in paragraph (4)(a), the liquidator must exclude the proof that has been rejected from participation in the dividend.
(6)  Immediately after the expiry of the time mentioned in paragraph (4)(a), the liquidator must —
(a)declare a dividend;
(b)publish in the Gazette a notice of dividend in accordance with Form CWU‑4; and
(c)send the notice of dividend to each creditor whose proof has been admitted (whether in whole or in part), specifying the percentage of dividend payable and the amount of dividend payable to each creditor.
(7)  If it becomes necessary, in the liquidator’s opinion, to postpone the declaration of dividend beyond the period of 2 months mentioned in paragraph (1), the liquidator must publish in the Gazette a fresh notice of his or her intention to declare a dividend.
(8)  The same procedure is to be followed in relation to a fresh notice of the liquidator’s intention to declare a dividend mentioned in paragraph (7), except that fresh notice need not be given to any creditor mentioned in the statement of affairs who has not proved the creditor’s debt.
(9)  A person to whom a dividend is payable may lodge with the liquidator a document in Form CWU‑5 to state that the dividend is to be paid to some other person specified in the document.
(10)  A document lodged under paragraph (9) is sufficient authority for the liquidator to pay the dividend to the person specified in the document.
Return of capital to contributories
24.—(1)  Unless the Court directs otherwise, every order of the Court that authorises the liquidator to make a return to the contributories of the company must contain or annex a schedule or list that is prepared by the liquidator and that sets out —
(a)the full names and addresses of the persons to whom the return is to be paid;
(b)the amount of money payable to each person;
(c)the particulars of the transfer of shares (if any) that have been made or the variation in the list of contributories that arose after the date of the settlement of the list of contributories; and
(d)any other information as may be required to enable the return to be made.
(2)  The notice of return to each contributory must specify the amount payable per share and the amount payable to each contributory.