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Commentary

261 Adjustments after payment of dividend

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

261 Adjustments after payment of dividend

| Commentary

261 Adjustments after payment of dividend

There are provisions whereby a creditor who later adjusts his proof to a greater amount cannot disturb a dividend already paid but may be paid out of any funds subsequently available. Conversely, if a creditor's proof is later withdrawn or reduced, he is liable to repay the overpayment to the trustee for the benefit of the estate1. There are also provisions for similar adjustments and repayments if the value of a partly secured creditor's security alters2.

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