Complied AI Back to law library Reading nowCompanies Rules under the Companies Act, 201355 chapters · 1109 rules

Chapters55

Reading nowCompanies Rules under the Companies Act Act contents

Law library Updates

Search this Act

Jump directly to a section by number or title.

Rule 124: Right of creditor who has not proved debt before declaration of dividend · Complied AI

Chapter 37
Rule 124

Rule 124Chapter 37

Right of creditor who has not proved debt before declaration of dividend

Right of creditor who has not proved debt before declaration of dividend.- Any creditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid out of any money for the time being in the hands of the Company Liquidator available for distribution of dividend, any dividend or dividends which such creditor may have failed to receive before that money is applied to the payment of any future dividend or dividends, but he shall not be entitled to disturb the distribution of any dividend declared before his debt was proved by reason that he has not participated therein.

Rule 123 Rule 124 Rule 125