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This guidance describes the general functions of Accountant in Bankruptcy, interim trustees, trustees and commissioners in relation to their responsibilities regarding bankruptcies which started on or after 30 November 2016.
Any formal notification must be issued no later than four weeks before the end of the relevant accounting period.
The trustee shall record their adjudications as directed in section 126(7) of the Act.
A formal notification provides the debtor and creditors the right of review and appeal against the decision, therefore, it should only be issued when the trustee has funds available to make a distribution.
The trustee must notify the debtor and creditors of their decision regarding the adjudication no later than four weeks before the end of the accounting period when it is proposed to pay the dividend and provide reasons for:
when a preferred ranking is claimed and the adjudication is for ordinary ranking only, that decision also requires to be intimated since it represents a rejection in part of the claim
The parties should also be made aware of their right of review from the date the decision was made as follows:
14 days from the date the decision to accept or reject the claim was made in respect of an entitlement to vote
28 days from the date the decision to accept or reject the claim was made in respect of an entitlement to a dividend
A copy of the adjudication of claims must be uploaded to BASYS to be inserted into the electronic Sederunt Book.